One area of the market which I think has strong long-term growth potential is the tech sector.
Whilst most investors will be fully aware of the likes of Afterpay Ltd (ASX: APT) and Altium Limited (ASX: ALU), the three shares listed below may be less well known.
Here’s why I think they would be worth considering with a long-term view:
Audinate Group Limited (ASX: AD8)
Audinate is a digital audio-visual networking technologies provider. Its industry-leading technology distributes digital audio and video signals over computer networks rather than through traditional analogue cables. It has been growing its global footprint significantly in recent years, which, combined with increasing demand in existing markets, has helped drive very strong sales growth. I expect this trend to continue for some time to come and the launch of its first video product last year to underpin its growth.
Megaport Ltd (ASX: MP1)
Megaport is an elasticity connectivity and network services company. Using software defined networking (SDN), the company’s global platform allows customers to rapidly connect their network to other services across the Megaport network. At the last count, it was connecting more than 1,600 customers in more than 535 enabled data centres globally. Given its expansion into new territories and data centres, it looks well-positioned to benefit from the growing trend for larger and larger amounts of computer infrastructure going from local servers to cloud providers.
Serko Ltd (ASX: SKO)
My favourite small cap tech share at this point in time is Serko. It is a technology company with a focus on developing innovative solutions for corporate travel and expense management. It has become a market leader in its category and has over 6,000 corporations and travel management companies using its platform. It also counts travel giant Booking.com as a strategic partner and major shareholder. It has been growing at a very strong rate in recent years and looks well-placed to continue this positive form after a strong start to FY 2020.
The post Are these ASX tech shares the next Afterpay and Altium? appeared first on Motley Fool Australia.
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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 AFTERPAY T FPO, AUDINATEGL FPO, MEGAPORT FPO, and Serko Ltd. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended AUDINATEGL FPO, MEGAPORT FPO, and Serko Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020