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The Fastest-Growing Technology Companies in the Region Include only one Slovak Company

25 October 2012, Bratislava –Deloitte has announced the 13th annual ranking of Central Europe’s fifty fastest-growing technology companies. The ranking is prepared based on their revenue growth over a five-year period. After several years being in the ranking, Slovakia has recorded a great fall, with only one Slovak company, Sygic, making this year’s ranking.

“More than half of the technology companies in the ranking (27 companies) specialise in software development and one third (17 companies) in internet services. As for other sectors, three companies are in Telecommunications/Networking and only one company from Media/Entertainment was represented in the ranking.”

— Ivan Lužica,
Consulting Partner at Deloitte

On average, Fast 50 ranked companies grew at a rate of 1,026% in 2012, a slight decrease on the 1,068% average growth rate from last year’s competition. This year’s ranking consists of companies from eight countries, whereas twenty three (23) companies made the ranking for the first time in 2012. 

“More than half of the technology companies in the ranking (27 companies) specialise in software development and one third (17 companies) in internet services. As for other sectors, three companies are in Telecommunications/Networking and only one company from Media/Entertainment was represented in the ranking,” comments Ivan Lužica, Consulting Partner at Deloitte.

Romanian Internet airline ticket retailer has placed first in Deloitte’s 2012 Central Europe Technology Fast 50 for the second year in a row with a revenue growth rate of 17323% over the past five years.

Other fast-growing companies include internet sports company LiveSport s.r.o. from the Czech Republic, growing at a rate of 2,441% over the last five years – the second-fastest growing company this year and also the second year in a row they have been second-fastest, after first appearing as a Rising Star in 2009. A similar story is to be seen at Polish software firm i3D S.A., who jumped from the Rising Stars list in 2011 to the third spot on the 2012 Fast 50 with a five-year growth rate of 2254%.

This year’s Rising Stars are topped by Polish software company Netwise S.A. with a three-year revenue growth rate of 643%. In the Big 5 category, Internet Shop s.r.o., the Czech Internet perfume retailer and 2011’s third-fastest growing company, was the fastest-growing company with 2011 revenues of over €25 million, and managed to remain in the Fast 50 main category in the seventh position.

Of the Slovak companies, first place belongs to Sygic, a.s. – the only software company placed in this year’s ranking – with an average growth rate of 526%, thus maintaining its position from last year’s ranking.

“We are pleased to be the fastest-growing IT company in Slovakia. It is much easier to place in the ranking for the first time than it is to maintain one’s position in the ranking, because one can grow faster from 0 than one can if some revenues have already been reported. The main driver of this growth is especially people and the right strategy from previous years, when we realised that we must be close to users and focus more on mobile phones and their core platforms. It was very helpful for us that from the beginning, our product was designed for various platforms, which allowed us to deliver the product to different markets and segments faster than our competitors. Our leadership in the field of navigation for iPhone or Android, which would have never been possible without our top developers, had a significant impact on our growth.”

“In the next year, eight out of ten CEOs of technology companies seek to achieve success in their business through organic growth. The major driver of growth is high-quality and skilled employees. Two thirds of CEOs see growth potential in cloud computing and half of them in focusing on business software. Less than one third of CEOs are aiming at social networks,” added Ivan Lužica.

“The companies on this year’s ranking all exhibit the qualities that the Fast 50 has come to embody: embracing change and flexibility; delivering innovative solutions and products; and leading the way in Central European innovation.,” comments Marek Metrycki, Technology Fast 50 programme leader for Deloitte Central Europe.

About the ranking

The Central Europe Technology Fast 50 ranks the fastest-growing technology companies based on their revenue growth over a five-year period. For the 2012 ranking, revenues from 2007 to 2011 were analysed.

Main Category

In order for a company to be considered eligible for the main Fast 50 ranking, it must meet a number of criteria:

  • Annual revenues of at least EUR 50,000 in each year between 2007 and 2011;
  • Have its headquarters in a Central European country (Albania, Bulgaria, Bosnia & Herzegovina, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, and Slovenia);
  • Develop or manufacture propriety technologies or spend a significant amount of capital on research & development;
  • Have an ownership structure that excludes majority-owned subsidiaries of strategic entities.

Winners are then selected based on ranking eligible registrants by revenue growth over a five-year period from 2007 to 2011.

Rising Stars Category

In the 'Rising Stars' category, Deloitte ranks 'young' companies that show great potential but are too new to meet the minimum of five years in operation criteria for the main category. Eligible companies must be in operation between three and five years and have to exceed revenues of EUR 30,000 in each of the last three years (2009 - 2011). Otherwise the same criteria apply as for the main Fast 50 ranking.

Big 5 Category

The 'Big 5' category ranks large fast-growing companies that have achieved extraordinary growth in the previous five years. To be eligible, companies must meet the same criteria as the main Fast 50 ranking with the exception of annual revenue in the final measured year (2011), which must exceed EUR 25 million for this category.

More information about eligibility criteria is available at


About Deloitte

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© 2012 Deloitte Slovakia


Henrieta Kiššová
Deloitte Slovakia
Job Title:
Clients & Markets Leader
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