Southampton: Switch Concepts tops Deloitte UK Technology Fast 50
Switch Concepts, based in Southampton, has won the 2014 Deloitte UK Technology Fast 50 with 10.5% growth.
According to Deloitte, the 50 fastest-growing UK technology companies generated over £963 million in total annual revenues in the year 2013/14, employing more than 8,500 people, and recorded an average five-year growth rate of 1,695%.
Founded in 2008 by Tom Barnett, Joanne Spector and Julian Spector, the winner Switch Concepts is among the small group of specialists that have pioneered decision-engine technology for real-time bidding (RTB) worldwide.
In less than four years, the advent of real-time bidding (RTB) has transformed the world of online advertising. Where big brand names and other advertisers once purchased Internet banner space in bulk, RTB allows them to connect their brands with more relevant audiences by bidding instantly for a single ad.
Just four other companies in the South East and outside of London made it into the top 50. Software company Brandwatch and electronics firm Silica came in at 20 and 21 respectively. Fairsail, also in software, came in at 39, and telecommunications company Peach Technologies is at 46.
Deloitte has analysed information submitted by the 159 Deloitte UK Technology Fast 50 entrants and surveyed 68 CEOs from these companies. They said one of the most important factors that contributed to their companies' growth in the past 12 months, was a sound business strategy (60%). Other popular choices included employee talent (41%), a culture of innovation (41%), and strong leadership (26%).
David Halstead, partner leading the Deloitte UK Technology Fast 50, said: “Finding the right people is a challenge made more difficult by the scale and pace of recruitment. For these companies, doubling the number of employees in a year is not unusual. These companies spend significant amounts of time and effort recruiting and retaining the people needed to generate growth in the company.
“An additional challenge is the need for diverse skills, to fill specialist, technical and traditional commercial roles, but also people who can translate the world of technology for business.”
The most common sources of funding for Fast 50 companies in the past five years was cash generated by the business (76%) and bank debts (31%).
Nearly a quarter (24%) of the Deloitte UK Technology Fast 50 entrants received investment from venture capital or private equity firms over the past five years and there is evidence that companies are increasingly looking to this source of funding.
