Australia has a vibrant and fast-growing small cap ASX tech sector. Here’s a closer look at 5 small cap ASX tech shares that saw stellar share price growth of between 30% and 70% during May.
Pushpay Holdings Ltd (ASX: PPH)
Pushpay is a donor management platform provider for faith and not-for-profit sectors. The company operates in the large-to-medium church sector of the US market.
Pushpay’s growth has been strong over the past few years. Recently, the company indicated that further high growth is predicted for FY 2021.
May was a particularly strong month, with the Pushpay share price up by a massive 69%. Demand for its platform has recently accelerated, due to closure of many churches across the US.
Redbubble Ltd (ASX: RBL)
Redbubble owns and operates leading global marketplaces for independent artists. In a market update back in April, Redbubble revealed it believes that it is well placed to endure through the coronavirus outbreak.
Redbubble also reported that it remains in a strong financial position and its operations and supply chain remain resilient.
The Redbubble share price soared 57% in May, which follows a share price rally that began in late March.
Tyro Payments Ltd (ASX: TYR)
Tyro provides Australian businesses with payment solutions for credit and debit card transactions. As such, Tyro is set to benefit from the easing of lockdown restrictions in Australia.
Renewed optimism in the reopening of the Australian economy helped to see its share price rise by 32% during May.
A series of positive market updates during May also indicated that Tyro’s transaction values have continued to improve.
Data#3 Limited (ASX: DTL)
Data#3 is an Australian ICT provider that provides a range of technology solutions. These include cloud and data centre services, mobility, security and data and analytics solutions.
An April market update revealed that there had been no significant impact on its business operations due to the pandemic. The company is also so far on track to meet its full year financial year objectives.
Its share price rose strongly by 37% during May. I believe that this strong growth was driven in particular by growing demand for cloud and data centre solutions, because remote working has increased during the pandemic.
EML Payments Ltd (ASX: EML)
EML Payments is an electronics technology solutions provider for gift cards and pre-paid cards.
Prior to the coronavirus crisis, it had been growing strongly for several years.
Its share price was hit hard in the early part of the crisis, however EML shares have since bounced back strongly.
May was a particularly strong month, with the EML share price rising by 30%. Investors appear to be encouraged by the easing of lockdown restrictions. This should see demand for its services begin to get back to normal.
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More reading
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- Top ASX Stock Picks for June 2020
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- Build wealth for life with these 2 ASX 200 shares
Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Emerchants Limited and Tyro Payments. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has recommended Data#3 Ltd., Emerchants Limited, and REDBUBBLE FPO. 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.
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