If you're a fan of small cap ASX shares, then you may want to add the two shares listed below to your watch list.
Here's what you need to know about these growing small cap ASX shares:
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Nitro Software Ltd (ASX: NTO)
The first small cap to watch is Nitro Software. It is a document productivity software company that is aiming to drive digital transformation in organisations around the world.
Nitro is doing this with its Nitro Productivity Suite. This suite provides businesses of all sizes with integrated PDF productivity and electronic signature tools through a horizontal, software-as-a-service, and desktop-based software solution.
Management is very positive on the future, particularly after a recent acquisition strengthened its offering.
It said: "Nitro believes the expanded product suite delivered by the Connective acquisition will drive substantial opportunities in the fast-growing US$17 billion global SaaS eSign market as organisations around the world increasingly demand high-trust and highly secure eSign and workflow solutions."
In response to its recent full year results, the team at Bell Potter put a buy rating and $2.75 price target on the company's shares.
PlaySide Studios Limited (ASX: PLY)
Another small cap to watch is PlaySide Studios. It is one of the largest independent video game developers in Australia.
At present, the company's portfolio comprises 50+ titles that are delivered across four platforms. These are mobile, virtual reality, augmented reality, and PC. Among these titles are games developed in collaboration with studios such as Disney and Pixar.
PlaySide has also recently announced promising deals with a number of parties. This includes games publishing giants 2K Games and Activision Blizzard, as well as gaming influencer company One True King. These deals look set to support the company's growth in a market estimated to be worth US$159 billion per annum at present.
Canaccord Genuity currently has a buy rating and $1.30 price target on its shares.
