What are the top tech stocks in New Zealand?

Summary

  • In the modern era, it is the growth of the technology sector which is the barometer of a country's economic progress.
  • New Zealand is renowned for its innovative tech companies, which offer varied technological products and solutions.
  • The country's tech sector has more than 120,000 employees.

In this ever-changing dynamic world, technology plays a key role in the survival of any modern business enterprise. It makes the processes quicker, business operations smoother and more effective.

In fact, in the present times, technology-driven companies steer a country's economic growth and consumer preferences.

Source: Copyright © 2021 Kalkine Media

What are tech companies?

Broadly speaking, a technology company is an IT and electronics-based unit, which comprises businesses related to software, digital electronics, internet as well as e-commerce-related services.

In other words, any company which deals in businesses offering a digital technical product/ service/platform as its chief source of revenue income is a ‘tech company.’

A look at NZ's tech sector

The Kiwi nation is globally acclaimed for its digital calibre and entertainment media. Driven by its rich innovation pedigree, New Zealand's tech companies boast some of the most sought-after collaborations with the best technology and solutions-driven companies worldwide.

Read: Is it a good time to invest in technology stocks?

As per a research in 2019, some of the interesting facts related to NZ’s tech sector are mentioned below:

  Source: Copyright © 2021 Kalkine Media; data source: mbie.govt.nz

Top tech stocks of NZ

New Zealand is home to some of the most advanced and innovative tech companies. These companies play a significant role in the NZ economy and are defining Aotearoa for future generations.

Here’s a compilation of some of the top tech stocks in the Kiwi nation.

Spark New Zealand Limited (NZX:SPK)

Spark New Zealand Limited is one of the largest tech companies operating in the country, with a market capitalisation of more than NZ$8.98 billion. Apart from offering telecommunications services, the Company also provides internet-related services and is one of the leading ICT providers to NZ businesses.

In a recent update, SPK has announced a delay of 5 months in the appointment of its Future Director, Ana Wight.

On 25 June, by the end of the trading session, Spark New Zealand rose by 1.58% at NZ$4.82.

Vital Limited (NZX:VTL)

Operating for more than 20 years, Vital Limited provides critical communications network in New Zealand. Apart from just Wi-Fi and fibre, the Company also offers infrastructure and technology, which is of vital importance to the nation.

Recently, its Sales and Marketing Head, Phil Henderson, stepped down from his position on 16 June. Meanwhile, the Company's CEO, Andrew Miller, is overseeing the sales operations.

On 25 June, by the end of the trading session, Vital was down by 2.50% at NZ$0.78.

Read: The 6 biggest NZX stories that are creating a buzz today

EROAD Limited (NZX:ERD)

Headquartered in Auckland, EROAD Limited offers technology solutions that helps in managing vehicle fleets, supports compliance and improves drivers' safety. In 2019, it was declared the ‘Company of the Year’ at NZ Exports Awards. Moreover, it has also won the ‘Technology, Equipment and Manufacturing, Global Road Achievement Award’ in the same year.

With a proven SaaS business model, the Company witnessed 8% growth since FY20, despite facing the challenges arising from the coronavirus pandemic. In the New Zealand region, for FY21, ERD recorded an EBITDA of NZ$38.8 million.

With a continuous focus on R&D and strategic partnerships, the Company is well placed for the future.

On 25 June, by the end of the trading session, EROAD gained 0.33% at NZ$6.090.

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Chorus Limited (NZX:CNU)

Another technology-driven company operating in the telecommunications space is Chorus Limited. The Company boasts of more than 1.5 million connections and offers innovative products and services to its customers.

Moreover, CNU aims to improve rural connectivity by upgrading 125 cabinets across rural New Zealand so that all the NZ communities have better access to quality broadband.

On 25 June, by the end of the trading session, Chorus rose 2.01% at NZ$6.35.

Enprise Group Limited (NZX:ENS)

Following next is Enprise Group Limited, which is a high-tech software investment company. Its key businesses comprise Enprise Solutions and Kilimanjaro Consulting, Datagate Innovation, iSell and Vadacom. With 85% revenue growth and cash reserves of NZ$2.49 million towards the end of 2020, ENS witnessed growth through acquisitions and organic development.

On 25 June, by the end of the trading session, Enprise Group rose 3.26% at NZ$2.850.

Must Read: What is driving the 6 stocks to shine or wane on the NZX?

Plexure Group Limited (NZX:PX1)

Another company working in the software and IT space is Plexure Group Limited. It is a global mobile engagement company, which offers solutions for traditional brands and retailers. PX1's primary focus is on personalised customer engagement, strategy, execution and campaign optimisation.

The Company has recently announced the resignation of its CFO, Andrew Dalziel. He, however, would be providing consulting services to the Company on an as-required basis.

On 25 June, by the end of the trading session, Plexure Group was flat at NZ$0.670.

Also Read: Which 6 NZX stocks made the biggest moves in the market?

PaySauce Limited (NZX:PYS)

Coming up next is PaySauce Limited, which develops enterprise solutions. Its software includes digital timesheets, payroll, contracts, banking, and filing. With the launch of BNZ PayNow, the Company is all set to transit from payroll app to fintech, thereby becoming a market leader in the fintech sector.

On 25 June, by the end of the trading session, the shares of PaySauce were up by 1.75% at NZ$0.290.

Geo Limited (NZX:GEO)

Topping off the list is Geo Limited, offering smart software solutions for mobile businesses. Growing from a small office in Auckland to a worldwide business entity, the Company boasts 20,000 customers in 30 countries.

It had recently notified that its Non-Executive Chair and a key shareholder, Roger Sharp, to retire by November 2021. However, he intends to be re-elected as a Non-Executive Director in the coming Annual General Meeting.

On 25 June, by the end of the trading session, shares of Geo dipped by 0.76% at NZ$0.131.

Recommended Read: Are these 6 NZX stocks the biggest movers and shakers of the day?

Way ahead for NZ tech companies

Boasting tremendous growth potential and innovation, NZ's technology companies are significantly contributing to the nation's economic growth by attracting the best talents and offering innovative world-class products and solutions.

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