Channel firms dominate Deloitte Fast 50

Phenomenal growth recorded for several channel players and channel-centric vendors in annual fastest-growing tech firm list

Several channel firms and channel-centric vendors have been highlighted as some of the fastest-growing technology firms in the UK, appearing in the 2012 Deloitte Fast 50.

The list is an independent ranking of the UK’s fastest-growing tech companies and according to Deloitte, the average growth rate of the top Fast 50 companies was 1,505 per cent, with 64 per cent of them based in London and the South East.

The combined revenue generated by the Fast 50 winners is £1.5bn, the highest it has been for the past five years, and 38 per cent higher than last year.

This year the highest-ranking channel-related firm was Morse spin-off Monitise, which came in at number three, with 2,875 per cent growth.

Alastair Lukies, chief executive of Monitise, said: “We are delighted to be recognised as the UK’s third-fastest-growing technology company and to be ranked in the list for the second year running. We have had tremendous support from our partners and the government to help us grow on a global scale and sustain our revenue growth over the past five years.”

Second highest was channel support services firm XOR Professional Services, which ranked number 17, seeing 1,196 per cent growth.

Premkumar Subramanian, managing director of XOR, said: “There is a big need for someone to do independent services in the channel that can provide the support channel partners need to grow. Our services have been in very big demand and that is what has underpinned our growth. We intend to continue this aggressive growth over the next three years.

“We work passionately every single day to help our partners succeed, which has in turn helped with our own success.”

Coming in at number 20 was email security specialist Mimecast with 1,030 per cent growth. The firm is on an aggressive growth path, recently securing $62.15m (£39m) in Series C funding.

Nessa Lynchechaun, UK channel director at Mimecast, said the firm is busy investing in its channel sales team and focusing on both partner and customer satisfaction.

“The growth is all down to the work we have been doing with our channel partners and the hard work of everyone at Mimecast. Over the past year we have been investing in channel enablement and recruiting the right partners, as well as offering more value to end users with a more business solution-oriented approach,” she added.

IT services firm Innovise grabbed the number 29 spot, with chief executive Mike Taylor praising the firm’s investment strategy for its continuing success.

“Once again, we are delighted with this recognition,” he said. “For the third year running, we have demonstrated that having a clear strategy to invest in our talent and in our technology has been a contributing factor in helping to ensure continued and sustained growth in our chosen niche markets.

“Against the backdrop of challenging economic conditions, the results support our decision to continue investing in the business.”

Midlands-based Mercato Solutions (a sister company of VAR Probrand) came in at number 44, registering 527 per cent growth.

Andy Lawton-Smith, solutions director at Mercato, said: “We connect and transform the whole enterprise using line of business applications, helping organisations buy, sell and deliver services better. This, in turn, delivers on the bottom line.

“In the context of a challenging economy, strong growth over a five year period is a good indicator of an innovative, sustainable business with a solid financial footing. This award confirms that credential.”

“With a growing IT skills shortage, we are recruiting and up-skilling a local workforce to meet demand within strong domestic and export markets. We have great expectations for the year ahead.”

Two previous winners of CRN’ s annual Emerging Company Award also made the list: Peach Telecom, which came in at number 13 with impressive 1,347 per cent growth, and Block Solutions, which made 35 on the list, registering 627 per cent growth.

Top of the rankings was Ascot-based e-paper display specialist ZBD, which saw impressive growth of 17,910 per cent. The firm has 150 clients in 24 countries, with Europe being its largest market.

David Halstead, Deloitte partner leading the Technology Fast 50, said: “This year’s winning company has invested in overseas markets and R&D to ensure its success. ZBD highlights the importance of finding a niche product or service to beat the recession.

“The Fast 50 awards are an opportunity for businesses to gain recognition for their successes and achievements. This year’s ranking highlights the importance of being innovative and finding a niche product or service to beat the recession.”