These were the 4 best ASX tech shares of 2024

Here's how much you could have earned investing in these tech stocks last year.

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The tech sector certainly was a great place to invest in 2024.

A number of ASX tech shares smashed the market with some stellar gains.

But which tech shares performed best? Let's take a look at the best shares in the sector over the period:

Appen Ltd (ASX: APX)

The Appen share price was the best performer in the tech sector in 2024, with a gain of 320%. Investors bought this artificial intelligence data services company's shares last year after it delivered a significantly improved performance.

For example, during the third quarter, Appen reported revenue of $54.1 million. While this represents a 12.9% decline over the prior corresponding period, if you exclude the loss of Google as a customer, Appen's revenue would have increased 34.6%. Another positive was that Appen achieved a breakeven EBITDA result for the period.

Nuix Limited (ASX: NXL)

The Nuix share price was on form in 2024 and recorded a gain of 233%. Much like Appen, this was driven by an improved performance from this investigative and analytics software provider.

In FY 2024, Nuix released its full-year results and reported a 14% increase in annualised contract value (ACV) to $211.5 million and a 20.9% lift in statutory revenue to $220.6 million.

But the biggest positive was that its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 38.7% to $64.4 million. Management expects more of the same in FY 2025 and is targeting ACV growth of 15%.

Life360 Inc (ASX: 360)

The Life360 share price wasn't far behind, with a gain of 198% in 2024. The ASX tech share got investors excited by reporting stellar growth across all key metrics.

This includes growing the location technology company's monthly active users (MAU) to a whopping 76.9 million. This underpinned a 30% increase in annualised monthly revenue (AMR) to US$336.2 million.

In addition, the launch of a secondary listing on the Nasdaq appears to have given the company a lot of exposure to investors on Wall Street.

Catapult Group International Ltd (ASX: CAT)

The Catapult share price was another strong performer, with a gain of 169% over the 12 months. An impressive performance from the sports technology solutions provider in FY 2024 and FY 2025 underpinned a major re-rating of its shares.

With respect to the latter, during the first half of FY 2025, Catapult delivered a 20% constant currency increase in ACV to a record of US$96.8 million (A$143 million). Also impressing the market was the ASX tech share's free cash flow (FCF) generation of US$4.8 million (A$7 million).

This was more than it generated in the whole of FY 2024.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet, Appen, Catapult Group International, and Life360. The Motley Fool Australia has recommended Alphabet, Catapult Group International, and Nuix. 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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