Wednesday 14 November 2018

Ireland's Fast 50 indigenous tech firms pull in record €2.5bn sales

Ray Nolan, chief executive, XSellco
Ray Nolan, chief executive, XSellco
Adrian Weckler

Adrian Weckler

Ireland's 50 fastest-growing tech firms took more than €2.5bn in revenue last year, new figures from Deloitte show.

According to its newly-released Fast 50 annual index, the average revenue of the top 50 fast-growth companies is €50m, while the average growth rate of the companies over the last four years was 373pc.

XSellCo, backed by Ray Nolan, pictured, took the award for the fastest-growing digital company, with eShopworld coming in second place.

XSellCo recorded a revenue growth rate of 2,874pc over the last four years, according to Deloitte.

The Dublin-based firm sells ecommerce products.

The mobile advertising firm mAdme Technologies reached third place in the Fast 50 index.

Compared with last year, there are 17 new companies on the ranking - 12 of these are first-time entrants, while five have re-entered the list, having featured in previous years.

"It was particularly evident this year that the vast majority of revenues for the ranking companies are coming from export markets," said David Shanahan, a partner in Deloitte.

"This demonstrates the impact Irish indigenous tech companies are having in global markets."

Other category winners included SMS firewall vendor Anam Technologies.

It won the export award in association with Intel. DesignPro Automation, won the Innovative New Technology Award in association with Google, and Triona Mullane of mAdme Technologies, was winner of the Leading Female Award in association with Vodafone.

Irish Independent

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