Are you interested in small cap tech shares? If you are, then you're in luck because there are a good number trading on the ASX right now which I think have a lot of potential.
Two which I think would be worth adding to your watchlist are named below. Here's why I like them:
Alcidion Group Ltd (ASX: ALC)
Alcidion is an informatics solutions provider which I think has a lot of promise. Despite operating in a tough environment during FY 2020 because of the pandemic, the company has still delivered decent top line growth. Management expects its revenue to be in the range of $18.4 million and $18.7 million, up 8.9% to 10.6% on the prior corresponding period. This has been driven by growing demand for its software, which has been designed to improve the efficacy and cost of delivering services to patients and reduce hospital-acquired complications. Pleasingly, thanks to positive industry tailwinds, I expect this solid form to continue over the coming years. This could make it well worth keeping a close eye on Alcidion's progress in the coming years.
Mach7 Technologies Ltd (ASX: M7T)
Another small cap share to watch is Mach7. It is a quick-growing medical imaging data management solutions provider. Mach7's software helps inform diagnosis, reduce care delivery delays and costs, and improve patient outcomes. Demand for its software has been very strong in FY 2020, leading to management recently revealing that it expects to report at least $18 million in revenue and its first positive EBITDA result. Another positive is its recent acquisition of leading provider of enterprise image viewing technology Client Outlook. This acquisition increases Mach7's total addressable market from US$0.75 billion to US$2.75 billion. I believe this provides Mach7 with a significant runway for growth over the next decade. Which could make it a must for your watchlist.
