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Deloitte announced the fastest growing technology companies in Central Europe

Deloitte, an international audit and business advisory company, announced the results of the project “Technology Fast 50”. The ranking consists of 50 the fastest growing Central European companies.

·         This year three Lithuanian companies have been ranked among 50 the fastest growing companies in Central Europe: UAB „Ruptela“, UAB „Data House“ ir UAB „nSoft“;
·         The average growth rate of CE’s Fast 50 technology companies rises to 698% from 671% in 2013;
·         Ten countries contribute companies to this year’s Fast 50 ranking: Poland (17), Hungary (10), Romania (6), Croatia (4), the Czech Republic, Lithuania and Slovakia (3 each), Serbia (2) and Bulgaria and Estonia (1 each);
·         26 companies enter the ranking for the first time, 10 move up and 14 move downwards;
·         Software companies (26 entries) again lead the ranking, followed by internet (12) and telecoms/networking (6) businesses.
The pace of change among Central Europe’s fastest-growing technology companies has been enormously rapid over the last year. This is clearly demonstrated in the 2014 edition of Deloitte’s CE Technology Fast 50 report, in which four of the top five companies showing the strongest revenue growth rate over the last five years (2009 – 2013) are new entries to the ranking.
Hungarian online real estate business Szallas.hu leads the way with a five-year revenue growth rate of 2259%. Next place goes to Polish financial comparison website Comperia.pl (1962%), which rises from fourth place in the 2013 report. The next three places are also occupied by new entrants: Serbia’s High Tech Engineering Center (1777%); Romanian software developer ITNT (1433%); and Polish web development agency Netguru (1386%).

Lithuania

Three companies from Lithuania made the list this year. The highest achiever among them was telecommunication company Ruptela which landed in the 7th position (5th position last year). By using the most innovative technologies the company provides innovative transport monitoring and management services. It grew by 1211% this year.
The other two Lithuanian companies made the Fast 50 list for the first time. The 14th position went to information technology company Data House which grew by 861%. Information technology solutions company nSoft landed in the 45th position and grew by 337%.
The managing director of Ruptela UAB Andrius Rupšys is certain that the foundation of the company’s success is its employees. “Our goal was to create comfortable working conditions and a friendly working environment which would encourage mutual cooperation and a sense of responsibility. Accordingly, the success formula of our company consists of attention to colleagues, continuous cooperation and the pursuit of mutual goals” says Mr Rupšys.
“As we had hoped when analysing results of the previous years, according to the number of companies per person Lithuania can continue to be called one of the leading countries,” says Assistant Director of the Business Advisory department at Deloitte Marius Stalenis. “Such positive results have been possible for the last couple of years due to several reasons: first of all, pro-active members of the young generation who eagerly realize innovative ideas. Secondly, ideas related to new technologies attract a fair amount of attention from risk capital or private investors who encourage and motivate to take up initiatives,” stresses Mr Stalenis.
 
He is pleased to see that a Lithuanian company has been occupying high positions in the lists of fastest growing companies two years in a row. The retention of such rapid growth rate will allow the companies not to only establish themselves but also to expand activities both by improvement of products and expansion in geographical markets.”

Special categories

The special Rising Stars awards go to companies that are too young to feature in the main Fast 50 report, but whose spectacular revenue growth rate over the last three years means they are almost certain soon to be included. This year’s overall winner is Hungary’s mobile application software company Distinction, with a 2746% three-year revenue growth rate. Another Hungarian software company – ShiwaForce (1126%) – is second, and Poland’s eLib.pl publishing software business comes third (1002%).
The Big Five category marks those fast-growing companies that are too large to compete on equal terms in revenue-growth terms with smaller Fast 50 businesses. It is headed for the second successive year by Polish computer company goclever.com (777%), which is also 17th in the main ranking. Czech internet retailer parfums.cz (462% and 26th overall) comes second, while Romanian software company Teamnet.ro (424% and 34th in the Fast 50) is third.
However, none of the Lithuanian companies made the list of “Rising Stars” and “Big 5” categories this year.

Challenges

According to Adam Chróścielewski, Technology Fast 50 programme leader for Deloitte Central Europe, “The report also features a fascinating survey among the CEOs of the Fast 50 companies. This reveals that innovation (20%) is the greatest management challenge they face. This is understandable: while the relentless pursuit of innovation is the key mechanism that drives growth and ensures success for technology firms, it is also very hard to manage. It cannot be ordered from the top down. It is also ephemeral, demands real creative talent and is burdened with the high risk of failure. For many of these companies that have successfully harnessed innovation to drive such success, sustaining that innovation for the longer term is now the greatest challenge they face.”

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