Deloitte 2019 Technology Fast 50 Awards on the hunt for Ireland’s fastest growing tech companies
Awards celebrates two decades of Irish technology success
23 August, 2019 Entries are now open for the 20th annual Deloitte Technology Fast 50 Awards. The awards rank Ireland’s fastest growing technology companies and will recognise indigenous technology companies that have demonstrated exceptional growth in turnover in the last four years.
The Deloitte Technology Fast 50 Awards is one of Ireland’s foremost technology award programmes, celebrating innovation and entrepreneurship. It is a ranking of the country's 50 fastest growing technology companies based on revenue growth over the last four years.
Deloitte is calling on companies from across the technology spectrum – including the software, hardware, communications, media and entertainment, fintech, cyber security, environmental technology and healthcare and life sciences sectors – to apply for this year’s awards.
The awards demonstrate the contribution of the indigenous technology sector – cumulatively, the 2018 Fast 50 winners generated approximately €2.5 billion in total annual revenues in 2017. The average revenue of companies featuring on the ranking was approximately €50 million, while the average growth rate of the companies over the last four years was 373%.
Last year, e-commerce software company xSellco secured the top spot in the ranking. The company achieved a growth rate of 2,874% over the last four years. xSellco provides innovative products that allow e‑commerce businesses of all sizes to fulfil their potential.
David Shanahan, Partner at Deloitte and Fast 50 Programme Lead said: “Since 2000, the awards have showcased an innovative and diverse range of Irish technology companies. From the opportunities that came from technology deregulation and the growth of the financial services sector here, to the growth of e-learning and virtualisation technologies, Irish technology companies have proven themselves adept at leading the way in terms of disruption and transformation. We’re proud to have showcased their achievements, and look forward to recognising this year’s successful companies also.”
First Derivatives, the leading provider of products and consulting services to some of the world’s largest finance, technology and energy institutions, was the first winner of the Fast 50 Technology Awards in Ireland. They have featured on the ranking 16 times in total.
Shane Mulholland, Senior Vice President of Marketing and Operations at First Derivatives, said: “We’ve been involved with the Fast 50 programme since it began and have found it to be not only great recognition of every stage of the company’s growth but also a chance to meet peers and like-minded businesses who are striving to be leaders in their own fields.
“The Fast 50 awards are a great celebration of the entrepreneurial businesses across Ireland and their longevity is a testament to the continued evolution of a robust local technology industry across the island.”
Once again, this year’s awards programme will include a number of award categories in addition to the overall ranking. These include the cyber security award, which will recognise a company that is developing cutting-edge solutions in this important area. The awards will also include the fintech award category, sponsored by Silicon Valley Bank. Recognising that there are many very young companies in the fintech sector, entrants will need to demonstrate exceptional growth in turnover in the last three years. The winner of this award will receive an expenses-paid trade and networking mission to Silicon Valley hosted by Silicon Valley Bank.
The Deloitte MNC Patron Awards will also be open to applicants:
· Innovative New Technology Award in association with Google
· Export Award in association with Intel
· Impact Award in association with PayPal
· Women in Technology Advocate Award in association with Vodafone
· Disruptive Technology Award in association with Facebook
The Deloitte Technology Fast 50 ranking features both private and public listed technology companies that have demonstrated innovative strategies, sound management practices and marketplace vision driving them to achieve the status of high-growth leaders. For details of criteria and how to enter, please visit www.fast50.ie.
The closing date for entries is 6 September 2019 and the winners will be announced at the awards ceremony on 25 October 2019.
Notes to editors
About the Deloitte Technology Fast 50 Programme
To enter the Fast 50 Awards, companies must meet the criteria listed below. Entries must be submitted electronically via the application link at www.fast50.ie, with the necessary supporting documents.
Fast 50 awards criteria:
1. The company must have accounts covering a minimum of four years (i.e. four full twelve month financial periods).
2. The company must be considered a technology company which, for this purpose, is defined as a company that meets at least one of the following four criteria:
· Owns proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues;
· Manufactures a technology related product;
· Devotes a significant proportion of operating revenues to research and development of technology;
· Is technology intensive, or uses its own unique technology to solve problems.
NB: Companies using third party technology or intellectual property in a unique way do not meet this definition. Consulting companies, professional services firms, resellers and others who don't rely on proprietary technologies to generate their revenue are not eligible.
2. The parent company must be Irish-owned and have its headquarters in Ireland.
NB: Companies headquartered in Northern Ireland can take part in the Irish OR the UK programme, but need to choose one or the other and cannot enter both.
3. The company must not be a subsidiary of a larger group.
NB: If there is more than one trading company in a group of companies, the nomination should reflect consolidated revenue for year 1 and 4 and not the revenue of a particular company within the group.
4. The company must have base-year (year 1) operating revenues of €50,000 (£43,000) or more and a current year (year 4) operating revenue of at least €1,000,000 (£859,900).
Operating revenue figures must be calculated on a consistent basis. Please disclose in your application any change in revenue recognition between the year 1 and year 4 accounts.
NB: the accounts for the base-year must have an accounting period ending between 1 June 2015 and 31 May 2016; and the accounts for the most recent financial year must have an accounting period ending between 1 June 2018 and 31 May 2019.
5. All submissions must be accompanied by signed accounts for the first and last financial year being measured in the competition.
Where accounts are not audited, a cover letter must be provided. This cover letter should be on company headed paper, signed by a director of the company, stating and confirming the revenue figure per the accounts. Where only abbreviated accounts are available (with no profit and loss statement shown), please provide alternative financial information supporting the revenue figure presented, for example, management accounts used by the company, along with the cover letter described above.
The Deloitte Technology Fast 50 Cyber Security Award
This award is open to companies that have been in business for a minimum of three years, focused on developing cyber security solutions and that devote a significant portion of income to R&D. The award is an acknowledgement of the innovative and cutting edge solutions that are being developed by Irish companies.
Fintech award in association with Silicon Valley Bank
Deloitte and Silicon Valley Bank are partnering in the fintech award category. To apply for this award entrants must be in business for a minimum of three years.
Deloitte 2019 MNC Patron award categories
1. Innovative New Technology Award in association with Google
This award is for the company that has created or introduced a new or innovative product or service to international markets that has helped grow their business over the last four years.
2. Export Award in association with Intel
This award rewards export based companies based on the percentage of exports, their export growth and their approach to exports.
3. Impact Award in association with PayPal
This award is for the company that has made the most significant impact within the current year. Companies will be given an opportunity to demonstrate how they have made an impact through their application.
4. Women in Technology Advocate Award in association with Vodafone
This award will be given to someone who has demonstrated through their actions that they are an advocate for increasing participation by and promotion of women in the technology sector.
5. Disruptive Technology Award in association with Facebook
This award is for the company that has disrupted the market, leading to growth in their business over the last four years.
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