I think that one of the most exciting areas to invest at the moment is the tech sector.
In this area there are a good number of companies with the potential to grow strongly over the next decade and generate outsized returns for shareholders.
Three tech shares that I would buy this month are listed below. Here’s why I like them:
Altium Limited (ASX: ALU)
One of my favourite tech shares on the Australian share market is Altium. It is a leading a provider of printed circuit board (PCB) design software globally. I believe it could be a great long term investment because of its exposure to the Internet of Things market which continues to grow at a rapid rate. Altium looks set to benefit from this as the majority of connected devices require PCBs inside them. This should lead to demand for Altium’s award-winning software growing strongly in the coming years, underpinning strong profit growth as it scales.
Bravura Solutions Ltd (ASX: BVS)
Bravura Solutions is a leading provider of software products and services to the wealth management and funds administration industries. I’m a big fan of the fast-growing company due to its Sonata wealth management platform. This platform has been a key driver of its strong earnings growth over the last few years and looks set to continue this trend over the coming years thanks to its quality and large global market opportunity. In addition to this, the company recently announced the acquisition of Midwinter for $50 million. This is expected to give it a new avenue for growth in an industry benefiting from structural tailwinds.
Nearmap Ltd (ASX: NEA)
A final tech share to consider buying is this aerial imagery technology and location data company. Thanks to the increasing demand for its services in both Australia and North America, Nearmap has been growing its sales at an astonishing rate over the last couple of years. I remain confident that Nearmap can continue this impressive growth for some time to come thanks to its massive market opportunity in the United States, the launch of several exciting new products, and its potential expansion into new territories.
As well as Altium, Bravura, and Nearmap, these growth shares could be market beaters in 2020. I would suggest investors snap them up whilst they are cheap.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Altium and Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd. The Motley Fool Australia has recommended Nearmap 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.