I think there are a number of quality mid cap ASX shares for investors to choose from on the S&P/ASX 200 Index (ASX: XJO) index right now.
Two which I believe could be great long term buy and hold options are listed below. Here's why I would buy them in September:
Bravura Solutions Ltd (ASX: BVS)
Bravura Solutions is a fintech company that provides software products and services to clients operating in the wealth management and funds administration industries. The main product in its arsenal is its Sonata wealth management platform. It is a next generation wealth management administration system which allows users to connect and engage with their clients anytime, anywhere, via computers, tablets or smartphones.
It has also been bolstering its portfolio with a number of promising businesses such as Midwinter and FinoComp recently. Combined, I believe they have positioned the company perfectly for growth once the pandemic passes. In light of this, I feel that a pullback in the Bravura share price this week could be a buying opportunity for long-term focused investors.
Megaport Ltd (ASX: MP1)
Founded by tech entrepreneur Bevan Slattery, Megaport is a provider of elastic interconnection services across data centres globally. This service allows its customers to increase and decrease their available bandwidth in response to their own demand requirements instead of being tied to fixed service levels on long-term and expensive contracts.
I have been very impressed with the company's progress in recent years and the strong recurring revenue growth it has achieved. At the end of FY 2020, Megaport's monthly recurring revenue (MRR) had reached $5.7 million. This was an increase of 57% year on year and equates to $68.4 million on an annualised basis. The good news is that this is still only a fraction of its sizeable market opportunity. And thanks to its leadership position, I expect it to capture a growing slice of the market over the next decade.
