Avecto comes second in Deloitte Fast 50
STOCKPORT software business Avecto has been named the second fastest growing technology company in the UK in Deloitte’s Technology Fast 50 list.
The UK Fast 50, which is dominated by businesses based in London and the South East, is based on revenue growth over the last five years, covering businesses in all areas of technology, from internet specialists to biotech and digital media technology.
Avecto had revenue growth of 4,731%, coming second overall and making it the first Northern firm to finish in the top five since 2007.
The business, set up in 2008, specialises in software designed to improve IT security and is owned equally by Paul Kenyon, Tony Bolland and Mark Austin. As a small company it only has to file abbreviated accounts so its turnover is not available. At the end of June it had net assets of £1.1m.
The only other North West firm on the list is 25th-placed Chester-based Textlocal which specialises in business mobile messaging services. Of the 50 companies 32 are based in London and the South East, four in Scotland, four in the Midlands, and four in Yorkshire. The top spot was taken by London-based Infectious Media which delivers real-time advertising campaigns.
Jodi Birkett, technology, media and telecoms partner at Deloitte in the North West, said: “Avecto has shown entrepreneurial drive and strategic thinking to grow both quickly and sustainably. It’s one of the leading lights in the North West technology sector and this ranking clearly shows it can compete with the best, both nationally and internationally.
“Behind London, the North West is the UK’s most important tech hub. We have the infrastructure, skills and history to support TMT businesses that want to make an impact on a global scale. Avecto is the perfect example of a North West tech firm making its mark through clever ideas and effective execution. The future looks very bright for the company.”
Textlocal’s marketing and communications director Rob Townsend said: “Textlocal is committed to continued growth within the technology arena and are passionate about supporting our customers to communicate more effectively with their target audiences. We are proud of our achievements and our growing team that help to make these proud moments possible.”
“We are delighted to have been announced as number 25 in The Deloitte UK Technology Fast 50; this is a testament to our hard work and dedication and only serves to drive us further in our quest for continued evolution and excellence in our product offering and customer service.”
The 50 fastest growing UK tech companies generated over £672m in total annual revenues, provide jobs for over 5,000 people and recorded an average five-year growth rate of 1,382% in 2012-13.