I think that the Australian share market is home to a good number of quality tech shares that are worthy of a spot in most portfolios.
Three fast-growing tech shares which I think are amongst the best on the market today are listed below. Here's why I like them:
Altium Limited (ASX: ALU)
Altium is the electronic design software provider behind the award-winning Altium Designer product. This printed circuit board (PCB) Computer Aided Design product incorporates all the tools engineers and PCB designers need, which dramatically increases design successes and reduces overall design times. Given the quality of the product and the rapidly growing Internet of Things market, I expect subscriptions for Altium Designer to grow strongly over the next decade. I believe this will lead to Altium achieving further above-average earnings growth for the foreseeable future, justifying its shares trading at 49x estimated forward earnings today.
Appen Ltd (ASX: APX)
Appen is a global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence. It counts some of the biggest tech companies in the world as customers such as Facebook and Microsoft. Although its shares have been on fire in 2019 and risen a sizeable 35%, I don't believe it is too late to buy its shares if you're willing to make a buy and hold investment. This is because with its exposure to the fast-growing machine learning and artificial intelligence markets, I believe Appen is well-positioned to continue its strong earnings growth for some time to come.
Bravura Solutions Ltd (ASX: BVS)
Another tech share to consider is Bravura Solutions. Bravura is a financial technology company which provides software to the wealth management and funds administration industries. I believe it could be a great long-term investment due its Sonata wealth management platform and its sizeable market opportunity. In FY 2108 Sonata revenue increased 32%, meaning it now accounts for 55% of Bravura's overall revenue. Due to its strong sales pipeline, further growth is expected in FY 2019 with management predicting earnings growth in the mid-teens. I wouldn't be surprised to see it outperform this guidance given the positive tailwinds it is experiencing.
