The local share market has plenty of hot tech or software-based businesses that recently hit the ASX boards, with the likes of AfterPay Touch Group Ltd (ASX: APT), Audinate Ltd (ASX: AD8) WiseTech Global Ltd (ASX: WTC) and Pushpay Holdings Co Ltd (ASX: PPH) all rocketing higher over the past year.
However, even WiseTech with a market value close to $7 billion is still small compared to some of the recently-listed heavy hitters on the NASDAQ index in North America that have delivered even better performance than the local bourse’s top dogs.
In fact Australia’s best tech business taking into account the scale of the growth is listed on the NASDAQ.
Sydney-founded Atlassian is a software-as-a-service operator that helps enterprise IT teams organise workflows and projects with its Jira and Trello software platforms among others.
It has a market cap of US$26.6 billion (A$37.5b) after hitting a record high of US$111.22 overnight and just announced the US$165 million bolt-on-style acquisition of junior tech platform provider Agilecraft.
Given its soaring market value it’s hard to argue against Atlassian being Australia’s most successful recently founded tech business, with its size instructive for local investors as to how it’s often a mistake to believe you’ve ‘missed the boat’ on buying a fast-growing tech business.
Of course no business is a buy at any price and investors should do their own research, but they could easily buy Atlassian on the NASDAQ stock exchange by opening an international online brokerage account with local start-up Stake (it offers $0 brokerage fees) for example, or by opening an international account with any of the big brokerages such as one operated by the Commonwealth Bank of Australia (ASX: CBA).
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Motley Fool contributor Tom Richardson owns shares of AFTERPAY T FPO and Altium.
You can find Tom on Twitter @tommyr345
The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO, Altium, PUSHPAY FPO NZX, and WiseTech Global. 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. 2019