€1.6bn generated by Ireland's 50 fastest growing tech firms
Published 05/11/2016 | 02:30
Ireland's 50 fastest growing indigenous technology companies recorded over €1.6bn in turnover last year, according to the latest index from Deloitte.
The company's 'Fast 50' survey shows that Ireland's top home-grown tech firms had an average revenue of €31m each and an annual growth rate of 270pc over the last four years.
The fastest growing Irish tech company at present is the eCommerce and logistics firm eShopWorld, which saw turnover growth of 2,596pc over the last four years. The company lets online retailers manage customer interactions from checkout to returns.
The report suggested that two-thirds of Ireland's fastest growing technology companies are software startups while communications and hardware tech companies account for a fifth of firms featuring on the ranking.
On average, exports account for 61pc of turnover for the top 50 tech firms while R&D expenditure represents just under a fifth of turnover (18pc).
The Fast 50 awards are in their 17th year in Ireland. To qualify, companies must have been in business for at least four years with a turnover of over €50,000. The highest-ranking new entrant was Cork-based Teamwork.com, which recorded the seventh fastest growth in Ireland.
Thirty-three of the 50 named firms are Leinster-based, with 11 are based in Ulster followed by six in Munster and one in Connaught.
This year's ranking saw 11 new entrants, eight from the Republic, and three from Northern Ireland.