The fifty fastest growing tech start-ups in the UK have been acknowledged this week through a Deloitte competition.
The Deloitte Technology Fast 50 competition selects start-ups based on their revenue growth over the last five years.
This year’s winner, Infectious Media, is a digital advertising platform based in Clerkenwell and since 2008, its revenue growth averaged 9,774 per cent.
The company’s headcount has gone from eight people in 2010, to over 50 today, which includes analysts, data scientists, engineers, digital media professionals and sales representatives. It has also opened offices in Paris and Hamburg, where it has a growing client base that it services from its London headquarters.
Martin Kelly, CEO and co-founder of Infectious Media, said: “With the financial crisis in full swing, we were forced to bootstrap the business. It didn’t feel great at the time, but in retrospect it was a good thing. We had no choice but to be profitable from day one, and it also made us very disciplined with costs.”
Previous competition winners have included businesses focusing on biotech, digital media, life sciences, software and telecoms.
Deloitte said the companies selected this year generated £672 million of combined revenue in 2012/13.
Twenty (40 percent) of the firms on the list this year are based in London and were responsible for generating 47 per cent of the combined revenues in 2012/13.
London generated the majority of revenue by ‘softer’ technology companies, with 64 per cent of revenues from Internet, software, media and entertainment winners based in the capital.
Meanwhile, 'harder' technologies were more strongly associated with regions outside of London. A fifth of combined winner revenues (£126 million) were generated by telecommunications companies, mostly based in the South East.
According to Deloitte, the greatest financial challenge for companies in 2013 was ‘financing investment in growth or Research & Development (R&D)’, with a fifth of Fast 50 companies citing this as their biggest hurdle.
Three years ago ‘managing or forecasting cash flows’ was the number one financial challenge, but, in 2013, only one in 10 companies reported the same concern.
David Halstead, Deloitte partner leading the UK Fast 50, said:”Britain’s technology companies have faced a challenging five years, even though the winners have grown significantly faster than the economy over the past five years, but they cannot, and do not, operate in isolation. In line with the wider economy, the entrants reveal a challenging five-year period, but with a bright outlook. We have seen an increase in software companies from 13 to 16. Internet companies are second with 12 in this year’s ranking, compared to 13 in 2012.”
Those included on the Fast 50 list are automatically put forward to the Deloitte Technology Fast 500 EMEA programme, along with entrants from other national programmes run by Deloitte in the EMEA region.
Deloitte said the companies on the list will benefit from increased publicity.
Last month Tech City UK announced the first 25 companies for its Future Fifty programme, which aims to help British businesses scale rapidly and encourage them to list on UK stock markets.
|1||Infectious Media||Media and entertainment||London||9774%|
|3||AlertMe||Internet||Cambridgeshire and East||3393%|
|4||Mobile Account Solutions Ltd||Telecommunications||South East||3332%|
|7||Sixteen South||Media and entertainment||Northern Ireland||2214%|
|9||Equal Experts UK Ltd||Software||London||2035%|
|11||Evance Wind Turbines||GreenTech||Midlands||1627%|
|13||Simplify Digital Ltd||Software||London||1443%|
|14||The Test People||Software||North||1356%|
|20||The Magnetise Group||Internet||London||1102%|
|22||Horizon Discovery Ltd||Biotechnology||Cambridgeshire and East||1027%|
|23||Bowman Power||GreenTech||South East||1022%|
|30||Supermassive Games||Software||South East||787%|
|31||Ayima Search Marketing||Internet||London||781%|
|36||The Nostrum Group||Software||North||623%|
|38||BCS Global Networks||Telecommunications||London||595%|
|39||Peach Telecom||Telecommunications||South East||571%|
|40||Global Personals Ltd||Internet||South East||570.64%|
|41||Forbidden Technologies Plc||Software||London||570.56%|
|43||Oriium Consulting Ltd||Telecommunications||North||540%|
|44||4D Data Centres||Telecommunications||South East||529%|
|46||MPB Photographic||Internet||South East||509%|
|47||M Squared Lasers Ltd||Electronics||Scotland||498%|
|48||Miroma International||Media and entertainment||London||496%|
|50||FISCAL Technologies Ltd||Software||South East||487%|