Australian technology companies punch above their weight to reach top five of the Deloitte Asia 2015 TechFast 500™
- Australian TechFast50 winners are #3 and #4 in Asia’s fastest growing tech companies
- China fields six companies in the top 10, and 28% of top 500
- Australia punches above its weight with 80 companies in the top 500
- South Korean firm takes top spot in the ranking for the second year in a row
- Software companies show significant increase of 24% over 2014, leading all categories
- Clean technologies show significant increase at almost 10% of top 500
- Growth across top 500 remains steady, increasing 10% to 415%
4 December 2015: FinTech Prospa is the third fastest growing technology company in Asia in the prestigious Deloitte Asia 2015 TechFast 500™. Prospa was Australia’s 2015 Deloitte TechFast 50 winner. Cirrus Networks (Perth), a listed Australian IT solutions integrator, placed fourth in the fastest growing technology companies in Asia and ranked second in last month’s Australian TechFast 50 awards.
Joshua Tanchel, Deloitte Australia Tech Fast 50 lead partner said: “These are superb rankings for Australia to punch so far above our collective weight to reach close to the top of the leader board of the fastest growing technology companies in Asia. And to also have 80 Australian technology companies in the Deloitte Asia 2015 Technology Fast 500™ is simply awesome.”
He said: “This is the first time two Australian companies have reached the top five in the 14 year history of the Asia Technology Fast 500™. Their rise parallels the global market demand for simpler, faster, quality, cost effective services across all industry sectors.
Stuart Johnston, Technology, Media and Telecommunications leader Deloitte Australia said: “Our research shows that where there is customer friction and significant profit pools, disruption will happen. Prospa’s rise is a good example of an offering that meets a market need for safe, easy and fast finance in the small and medium size business area. Prospa has grown almost 7000% over the last three years.
“And Cirrus Networks which is fourth placed in Asia grew 5571%. Cirrus also meets a business need, this time in the real estate sector, by offering a flexible approach to designing, building, and managing IT infrastructure that is tailored to help a business achieve its objectives in a cost effective way.”
Ichiro Nakayama, DTTL Leader Technology Fast 500 Asia Pacific said: “The Technology Fast 500 Asia Pacific program has become a barometer for company growth. The ranking data reveals a great deal about the industry sectors and gives insight to the latest technologies that are shaping the future. By identifying these trends, such as this year's growth in clean technologies, we can begin to speculate on the impact of these changes to the region and markets.”
Deloitte Asia 2015 TechFast 500™ winner
Korea’s Devsisters secured first place in the 2015 Deloitte Technology Fast 500 Asia Pacific program, marking the second year in a row that a South Korean company has been the overall winner.
Based in Seoul, Devsisters is a global entertainment company established to develop and service mobile games and game characters. Its ‘OvenBreak’ game series has been immensely popular in 20 countries across North America, Europe, and beyond. The ‘Cookie Run’ series is positioned as one of the representative ‘endless running’ games with more than 100 million downloads to date.
Revenue Growth Trends
The top 500 TMT companies in Asia in 2015 averaged revenue growth of 415% - a steady increase over last year’s 405% average. Almost half of the companies this year had final year revenues under US$10m, down from 2014. However the biggest increase both in Asia and Australia were those companies with revenues between US$10m and $50m, 164 companies in Asia this year compared with 108 in 2014.
China once again leads the rankings geographically with the largest number of fast growing companies, 139 companies in the top 500 (up from 100 in 2014). Australia has 80 companies, New Zealand (54) and South Korea (50), and all increased the numbers of ranked companies over their 2014 results. India decreased significantly this year to 55 companies from 90 in 2014. Taiwan (86) and Japan (34) also had fewer companies represented this year.
There was a substantial increase in the software sector this year from 35 companies to 181, again leading the industry sector for the third year in a row. Hardware remains in second place overall with 100 companies in the top 500, down by 30 companies from 2014. This is the third year in a row the sector has declined.
However the largest increase was in clean technology with 48 companies represented in the rankings, up from 13 in 2014. Po Hou, Managing Partner, Technology, Media and Telecommunications Industry, Deloitte China said: "The Chinese government is striving to meet new climate targets for 2030. From COP21 we anticipate further measures to cut carbon emissions and greater support for the development of renewable energy. In terms of sub-sectors, the outlook is positive for waste and bio-treatment, but looks challenging for traditional players in solar and wind power due to oversupply.”
Life sciences, which includes biotech, pharmaceutical and medical devices, also increased to 42 companies from 33 in 2014. The Media (87) and Communications (42) industries both decreased.
Private and listed
This year there was a notable drop in the number of private companies represented (349 down to 297) breaking the trend of previous years. Private companies now comprise 59% of the rankings compared with 70% in 2014.
The full list of winners of the Technology Fast 500 Asia Pacific program for 2015 and details about the nomination and eligibility criteria of the program can be found on www.deloitte.com/fast500asiapacific
More about the program
Technology companies are invited to self-nominate for the Deloitte Australia Technology Fast 50 or the 500 lists via our website. Financial data about the top companies is provided by the entrants gathered via an online survey tool and is cross-checked using each company’s financial information which is verified by their accountants or a registered auditor.
More about Prospa, a fintech, is one of Australia’s largest online small business lenders, achieving a phenomenal 6971% growth. Both a BRW Fast Starter 2015, a 2015 Telstra Business Award finalist and an Australian Deloitte TechFast50 winner and now #3 in Asia’s fastest growing technology companies, Prospa signed a deal with Westpac at the end of November to provide another avenue for the bank’s SME customers to access unsecured financing in a simple, fast, online and self-serve environment.
Prospa Joint-CEO Beau Bertoli said: “Small businesses make an important contribution to the Australian economy, accounting for approximately 70% of the workforce and about half the value of the economy. However, they face a unique set of operational challenges, and have traditionally had challenges accessing funding. Through our proprietary lending platform, the FinTech provides a fast online loan service that focuses on the health of the business to determine its creditworthiness, not the personal credit score of the owner.”
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.
About Deloitte Australia
In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional services firms, and winner of both the Australian Financial Review/CFO Audit Firm of the Year and Accounting Firm of the Year awards 2013, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. Formore information, please visit Deloitte’s web site at www.deloitte.com.au.
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Touche Tohmatsu Limited
© 2015 Deloitte Touche Tohmatsu