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2 fast-growing ASX software shares for your watchlist

If, like me, you also enjoy searching around the ASX software space, it might be worth adding these two to your watchlist: Life360 Inc (ASX: 360) and Nitro Software Limited (ASX: NTO).


Although listed here on the ASX, Life360 is a San Francisco-based company that’s designed a family safety app available on iPhone and Android.

Source: Rask Media 360 1-year share price chart

At its core, families (called “circles”) are able to share/view their location on a map in real-time under Life360’s free membership plan.

Under Life360’s premium subscriptions, families can access a much broader range of features like roadside assistance, crash detection, emergency dispatch and ID theft protection (works by scanning the deep web for ID breaches).

Its key market is the US, where it currently has around 20.3 million monthly users and 820,00 paying circles.

Based on June’s revenue, it’s bringing in around $100 million on an annualised basis. But it’s just upgraded guidance for December to $120 million to $125 million.

Life360 has some big expansion plans on the cards. It’s recently acquired Jiobit, a provider of wearable location devices made for young children, pets and seniors.

It’s also looking to build out its offering in international markets such as Canada, Australia, the UK and Europe.

For more reading on Life360, click here to read: 2 ASX shares that could benefit from a reopening economy.

Nitro Software

Most recently on my watchlist is Melbourne-based company Nitro Software.

It has a suite of products used to edit, create, sign and secure PDF documents and competes with the likes of Adobe Inc’s (NASDAQ: ADBE) Acrobat PDF product.

While it’s only listed fairly recently on the ASX, it’s actually well-established in its industry. It has 11,700 business customers in 154 countries. 68% of the Fortune 800 are customers of Nitro.

The Purpose Of Business & Stock Market Valuation

Nitro was a beneficiary of the pandemic which saw printing levels plummet and businesses turn towards digital transformation. If you take the view that businesses will continue to adopt this sort of technology, Nitro could stand to benefit from this thematic.

As of FY20, Nitro’s annual recurring revenue (ARR) was US$27.7 million, up 64% from FY19.

It had a $43.7 million cash balance with no debt.

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Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.
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