At the small end of the Australian share market I believe there are a number of companies with the potential to grow materially in the future.
Five that I think are standouts are listed below. Here's why I think they should be on your watchlist:
Alcidion Group Ltd (ASX: ALC)
The first small cap share to watch is Alcidion. It is an informatics solutions company providing software which has been designed to improve the efficacy and cost of delivering services to patients and reduce hospital-acquired complications. I believe it is well-positioned for growth because of the shift to a paperless environment in the healthcare sector.
Bigtincan Holdings Ltd (ASX: BTH)
Bigtincan is a provider of enterprise mobility software. This software allows sales and service organisations to increase sales win rates, reduce expenditures, and improve customer satisfaction through improved mobile worker productivity. It has a large number of blue chips using its platform. This includes banking giant Australia and New Zealand Banking GrpLtd (ASX: ANZ).
ELMO Software Ltd (ASX: ELO)
ELMO is a cloud-based human resources and payroll software company which provides a unified platform to streamline processes for employee administration, recruitment, on-boarding, learning, performance, remuneration, compliance training and payroll. It has a massive opportunity in the ANZ market and the option to expand internationally in the future.
Mach7 Technologies Ltd (ASX: M7T)
Mach7 is a medical imaging data management solutions provider to watch. It uses software to create a clear and complete view of the patient. This software helps to inform diagnosis, reduce care delivery delays and costs, and improve patient outcomes. Mach7's total addressable market is estimated to be US$2.75 billion.
Whispir (ASX: WSP)
Whispir is a software-as-a-service communications workflow platform provider. It provides an industry-leading software platform that allows governments and organisations to deliver actionable two-way interactions at scale using automated multi-channel communication workflows. Its platform has been experiencing incredible demand during the pandemic and appears to have positioned Whispir perfectly to deliver a very strong full year result in August.
