4 exciting tech shares flying under the radar

I’m sure most readers will be well aware of the Australian version of the FAANG stocks – the WAAAX group of shares.

These shares have been growing at an impressive rate over the last couple of years, providing significant returns for shareholders.

The four tech shares listed below may be less familiar to readers, but I think they are well worth getting better acquainted with. Here’s why I like them:

Citadel Group Ltd (ASX: CGL)

Citadel is a software and services company which specialises in information and data management. Its key product is the Citadel-IX cloud-based enterprise information management platform which allows its users to securely access and transfer proprietary and sensitive information remotely. Given the growing importance of data security, I believe Citadel is well positioned to continue its strong growth over the coming years.

ELMO Software Ltd (ASX: ELO)

This fast-growing provider of cloud-based human resources and payroll software solutions is well worth taking a closer look at. It was an impressive performer in FY 2018, smashing expectations and its prospectus forecasts. The good news is that ELMO has carried this strong form over to FY 2019. It recently reported a 91% increase in quarterly cash receipts on the prior corresponding period to $10.3 million.

Megaport Ltd (ASX: MP1)

As the cloud computing market continues its explosive growth, this leading provider of elastic interconnection services in data centres looks set to benefit greatly. Especially considering its growing footprint and the increasing demand for its services. Like ELMO, it has had a positive start to FY 2019 and recently revealed further increases in its footprint, customer numbers, and total ports.

Volpara Health Technologies Ltd (ASX: VHT)

Volpara is a health technology company that provides an increasingly popular breast imaging analytics and analysis software. It has been growing its share of U.S. breast screening market at an impressive rate over the last 12 months and looks set to continue doing so in FY 2019. Management has set some lofty goals this year, but thanks to its strong start to the year I believe it is capable of achieving them. Especially given its recent product enhancements.

Looking for more future tech stars? Then don't miss these hot stocks that have been tipped for big things.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended ELMOSFTWRE FPO and VOLPARA FPO NZ. The Motley Fool Australia owns shares of Citadel Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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