ASX-listed technology companies have recorded substantial growth in the recent years. In order to keep up to date with this ever-changing market sector, Stock Brief have compiled details of the All Tech Index, which features 50 of the top technology stocks on the ASX. While you can download the entire eBook for free using the link below, this blog series will highlight each of the companies in brief detail. Here are the top 31-40 ASX All Tech Index stocks by market cap.
ELMO Software (ASX: ELO)
Market cap: $561.1 million
Redefining the task of human resources management, ELMO is a cloud-based HR and payroll software provider that has been operating since 2002. The company’s software provides an all-in-one comprehensive solution to address matters like rostering, time and attendance, payroll, personnel management and training, plus other HR issues like recruitment, retention and performance.
ELMO’s software is deployed as Software-as-a-Service, which provides the company with exposure to a high level of recurring subscription revenue. As more and more companies fall foul of issues relating to payroll management, and the underpayment of staff, ELMO’s software is becoming embraced by an ever-growing chorus of users. While not yet EBITDA positive, the company did recently upgrade its outlook.
Redbubble (ASX: RBL)
Market cap: $553.3 million
Established in 2006, Redbubble is a global online marketplace for print-on-demand products. However, the marketplace is not your standard one where big-name merchants might peddle their wares. Instead, Redbubble is a community-oriented marketplace where users submit their own artwork for printing on all sorts of goods. This extends to phone cases, pillows, quilts, apparel, homewares and much more.
Over the course of the last 15 years the company has formed ties with over one million independent artists, whom ultimately service end-customers of Redbubble and enable the business to take a small cut. As the business continues to expand, and with offices beyond Melbourne in Berlin and San Francisco, Redbubble has disrupted the marketplace with its unique P2P business model.
Life360 (ASX: 360)
Market cap: $458.4 million
Life360 is a San Francisco based software platform designed to help parents monitor and track their kids, providing them with accident alerts, location sharing data and ensuring that they are socialising within an ‘approved’ (closed) family ecosystem. Striving to help today’s busy families by bringing them closer together and facilitating their safety and communication, the company’s core offering, the Life360 mobile app, has recorded significant adoption.
Life360 currently boasts in excess of 28 million active users, spread throughout over 160 countries. In today’s increasingly digital world, where communication channels face less barriers than ever before, companies like Life360 are looking at innovative means to offer family-oriented solutions, and the company is now extending this to family safety ‘memberships’.
Audinate Group (ASX: AD8)
Market cap: $373.7 million
One of only a select number of ASX-listed companies focusing on audio-visual applications, this Sydney-formed company has become renowned for its high-end award-winning technology. The company’s core product is its Dante ‘audio over IP networking’ solution, which has become a worldwide leading application used across all sorts of settings requiring sophisticated levels of audio competencies. This includes professional live sound settings, commercial installations, broadcasts, public addresses, large venues and concerts, as well as within the recording industry.
Key to Audinate Group’s success is its internal expertise and knowledge, with the company founded by ex-Motorola Research Labs personnel, and now staffed across Australia, the US, UK and Hong Kong. The technology allows ethernet cables to transmit perfectly synchronised audio signals across large distances and simultaneously to multiple locations.
Nitro Software (ASX: NTO)
Market cap: $349.3 million
Nitro is a San Francisco based document productivity software company, rivalling the likes of Adobe. The company’s software has been embraced by around 11,000 businesses in 144 countries around the world, including over 65% of the 2019 Fortune 500. It has sold over 2 million licenses, providing it with a recurring revenue stream diversified across multiple industries.
At the heart of Nitro’s software offering is the ‘Nitro Productivity Suite’, which provides integrated PDF productivity, eSignature and business intelligence (BI) tools to customers through a horizontal, SaaS and desktop-based software suite. Customers who take up Nitro’s software come from a myriad of backgrounds, including government agencies, small businesses, individuals and multinationals, demonstrating scalability.
Volpara Health Technologies (ASX: VHT)
Market cap $346.5 million
Making its ASX debut just a few years ago in 2016, Volpara Health Technologies has seen its shares take off, despite a series of capital raisings throughout its publicly-listed tenure. Founded in 2009, Volpara offers digital health solutions for high-quality breast cancer screening, with feedback provided on breast density, compression, dose, and ‘quality’. The company has also developed enterprise-wide practice software management, which is designed to help health practices with productivity, compliance, reimbursement, and patient tracking.
