E-commerce software company xSellco has secured the top spot in Ireland’s best known technology growth index – the Deloitte Technology Fast 50 ranking. The company, which achieved second spot in last year’s ranking, placed one better in 2018 with a growth rate of 2874% over the last four years. xSellco provides innovative products that allow e?commerce businesses of all sizes to fulfil their potential.
The awards, now in their 19th year, rank Ireland’s fastest growing technology companies and recognise indigenous technology companies that have demonstrated exceptional growth in turnover in the last four years.
eShopWorld, having topped the ranking for the previous three years, continued its impressive run by achieving second position in the 2018 ranking. The company is a leader in global e-commerce and logistics management, with a world-class modular solution that gives online retailers control over the end-to-end customer journey—from global checkout to returns. mAdme Technologies, which revolutionises mobile advertising and engagement by seamlessly connecting mobile operators and brands to customers, achieved third place.
Cumulatively, the 2018 Fast 50 winners generated approximately €2.5 billion in total annual revenues in 2017. The average revenue of companies featured in the ranking was approximately €50 million, while the average growth rate of the companies over the last four years was 373%. Compared with last year, there are 17 new companies on the ranking. 12 of these are first-time entrants, while five companies have re-entered the list, having featured in previous years.
All four provinces are featured in this year’s awards. 27 of the winners are Leinster-based, 14 are based in Ulster, followed by Munster with 8 companies, and Connacht with 1 company. Overall, 12 counties are represented in the 2018 listing.
Announcing the winners of the Deloitte Technology Fast 50 programme, David Shanahan, Partner, Deloitte, said: “Congratulations to our 2018 Deloitte Technology Fast 50 companies. Through these awards, we recognise Irish technology companies that are at the cutting edge, using technology for progress, to address the challenges that we all face and to create opportunities, both for themselves and for those that use their products.
“We know that these companies are operating in an uncertain international marketplace. And yet they are prospering against this backdrop—in fact, it was particularly evident this year that the vast majority of revenues for the ranking companies are coming from export markets. This demonstrates the impact Irish indigenous tech companies are having in global markets.”
As the prevalence and sophistication of cyber threats increases, 2018 also saw the introduction of a cybersecurity award. Open to companies that are 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. The inaugural winner of this award was SensiPass. SensiPass provides strong multifactor authentication solutions and serves companies in markets driven by regulatory drivers to improve security and compliance, such as financial institutions, healthcare, and critical infrastructure.
For the second year running, Deloitte and Silicon Valley Bank partnered in the fintech award category. This category reflects the importance of financial services to Ireland’s future economic growth and how companies within the fintech sector are influencing this space with their technology and innovation. The winner of the award this year was Fenergo, the leading supplier of client lifecycle management, AML/KYC compliance, and client data management solutions for investment, corporate, commercial and private banks. As the winner of this category, Fenergo will be brought to Silicon Valley, USA, on a trip tailored to suit their growth trajectory where they will meet with key investors, strategic partners and prospects.
Clive Lennox, Director of Irish Business Development at SVB Financial Group, said: “Silicon Valley Bank works with fintech businesses from Stripe to WorldRemit and we’re honoured to support the fintech award for the second consecutive year. I’d like to extend our congratulations to Fenergo, an impressive Dublin-based business. We look forward to welcoming the Fenergo team to Silicon Valley next year for the winner’s trip.”
Details of the final Technology Fast 50 ranking are available to download at www.fast50.ie.