ASX growth shares can be great investments if they tap into strong tailwinds or have an excellent product or service to provide customers. Compounding can enable them to achieve big returns over time.
The two investments I'll outline both tap into the advantages of software. They also have impressive global market positions and the potential for strong long-term growth.
In a world where tariffs are creating growth headwinds in some areas, I'm optimistic that the following two ASX growth shares can be top buys in August for the long term.
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Betashares Global Cybersecurity ETF (ASX: HACK)
This ASX-listed exchange-traded fund (ETF) gives investors excellent exposure to the global cybersecurity sector.
It's imperative that the world has good cyber defences because an increasing level of activity is done over the internet, such as banking, completing tax returns, e-commerce, all types of work and so on. That data must be kept safe.
The HACK ETF portfolio includes some of the world's largest cybersecurity players as well as emerging companies. The biggest positions in the portfolio include Broadcom, Cisco Systems, Crowdstrike, Palo Alto Networks, Infosys, and Cloudflare.
With more of the world going digital, I think the collective earnings of this group of businesses can perform well for shareholders.
Past performance may not be a reliable indicator of future performance, but the HACK ETF delivered an average annual return of 19.3% over the five years to June 2025.
I'm calling this an ASX growth share because we can buy it on the ASX. I think it's one of the most compelling industry-specific funds on the ASX.
Siteminder Ltd (ASX: SDR)
Siteminder provides software for hotel management and revenue generation, which are two key areas for driving profitability in the sector.
The business helps generate more than 125 million reservations worth over A$80 billion in revenue for its hotel customers each year.
But it has plans for more growth. It's aiming to deliver organic annual revenue growth of 30% in the medium term, which would be an excellent pace of improvement. Pleasingly, as a technology business, the company is seeing profit margins increase as it becomes larger. However, its costs are not scaling at the same speed.
It's rolling out a 'smart platform' to help hotels deliver further performance, which should help drive growth for customers and its own financials. The ASX growth share is also working on winning larger hotels as customers, which is helping drive impressive growth in the number of rooms Siteminder is adding to its total each year.
I'm very optimistic about how much this business could grow in the next five years, which is why I think it's a great ASX growth share to buy today.
