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Deloitte announces 10th annual Technology Fast 50 rankings

Deloitte Central Europe announces the 10th annual Central European ranking of the fifty fastest growing technology companies.

Polish technology companies sustain dominance of the Fast 50 ranking as Netmedia, an Internet portal operator, took the first position with a growth of 7,210%. This year’s ranking consists of companies from ten countries: the Czech Republic, Hungary, Poland, Slovakia, Romania, Bulgaria, Croatia, Serbia, Lithuania and Estonia which is the most diverse in its history of the ranking. The Central European Technology Fast 50 ranking the fastest growing technology companies based on their revenue growth during a five year period.

This year one company from Lithuania has also made it into the rankings. Mobiliųjų telefonų techninis centras UAB has captured 42nd place with growth of 356%. On average, Fast 50 companies grew at the rate of 933%.

Dariusz Nachyla, the Managing Partner for the Technology, Media and Telecommunications Industry Group in Central Europe pointed out that “while the growth of the Fast 50 companies on average is down from 1271% in the previous year, the growth of 933% represent a remarkable achievement in the current business climate”.

In order for a company to be considered for the ranking it must meet a number of criteria, such as yearly revenues of at least EUR 50 thousand in each of the last five years (2004–2008), have headquarters in a Central European country, develop or manufacture proprietary technologies or spend a significant amount of capital on research & development, and have an ownership structure that excludes majority owned subsidiaries of strategic entities. To find out more about the criteria, please visit Winners are then selected based on percent of revenue growth over the five-year period from 2004 to 2008.

“The CEO Survey which is part of the ranking illustrates that companies and CEOs themselves are facing different challenges that they had in the previous years. Focus has shifted to achieving and sustaining profitability, managing risk and volatility and raising capital.” states Nachyla. Nachyla also states that “confidence in growth in the next 12 months is positive as 76% of respondents expressed as being very confident and extremely confident.”

‘Rising Stars’ category

In the category “Rising Stars”, we nominate ‘young’ companies that show great potential but are too new to meet the five-year in operations criteria. These companies have to be in operation between three to five years and have to exceed yearly revenues of EUR 30 thousand in each of the last three years. Other than that, the same criteria apply as in the Technology Fast 50 category.

In this category, Multicom, a Croatian business software company, took the first position with the growth of 1,805%. “All ten companies that have placed on the ‘Rising Stars’ ranking belong to the software and internet business sector indicating the dominance of these sectors in the future Fast 50 rankings “, said Nachyla.

‘Big 5’ category

The ‘Big 5’ category of the Technology Fast 50 programme awards large fast growing companies that have achieved extraordinary growth in the past five years (2004 - 2008). To be eligible, company must meet stricter criteria of annual revenue in the final measure year (2008). In this year, companies need to achieve minimum revenue of EUR 25 million.

The winner of the ‘Big 5’ category was another Polish company, Agito, with a growth of 1,744%. “Achieving such high growth in this category is remarkable and goes to show that the technology sector has great potential in Central Europe”, said Nachyla.

More information:
Marius Marcenkovas
Head of Marketing in Deloitte Lithuania
Tel: +370 5 255 3070

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