Considered a SaaS provider, Volpara’s medtech solution has been used in 38 countries and has received FDA clearance and CE marking. As further means to increase its long-term growth trajectory, Volpara acquired Seattle-based MRS in 2019, which is a reporting systems provider for mammograms to over 1,600 hospitals and breast clinics. With the acquisition enabling the company to further its scope beyond its New Zealand base, it now boasts a greater market presence in the US and stands to gain from cross-selling opportunities into the future.
Rhipe (ASX: RHP)
Market cap: $309.4 million
Formed in 2003, Rhipe is a cloud channel company providing its partners with a complete end-to-end cloud solution. Its focus is on the licensing, business development and knowledge services that support services providers, system integrators and software vendors. The company has established itself as a leading expert in subscription software licensing throughout the Asia Pacific region, while its services and support division has been awarded numerous awards for its role in helping businesses with the implementation of Microsoft Office365.
Bigtincan Holdings (ASX: BTH)
Market cap: $284.3 million
In the space of just a few years, Bigtincan has grown from Sydney origins to its headquarters in Boston, supported by offices across Asia and the EMEA region. The company is a software provider offering a solution for automation and enablement in the sales cycle. It is designed to offer users a hassle-free and painless sales process by leveraging AI to engage with customers and leads, increase win rates and improve customer satisfaction.
To date, Bigtincan is used by brands such as Red Bull, Merck, ANZ, AT&T and Thermo Fisher. As more companies look to streamline and optimise their sales productivity and increase engagement with customers, Bigtincan is positioning itself to tap into this burgeoning trend. Having edged its way into the All Ordinaries, the company’s 2017 IPO listing has proven rewarding for early shareholders thus far.
Dubber Corporation (ASX: DUB)
Market cap: $252.4 million
With its roots tracing back to Melbourne, this relatively ‘young’ business started to gain prominence in early 2019, and just recently made it into the All Ordinaries. The company offers a cloud-based recording Software-as-a-Service. While we might all be familiar when we call a customer service desk that “your call is being recorded”, Dubber doesn’t just capture that conversation, it harnesses its technology to store it on the cloud and analyse it using a suite of sophisticated tools. These tools include speech recognition, AI, sentiment data, plus more.
Dubber describes itself as the world’s most scalable call recording service. Given its adoption by major telecoms carriers in the US, Europe and Asia-Pacific, and its integration with Cisco’s telecommunications infrastructure, the company’s scalability is on clear display. With Dubber recently acquiring Australian call recording company CallN, management appear intent on pursuing further scale to drive the company’s growth.
The Citadel Group (ASX: CGL)
Market cap: $244 million
Citadel is an enterprise software and services company pitching itself as a specialist in secure enterprise information management in complex environments. Pivotal to this vision is the integration of know-how, systems and people to provide information on an anywhere-anytime basis.
The company also describes itself as a leader in the development and delivery of managed technology solutions, playing a central role on behalf of industries such as health, defence and national security. In its half-year results for FY20, software segment revenue grew 18.9% to $18.9 million, while services segment revenue jumped 25% to $41.5 million, both of which helped the company increase its gross profit, albeit at the expense of margins. The company is one of just a few on this list that has been paying dividends, at least pre-COVID.
More All Tech Index Stocks
We've written a quick analysis of all the companies in the index. As there are 50 companies, we've split this out into 5 posts.
- ASX All Tech Stocks 1-10 (APT, REA, XRO, SEK, CPU, WTC, NXT, CAR, APX, ALU)
- ASX All Tech Stocks 11-20 (TNE, PME, LNK, PPH, MP1, IRE, DHG, TYR, KGN, CDA)
- ASX All Tech Stocks 21-30 (EML, BVS, FCL, NEA, WEB, TPW, DTL, IRI, IFM, HSN)
- ASX All Tech Stocks 41-50 (CAT, RUL, LVT, PPS, CL1, ALC, PCK, NET, RAP, AMS)