In a highly competitive sector, where annual growth rates can hit stratospheric heights, 102 Australian technology companies have been named in the 2020 Deloitte Asia Pacific Technology Fast 500.
While Chinese companies dominate the top 10 – and smart service provider Terminus was number one – seven Australian operations are in the top 50, and Australian rankings hit a record high for the second year in a row.
This index is an annual ranking of the fastest growing Asia Pacific companies in the hardware, software, communications, media, life sciences and clean technology industries.
Awardees are selected for the Technology Fast 500 ranking based on their percentage of fiscal year revenue growth over three years.
Top 10 companies in the 2020 Asia Pacific Technology Fast 500
|1||China||Terminus Technologies Group||17915%||Software|
|3||China||Shenzhen Dogcare Innovation And Technology Co., Ltd||8003%||Hardware|
|5||India||RUPEEK FINTECH PRIVATE LIMITED||7295%||Software|
|7||China||Newlink (Beijing) Technology Co., Ltd||5777%||Software|
|8||Korea||ABL BIO INC.||5485%||Life sciences|
|9||China||Beijing Milian Technology Co., Ltd||5428%||Media|
|10||China||Shenzhen Zhuiyi Technology Co., Ltd.||4665%||Software|
Australian companies in the top 50
|34||Phoenix Technology and Advisory Services||1676%||Software|
|36||My Plan Manager||1621%||Lifesciences|
Deloitte Australia Technology Fast 50 leader, Josh Tanchel, said: “In Australia, and across the Asia Pacific, and regardless of the sectors in which they operate, the COVID pandemic has really challenged business operators on so many levels.”
Those that have made the Asia Pacific Technology Fast 500 have managed to maintain extraordinary growth momentum. The businesses that made the Australian and Asia Pacific indices should be proud of their achievement.
The success of China-based businesses should not come as a particular surprise, but the growth achieved by those in the top 10 is quite extraordinary. While down on 2019, average growth rates across the top 10 were 7,621%, and 551% across the top 500.
Australian companies really held their own, breaking their record of 98 placings in 2019, with recognition achieved by 102 in 2020. For a country of just 25 million to comprise more than 20% of the index is something those 102 should be proud of.
Australian Technology Fast 50 program, with 2021 being its 21st year, ranks the 50 fastest growing local technology companies with a minimum cumulative revenue of $8 million over a three-year period.
In what was anything but a normal year, COVID added another layer of disruption, reinforced the importance of resilience, resourcefulness and creativity, and emphasised that successfully harnessing technology is more crritical than ever.