This tiny ASX tech share has turned a $30,000 investment into $1m in just 5 years

If you need a break from the sea of red that has been ASX tech shares in 2022, you’ve come to the right place.

One financial technology company you’ve likely never heard of has taken its investors on a wild upwards rise over the last five years.

Indeed, its share price lifted 3,500% over that time, soaring from around 1 cent to trade at 36 cents.

Additionally, it hasn’t been caught up in 2022’s sell off. The stock has lifted around 3% since the start of this year.

Meanwhile, the S&P/ASX 200 Information Technology Index (ASX: XIJ) has dumped 34%.

So, which tiny ASX tech share may have made millionaires out of investors in just five years? Keep reading to find out.

The tiny ASX tech share that turned $30,000 into $1m

The IODM Ltd (ASX: IOD) share price has soared over the last half-decade, turning an initial $30,000 investment into $1 million today.

The $200 million ASX tech share provides technology to automate the accounts receivable process for businesses around the world.

Interestingly, it began life as a mining share before launching into the tech space with the $7 million acquisition of IODM in 2015. Six months later, the company was renamed IODM and the rest is history.

No doubt anyone who bought into the stock in 2017 and held into their investment will be glad of their conviction.

Back then, $30,000 would have bought approximately 3 million IODM shares. Today, that parcel would be worth just over $1 million.

Not to mention, at the ASX tech share’s record high of 40 cents, reached in September 2021, 3 million of its shares would be worth a whopping $1.2 million. That’s not bad for a $30,000 investment less than four years earlier!

It’s also worth noting that, despite 2022’s volatility, the broader ASX tech sector has also performed well over the last five years.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) has lifted 51% in that time while the S&P/ASX 200 Index (ASX: XJO) has gained 14.8%.

The post This tiny ASX tech share has turned a $30,000 investment into $1m in just 5 years appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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