Are you looking to add a small cap share or two to your balanced portfolio?
Then take a look at the ASX small cap shares listed below, which are both growing at a rapid rate in 2020. Here's what you need to know about them:
IntelliHR Ltd (ASX: IHR)
IntelliHR is a cloud-based human resources and people management platform provider which has been growing at an explosive rate this year. During the first five months of FY 2021, the company reported an impressive 148% increase in subscriber numbers. As a result, it now has almost 30,000 contracted subscribers on its books.
This strong customer growth has underpinned similarly strong revenue growth. As of its last update, IntelliHR's contracted annual recurring revenue (ARR) was up 81.3% to $2.8 million.
But management isn't resting on its laurels and remains highly focused on delivering further growth in the years to come. This will be supported by its high quality software, international expansion, and favourable industry trends.
In respect to the latter, the company notes that it is well-positioned in a high growth global market that is being disrupted by the trend to Working-from-Home brought on by the pandemic.
Pointerra Ltd (ASX: 3DP)
Pointerra is a growing technology company with a focus on the commercialisation of 3D geospatial data. It provides a software solution that allows users to manage, visualise, and share large digital 3D datasets. This software is able to extract vital information from the data that would otherwise take many hours to do.
Demand for the company's technology has been growing strongly. This led to its Annual Contract Value (ACV) increasing 18% to US$5.82 million between October and November. This, however, is still only scratching at the surface of its market opportunity. Management estimates that it is currently worth a staggering $500 billion annually.
