2 growing small cap ASX shares to watch

These small caps could be worth watching…

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At the small end of the Australian share market, there are a number of companies with the potential to grow materially in the future.

Two that investors may want to get better acquainted with are listed below. Here’s what you need to know about them:

Alcidion Group Ltd (ASX: ALC)

The first small cap ASX share to watch is this Alcidion. It is a healthcare informatics solutions company behind innovative healthcare software products including Miya, Patientrack and Smartpage.

Miya combines artificial intelligence-based predictive analytics, clinical decision support (CDS), and mobile alerts in an easy-to-use analytics dashboard. This allows doctors to map the patient journey and view critical patient insights in real-time.

Patientrack uses predictive algorithms to support time-critical care and help clinicians know every patient’s status in real-time. This means doctors can intervene and prevent patient deterioration faster than ever before. Patientrack uses predictive algorithms to support time-critical care.

Finally, Smartpage is a quick messaging and task management platform. It delivers the simplicity of favourite messaging services with the security of encryption. It enables hospital staff to communicate and collaborate instantly.

The team at Bell Potter is positive on Alcidion’s future. In light of this, it currently has a buy rating and 45 cents price target on the company’s shares.

BlueBet Holdings Ltd (ASX: BBT)

Another small cap ASX share to watch is BlueBet. It is a mobile-first, online bookmaker aiming to provide more innovative wagering products to customers of Australian and international racing and sports.

BlueBet currently offers wagering products on 31 sports in Australia and internationally, plus entertainment and politics wagering markets. These include traditional wagering products as well as more innovative products, such as Exotics, Same Game Multis and Same Race Multis.

BlueBet has been growing very strongly over the last couple of years. This has been driven by the increasing popularity of mobile sports betting and strong customer growth. The good news is that management is confident that this trend can continue. It also believes it is well positioned to substantially grow its current share of the market in Australia, and has its eyes on the enormous US market.

Morgans is a fan of BlueBet. It currently has an add rating and $2.57 price target on the company’s shares.

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Motley Fool contributor 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 and has recommended Alcidion Group Ltd. The Motley Fool Australia has recommended Alcidion Group Ltd and BlueBet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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