IT dominates dollar-growth index
- 01 November, 2006 22:00
IT and technology companies make up about a third of those listed in this year’s Deloitte/Unlimited Fast 50 Index, which measures revenue growth.
The result marks a continuing trend of healthy representation, which last year saw the IT sector make up 38 percent of the list, and 28 percent the year before.
IT integrator Cohesive was number two, behind home-heating company HRV. Trade Me came in fourth.
Cohesive was the national Fastest Technology Company winner with revenue growth of 729 percent.
Business development manager Lee Edwards says his company, formed in 1994, has grown exponentially in the last three years.
“We want to be in the top ten again next year. There’s a lot of growth potential to come and it’s quite exciting times for Cohesive.” He says the company will continue to focus on the retail market.
The survey is carried out in 31 nations, and Deloitte partner Brett Chambers says in most countries it only deals with the technology sector.
He says New Zealand has emerged as a “real player” in IT in the six years there has been a local Fast 50.
“We expect IT companies to feature fairly strongly in the index, because they have the ability to leverage their IP fairly quickly. They’ve featured every year except possibly 2002, coming off the dot com burst.”
Mobile and SMS services provider Datasquirt was fifth, followed by distributor Chillisoft which came in 12th.
Chillisoft is eight years old but this is the first time it has been placed on the list. Director Geoff Cossey says it was inspiring to see other successful companies at the awards ceremony held last month.
“We’ve had quite a few emails from people saying congratulations, and just as many from people trying to sell things to us,” he says.
He attributes Chillisoft’s growth to wise product selection and more focused business in recent years.
Other tech firms to feature were wireless network specialists 4RF Communications (14), Observatory Crest (30) and Mako Networks (33).
The revenue of the businesses is measured over two years. For this year's Fast 50 the minimum turnover had to be $250,000 in the first year.