Sharp share price falls can sometimes distract from what is still happening inside the business.
That is how I currently see these two ASX tech shares.
Both have fallen heavily from their 52-week highs, but I think the market may be overlooking the longer-term growth still ahead.
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Catapult Sports Ltd (ASX: CAT)
Catapult shares are trading around $3.12 on Friday, roughly 60% below their 52-week high of $7.72.
The company provides performance technology used by professional sporting organisations to analyse athletes, training loads, video, and other performance data.
What I like is that Catapult operates in a relatively specialised market where its products can become part of the everyday workflow of coaches, analysts, and performance staff.
That creates an opportunity to grow alongside customers rather than relying entirely on constantly finding new ones.
I also think the ASX tech share has a long runway because professional sport is becoming increasingly data-driven. Teams are spending more on analytics, performance monitoring, and technology that can help improve decision-making.
If Catapult can continue to deepen its relationships with major sporting organisations, I think the business could look considerably larger several years from now.
At $3.12, I think the market may be underestimating that potential.
SiteMinder Ltd (ASX: SDR)
SiteMinder is an ASX tech share that has fallen even further, trading around $2.60 compared with a 52-week high of $7.96.
The company provides technology that helps hotels manage how their rooms are sold across different online channels.
I like the scale of the problem SiteMinder is trying to solve.
Hotels increasingly need to manage bookings across their own websites, online travel agencies, and other distribution channels. Doing that efficiently becomes more complicated as the number of channels grows.
SiteMinder sits in the middle of that process, giving hotels technology to manage distribution, pricing, and bookings more efficiently.
I think the market may be overlooking how much room there still is for hotel technology to modernise.
A large part of the accommodation industry remains fragmented, with independent hotels and smaller operators still moving more of their operations online. That creates a sizeable addressable market for a platform that can simplify those processes.
The recent share price performance has clearly been disappointing, but I would separate that from the longer-term opportunity.
If SiteMinder can keep expanding its customer base and generate more revenue from each hotel using its platform, I think today's share price could prove to be a very attractive entry point.
Foolish takeaway
Catapult and SiteMinder are very different businesses, but I think the market may be making the same mistake with both.
Their share prices have fallen sharply, yet each still has exposure to an industry becoming more reliant on technology.
If both ASX tech shares keep executing and their markets continue moving in their favour, I think today's prices could prove to be great value.
