Australian technology companies have performed well again in the Deloitte Asia 2015 TechFast 500 with FinTech software company, Prospa, and IT solutions integrator, Cirrus Networks, both making the top five.
Deloitte Australia Tech Fast 50 lead partner, Joshua Tanchel, described the rankings as ‘superb’ and said Australian companies were “punching above their weight.”
“This is the first time two Australian companies have reached the top five in the 14 year history of the Asia Technology Fast 500. Their rise parallels the global market demand for simpler, faster, quality, cost effective services across all industry sectors,” he added.
In total, 80 Australian companies made the list.
“The top 500 TMT companies in Asia in 2015 averaged revenue growth of 415 per cent up from last year’s 405 per cent average. Deloitte said nearly half of the companies this year had final year revenues under US$10m, down from 2014. The biggest increase both in Asia and Australia were those companies with revenues between US$10m and $50m, 164 companies in Asia this year compared with 108 in 2014.
Deloitte Australia technology, media and telecommunications leader, Stuart Johnston, said the firm’s research showed where there was customer friction and significant profit pools, disruption would happen.
“Prospa’s rise is a good example of an offering that meets a market need for safe, easy and fast finance in the small and medium size business area. Prospa has grown almost 7000 per cent over the last three years,” he added.
“And Cirrus Networks which is fourth placed in Asia grew 5571 per cent. Cirrus also meets a business need, this time in the real estate sector, by offering a flexible approach to designing, building, and managing IT infrastructure that is tailored to help a business achieve its objectives in a cost effective way.”
Prospa joint chief executive, Beau Bertoli, said small businesses make an important contribution to the Australian economy, accounting for approximately 70 per cent of the workforce and about half the value of the economy.
“However, they face a unique set of operational challenges, and have traditionally had challenges accessing funding. Through our proprietary lending platform, FinTech provides a fast online loan service that focuses on the health of the business to determine its creditworthiness, not the personal credit score of the owner,” he added.
The top ten companies in this year's index were:
- South Korean software company, Devsisters Corp.
- Chinese Hardware vendor, Wuhan hi-target Digital Cloud Technology Co Ltd.
- Australian software company, Prospa.
- Australian hardware company, Cirrus Networks.
- Chinese media company, Changzhou Yihutong Logistics Technology.
- Chinese communications, firmChongqing Yijifu Technology.
- Chinese software company, Shenzhen iDreamSky Technology.
- Chinese communications company, Beijing YixinYixing automotive technical development services Co Ltd.
- Indian hardware company, F1 Info Solutions & Services Pvt Ltd.
- Chinese life sciences company, CapitalBio Technology Inc.