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 seventeenth 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 into the Fast 50 ranking was Cork-based Teamwork.com, which recorded the seventh fastest growth in Ireland.
33 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 of Ireland, and three from Northern Ireland.
Ozaroo Retail, an online retailer, was the highest ranking NI company at number four.
Northern Ireland company Engage was announced as this year’s ‘Rising Star’ award winner. This category recognises younger companies with the fastest growth in turnover over the past three years. The company delivers CMS, ecommerce and digital marketing services and has offices in Belfast, Dublin and London.
“We are delighted to be recognising these exceptional and innovative Irish companies,” said Joan O’Connor, a partner in Deloitte. “Their contribution to the technology sector is critical to the success of the industry overall in Ireland and it is clear from the turnover derived from exports that they are having considerable success in global markets also. This ambition is hugely encouraging to see and will be increasingly important in a post-Brexit marketplace, where pressure on margins may necessitate diversification into other markets. For this reason, and due to the wealth of opportunity that presents itself, we expect developed and emerging markets to be increasingly important for Irish technology companies.”
A number of additional awards were also announced as part of Deloitte’s Fast 50 index.
Agile Networks won the ‘Innovative New Technology Award’ in association with Google, while Teamwork.com won the ‘Export Award’ in association with Intel. Cronan McNamara’s Creme Global won the ‘R&D Award’ in association with LinkedIn while Spearline Labs won the ‘Impact Award’ in association with PayPal
Lulu O’Sullivan, chief executive of TheIrishStore.com and GiftsDirect.com won the ‘Leading Female Award’ in association with Vodafone.
The 2016 Deloitte Fast 50 ranking is as follows:
1. eShopWorld, Dublin
2. Intellicom Ireland, Dublin
3. Clavis Technology, Dublin
4. Ozaroo Retail, Antrim
5. Vizor, Dublin
6. Wolfgang Digital, Dublin
7. Teamwork.com, Cork
8. Spearline Labs, Cork
9. Action Point, Limerick
10. Agile Networks, Dublin
11. Tickets.ie, Dublin
12. Eblana Photonics, Dublin
12. P2V Systems, Antrim
13. Flint Studios, Antrim
14. Aspira, Cork
15. Simply Sun, Dublin
16. Granite Digital, Cork
17. Nostra, Dublin
18. AccountsIQ, Dublin
19. Asystec, Limerick
20. Roomex.com, Dublin
21. CarTrawler Dublin
22. Welltel, Dublin
23. Sales-Promotions, Kilkenny
24. Phorest (Ndevor Systems), Dublin
25. Camara Education, Dublin
26. The Irish Store.com & Giftsdirect.com, Dublin
27. EssentialSkillz, Galway
28. The Web Bureau, Antrim
29. Arkphire – Bootstrap, Dublin
30. Topfloor Systems, Dublin
31. ITQuotes, Dublin
32. Milner Browne (Ireland), Dublin
33. Leaf, Antrim
34. Neueda Consulting, Antrim
35. Medical Accounts Services, Dublin
36. Ocuco, Dublin
37. Creme Global, Dublin
38. Integrity360, Dublin
39. Learning Pool, Derry
40. Seopa, Antrim
41. Ammeon, Dublin
42. Emydex Technology, Dublin
43. Tascomi, Down
44. Novosco, Antrim
45. Zinopy, Dublin
46. Openmind Networks, Dublin
47. TransferMate Global Payments, Kilkenny
48. Data Solutions, Dublin
49. Seven Technologies Holdings, Antrim
50. Blueface, Dublin