Investing can be as complicated or as simple as you want to make it. The truth is, you only need two things to build life-changing wealth: a diversified portfolio of high-quality stocks and a long-term mindset. That's it. Of course, finding those high-quality stocks requires research, and maintaining a long-term outlook requires diligence, especially during periods of market volatility. But if you put the work in now, I think you'll be well rewarded down the road.

Building on that idea, Docebo (NASDAQ:DCBO) and EPAM Systems (NYSE:EPAM) often fly under the radar, but both of these companies are growing quickly. More importantly, both stocks should make patient investors richer in the years ahead. Here's why.

Woman reviewing paper-based financial documents, while also using a digital tablet.

Image source: Getty Images.

1. Docebo

Several studies have shown a link between corporate learning and employee productivity, satisfaction, and retention. As a result, organizations that prioritize continuous training stand to benefit. Unfortunately, traditional learning management systems (LMS) tend to be ineffective and inefficient -- it can take over 250 hours to build a single training course.

That's where Docebo comes in. Its software platform helps clients create training material, deliver engaging content to employees, and measure the results against business performance. More importantly, Docebo leans on artificial intelligence to make its products more effective and more efficient than traditional LMS.

For instance, Docebo Shape is an AI-powered content creation tool, making it possible for clients to convert any resource into training material. And Docebo Learn is an AI-powered delivery platform, meaning content is automatically adjusted and personalized for each employee. Collectively, that value proposition has helped Docebo win customers like Amazon and Netflix.

More importantly, Docebo is growing its business at a rapid clip.

Metric

Q3 2020 (TTM)

Q3 2021 (TTM)

Change

Customers

2,025

2,636

30%

Revenue

$55.5 million

$93.2 million

68%

Source: Docebo SEC filings. TTM = trailing-12-months.

On a less optimistic note, Docebo generate negative free cash flow of $4.2 million through the first nine months of 2021, primarily due to a significant uptick in sales and marketing expenses. However, with $215 million in cash on the balance sheet and no long-term debt, Docebo can afford to burn money for a while.

To that point, the company appears to be spending its cash wisely -- it's growing significantly faster than the industry average, meaning it's gaining market share. And with an addressable market of $29.9 billion by 2025, Docebo still has plenty of room to run. That's why this underrated growth stock looks like a smart buy.

2. EPAM Systems

EPAM is an IT consultancy that specializes in software development and product engineering. Specifically, the company employs a range of advisors, designers, data scientists, and creators, and it uses that expertise to help clients build, implement, and optimize strategic software platforms. In doing so, EPAM helps enterprises keep pace with digital transformation.

The company serves a diverse clientele, providing consulting and engineering solutions across 11 different industries, including financial services, travel and hospitality, retail, and healthcare. To do that, EPAM partners with software companies like Adobe, Salesforce.com, and UiPath, as well as cloud service providers like Amazon and Microsoft.

Over the past year, EPAM has delivered solid financial results, growing both its top and bottom lines at an impressive clip.

Metric

Q3 2020 (TTM)

Q3 2021 (TTM)

Change

Revenue

$2.6 billion

$3.4 billion

31%

Net income

$316.1

$424.9 million

34%

Source: YCharts. TTM = trailing-12-months.

Through its history, EPAM has continued to evolve, maintaining its relevance and extending its expertise into emerging technologies like artificial intelligence and robotics. That strategy has kept the company at the forefront of the consulting industry. In fact, for the last three consecutive years, EPAM has ranked as the top IT services firm on Fortune's 100 Fastest-Growing Companies list.

Looking ahead, the company has plenty of room to grow its business. Management puts its market opportunity at over $150 billion, a figure that reflects the growing importance of digital transformation. And given EPAM's strong competitive position, shareholders should expect to see steady returns in the coming years. That's why this stock looks like a smart buy right now.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.