28 Oct 2019 | 11.56 am
Electricity Exchange Tops Deloitte Fast 50
50 Irish tech companies with €1m plus turnover
28 Oct 2019 | 11.56 am
Electricity Exchange in Limerick has topped the 2019 Deloitte Technology Fast 50 ranking on the basis of its revenue growth over a four-year period.
The ranking criteria are that companies must be an independent tech company, not a subsidiary, have had base-year (year 1) operating revenue of €50,000 or more, and a current year (year 4) operating revenue of at least €1,000,000.
Electricity Exchange provides demand response technologies and services designed to deliver additional revenue for commercial and industrial electricity consumers. Deloitte said Electricity Exchange achieved a growth rate of 1442% over the last four years.
Bord na Mona is an investor in Electricity Exchange and is represented on the board. In the year to March 2018, EE’s turnover grew from €1.7m to €5.1m, and pre-tax profit was €1.8m compared with a loss of €250,000 the previous year. The company had €1.4m cash at year-end and net worth of €1.1m.
Electricity Exchange co-founders Paddy Finn and Duncan O’Toole received dividends of €236,000 each for the 2017/18 outcome. The company’s auditor is KPMG.
The Fast 50 ranking, which has been going for 20 years, lists Catagen in Belfast in the no.2 spot, on the basis of 4-year turnover growth of 1162%. The company is an after-treatment automotive emissions specialist.
Code Institute is ranked no.3. It provides diplomas to produce career-ready software developers and to train people to work efficiently with developers. It achieved a growth rate of 1084%. Compared with last year, there are 18 new companies on the ranking.
Code Institute CEO Jim Cassidy credits the edtech company’s diligent teamwork and their focus on upskilling their students with the digital skills that industries need. “We aim to equip our students with the skills needed for the digital workforce,” Cassidy stated. “We work with our students to help them build their digital skillset and when they graduate they are both industry-ready and career-focused.”
Deloitte partner David Shanahan commented: “Since 2000, we have seen Irish technology companies capitalise on the opportunities that came from technology deregulation, the emergence of an international financial services sector in Ireland, and the growth of e-learning and virtualisation technologies.”
The awards programme included a cyber security award, which was presented to Titan IC. Transfermate Global Payments was presented with a fintech award.
Emphasising the the relationship between multinationals and indigenous companies, the MNC patron awards recognised the following companies:
Innovative New Technology: Titan IC
Export Award: SilverCloud Health
Impact Award: TEKenable
Women in Technology Advocate Award in association with Vodafone: Catherine Harrison, First Derivatives
Disruptive Technology: Electricity Exchange
Photo: Electricity Exchange co-founders Duncan O’Toole (left) and Paddy Finn. (Pix: Jason Clarke)
2019 Deloitte Technology Fast 50
|5.||&Open Gifts Limited||Dublin|
|26.||TransferMate Global Payments||Kilkenny|
|29.||Made to Engage||Antrim|
|44.||eCOMM Merchant Solutions||Meath|
• 51 companies are listed in the 2019 ranking, as ChannelSight and Flint Studios achieved the same growth rate and are jointly ranked at position 49.