Deloitte Technology Fast 50 – the Contest for the Fastest-growing ICT Company Begins
Prague, 14 May 2015 – Deloitte has announced the 16th annual contest for the fastest-growing technology company in Central and Southeast Europe. As in the past, small and medium-sized technology firms can register within three categories – Technology Fast 50, the main category; Rising Stars and Big 5. Compared to the previous years, the companies that wish to register for the Technology Fast 50 main category must be newly in operation for the last four years (previously five years). The registration will be opened for two months, until 15 July 2015, and the results will be announced in the second half of October 2015.
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“The Deloitte Technology Fast 50 main ranking will be newly based on the comparison of technology companies’ revenues from the last four years (in the previous contests this was five years). We believe that thanks to this fact, companies that would otherwise not fulfil the criteria will also participate in the contest. Software development companies were the most widely represented businesses in the ranking last year. In total, a half of the companies in the ranking focused on software development (52%), followed by providers of internet services representing almost a quarter of the participating companies (24%). Merely 12% of companies concentrated on telecommunications and networks”, commented Martin Tesař, Partner in Charge in the Audit function of Deloitte Czech Republic, on the last year results.
“The contest makes relatively new companies and successful companies both in the Czech Republic and other Central European countries more visible. The ranking improves the firm’s image not only in front of clients, but also in front of its employees, and helps provide positive publicity in the media. Twenty six companies in total participated in the ranking for the first time last year. Most of the participating companies were from Poland (17), Hungary (10) and Romania (6). We believe the number of Czech participants will rise this year”, said Jiří Šauer, Senior Manager in the Audit function of Deloitte.
The participation in the Technology Fast 50 ranking provides a unique opportunity to compare the performance of established as well as new companies. As in previous years, companies will be compared in three categories this year:
Technology Fast 50 Category
In order to qualify for the main Technology Fast 50 ranking, the participants must meet the following criteria:
- Annual revenues of at least EUR 50,000 in each of the years between 2011 and 2014;
- Headquarters in one of the following Central European countries: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia or Slovenia;
- Development or manufacturing of proprietary technologies or spending a significant amount of capital on research & development; and
- Ownership structure that excludes majority-owned subsidiaries of strategic entities.
The winners are subsequently selected based on the evaluation of registrants that meet the qualifying criteria by revenue growth over the five-year period from 2011 to 2014.
Rising Stars Category
In the Rising Stars category, Deloitte ranks “young” companies that show great potential but are too new to meet the main category criterion of a minimum of five years in operation. Eligible companies must be in operation for at least three years and exceed revenues of EUR 30,000 in each of the last three years (2012 – 2014). Apart from that, the same criteria apply to them as for the main Technology Fast 50 ranking.
Big 5 Category
The Big 5 category ranks large fast-growing companies that have achieved extraordinary growth in the last five years. To be eligible, companies must meet the same criteria as for the main Fast 50 ranking, with the exception that the annual revenue in the final measured year (2014) must exceed EUR 25 million for this category.
Results in 2014
The fastest-growing technology company in the Czech Republic, last year, was Logic point; the company focuses on the implementation of Microsoft Dynamics CRM, a customer relations management system. Logic point took this position in the ranking for the first time and overtook the last year’s winner, Internet Shop, the cosmetic e-shop operator of Parfums.cz. INVEA-TECH, producer of comprehensive network solutions, took third place.
More information about the entire Technology Fast 50 project and the terms, conditions of the contest and last year’s results may be found at www.deloitte.com/fast50ce.