Monday 19 August 2019

Dublin dominates latest wave of high growth tech firms in 'Fast 50' index

Garry Moroney, chief executive and co-founder of the company
Garry Moroney, chief executive and co-founder of the company
Adrian Weckler

Adrian Weckler

Dublin startups look set to dominate Ireland's next wave of technology growth, according to new figures from Deloitte.

The company's latest Fast 50 listing, which measures revenue growth within indigenous tech companies over a four-year period, shows that 29 out of the 50 fastest-growing firms are based in the capital.

When Northern Ireland based firms are stripped out, Dublin firms represent an even greater percentage of high growth technology startups, with 73pc of the top 50 fast growth companies.

Dublin-based commerce firm eShopWorld was the fastest-growing firm measured by Deloitte, with 9,909pc revenue growth over the last four years. The company makes software that gives retailers control over customer interactions from checkout to returns.

Cork-based publishing technology firm Vearsa took second place in the list with a growth rate of 3,007pc.

Dublin-based mobile IT integration company CWSI took third spot with a growth rate of 1,300pc. Other firms in the top 10 include Vizor, Clavis Technology, Intellicom, Agile Networks, Valentia Technologies, and Asystec.

Cumulatively, the 2015 Fast 50 winners generated approximately €480m in total annual revenues in 2014. The average revenue of companies featuring on the ranking was €9.5m, while the average growth rate of the companies over the last four years was 540pc.

However, the figures are the latest indication that Ireland remains heavily lopsided in the technology industry with Dublin-based startups far outstripping those from other cities.

After Dublin, Belfast is the next most represented business location with 10 companies, while Cork has five companies present. Two of the Fast 50 firms come from Limerick while Galway, Sligo and Derry each have a single company representative in the list.

The awards are in their sixteenth year in Ireland.

"What's really encouraging is the ambition that is apparent amongst them," said Joan O'Connor, a partner in Deloitte. "On average, 58pc of turnover amongst the winners is generated by exports. Furthermore, on average, over a quarter of turnover is spent on R&D."

Cloud IT firm Ortus Technology and web company Flint Studios were awarded Rising Star awards.

Irish Independent

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