Press releases

Ten days to go to enter this year’s Deloitte UK Technology Fast 50 awards  

30 August 2017

  • Just ten days left to enter this year’s Deloitte UK Technology Fast 50 Awards, which recognise and rank the 50 fastest growing technology companies in the UK;
  • Last year’s Fast 50 winners had an average four-year revenue growth rate of 1,240% in the year 2015/16;
  • Talent and recruitment remains a key battleground for tech start-ups hoping to scale-up.

The fastest-growing technology companies in the UK have just ten days left before nominations close for this year’s Deloitte UK Technology Fast 50 awards. Since 1998 the awards have ranked and recognised the 50 fastest growing technology companies in the UK. Supporting Deloitte’s initiative for the UK’s fastest growing companies are the award sponsors Oracle NetSuite, Silicon Valley Bank, and new sponsors, DLA Piper.

Companies have until Friday 8th September to enter the 2017 competition, which is based on the last four years of revenue growth. The awards showcase the UK’s dynamic technology ecosystem and some of the country’s most exciting high-tech companies.

In 2016, Deloitte’s 50 fastest growing technology companies in the UK generated £884 million in total annual revenues, employed more than 7,100 people and recorded an average four-year growth rate of 1,240% in the 2015/16 financial year.

UK tech start-ups hoping to scale-up through hiring spree
Deloitte analysed information submitted by the 122 entrants for last year’s Deloitte UK Technology Fast 50 awards and surveyed 74 CEOs from the 2016 fastest-growing technology companies.

One in four CEOs (26%) of the UK’s fastest growing technology companies said they planned to raise finance for attracting new talent in 2017.

David Cobb, lead partner for the Deloitte UK Technology Fast 50, said: “Attracting the right people can be a challenge for any business, but it is all the more difficult for those that are scaling up quickly.

“Highly aspirational business leaders fear that they will not be able to scale in line with their ambitions. It is about getting the right people in the right positions, and, unless these businesses recruit large volumes of skilled workers quickly, they may become victims of their own success.”

The issue of recruitment was a recurring theme amongst CEOs, with 45% of respondents citing employee talent as one of the three most important factors for their fast growth. Significantly, more than half (55%) of respondents stated that attracting and recruiting people with appropriate skills and experience was the single biggest people challenge their company currently faces.

One in four CEOs (26%) believe that a lack of new workers with relevant skills will be the biggest threat to growth in the UK technology sector over the next five years, more so than the economic climate (19%) and excessive government regulation (12%).

For full details and the entry form please visit: www.fast50.co.uk.

End

Notes to editors

About the Deloitte UK Technology Fast 50
The Deloitte UK Technology Fast 50 is one of the UK’s foremost technology award programmes. Now in its twentieth year, it is a ranking of the country’s 50 fastest-growing technology companies, based on revenue growth over the last four years. The UK Fast 50 awards are all about growth driven by leading intellectual property and are a celebration of innovation and entrepreneurship. The UK Technology Fast 50 is part of an international programme run by Deloitte and qualifying entrants of the UK Fast 50 will be put forward to the Deloitte Technology Fast 500 EMEA (Europe, Middle East and Africa) programme. Previous winners have come from across the UK, are both large and small, and included some of the most dynamic players in all areas of technology, from internet specialists to biotech, digital media technology to life sciences, computers to semiconductors and software to telecommunications.
For more information visit www.fast50.co.uk

The 2016 winners of the Deloitte UK Technology Fast 50 can be viewed here.

Deloitte UK Technology Fast 50 eligibility criteria

  1. The company must have been in business for a minimum of four years;
  2. The company must be considered a technology company which, for the purposes of the awards, is defined as one that:
    1. owns proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues;
    2. manufactures a technology related product;
    3. devotes a significant proportion of operating revenues to research and development of technology;
    4. is technology intensive, or uses its own unique technology to solve problems.

      NB: Using third party technology or intellectual property in a unique way does 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.
  3. The parent company must be UK-owned and have its headquarters in the UK;
    1. NB: Companies headquartered in Northern Ireland can take part in the UK OR Irish programme, but need to choose one or the other and cannot enter both.
  4. Operating revenues must be at least £42,000 (€50,000) for the first financial year of the four year period and £817,000 (€1,000,000) for the most recent financial year;
    1. NB: The accounts for the most recent financial year must have an accounting period ending between 1 June 2016 and 31 May 2017.
  5. All submissions must be accompanied by signed accounts for the first and last financial year being measured in the competition. Unless a statutory exemption is being taken, these accounts must be unabbreviated and audited.

If you have any further questions regarding whether your company qualifies, please contact fast50@deloitte.co.uk

About Oracle NetSuite
Oracle NetSuite’s cloud business software suite is the top choice of technology companies who understand that the key to unlocking and managing growth is a back office system that can address today’s challenges while providing the critical foundation for future expansion.

Today over 40,000 companies trust NetSuite to run their mission critical business processes from accounting, procurement and HR through to marketing and sales. NetSuite’s track record as the business system of choice for high-growth tech companies is unmatched. NetSuite isn’t just for start-ups, companies of all sizes benefit from its comprehensive, global financial and accounting core that makes international expansion straightforward; improved visibility across the business; and increased efficiency from eliminating manual processes and disparate systems.

To find out more, please visit www.netsuite.co.uk

About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative businesses, enterprises and their investors move bold ideas forward, fast. SVB provides a range of targeted financial services and expertise through its office in the UK. With commercial and international banking services, SVB helps address the unique needs of innovators. The UK's leading technology and life science businesses, in all stages of development, look to SVB’s niche expertise, experience and unparalleled network, as they grow at home and tackle new markets abroad. Learn more at svb.com/uk.

About DLA Piper
DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to help companies with their legal needs anywhere in the world.

We strive to be the leading global business law firm by delivering quality and value to our clients.

We achieve this through practical and innovative legal solutions that help our clients succeed. We deliver consistent services across our platform of practices and sectors in all matters we undertake.

Web: DLAPiper.com
Twitter: @DLA_Piper
LinkedIn: DLA Piper

About Deloitte    
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) 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 deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk. For more information, please visit www.deloitte.co.uk.

Member of Deloitte Touche Tohmatsu Limited.

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