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3 exciting small cap ASX shares to watch very closely

Right now, I believe that are a number of small cap ASX shares that have the potential to grow into much larger entities in the future.

Three small cap shares which I feel would be worth keeping a close eye on are listed below. Here’s why I like them:

Alcidion Group Ltd (ASX: ALC)

The first small cap ASX share to watch is Alcidion. It is a healthcare informatics solutions company which provides software that improves the efficacy and cost of delivering services to patients. Its software also helps to reduce hospital-acquired complications, which can ultimately save lives. I believe Alcidion is well-positioned for growth thanks to the trend for healthcare organisations to shift to a paperless environment. And while the pandemic could stifle its near term growth, I remain confident in its long term outlook.

Medadvisor Ltd (ASX: MDR)

A second small cap ASX share to watch is Medadvisor. It is a healthcare technology company which is focused on personal medication adherence. Medadvisor’s app connects to pharmacy dispensing systems to automatically retrieve medication records and drive an intelligent training, information, and reminder system. This has been designed to ensure correct and reliable medication use. Another product which I feel has a lot of potential is its telehealth solution. This allows patients to attend GP consultations from the comfort of their own home.

Serko Ltd (ASX: SKO)

A final small cap share to watch is Serko. It is a technology company focused on corporate travel and expense management. It was growing at a very strong rate prior to the pandemic. This was driven partly by the increasing demand for its Zeno product. Zeno revolutionises the world of online travel booking technology and expense management. Demand for its services will inevitably be impacted by the current crisis, but I expect it to bounce back strongly once conditions ease.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

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 Alcidion Group Ltd, MedAdvisor, and Serko Ltd. The Motley Fool Australia has recommended Alcidion Group Ltd, MedAdvisor, and Serko 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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