Deloitte Technology Fast 50: Tracking the Stars in the Nordic Tech Ecosystem

Technology companies are an important part of the Nordic economy. Each year consulting group Deloitte highlights the 50 fastest growing technology companies in Sweden, Finland and Norway. The award, that ranks companies based on their revenue growth, is now over 10 years old in the Nordics and a top recognition of entrepreneurship. Deloitte, and other firms that track outstanding companies, fill an important part of a well functioning tech ecosystem in the Nordics, providing attention and knowledge about growth companies. Standout Capital has now entered a partnership with Deloitte where we will share our research to help find outstanding companies for the Technology Fast 50 ranking.

Globally, for more than 20 years, Deloitte has recognized the fastest growing public and private technology companies. These companies are on the cutting edge and are in various ways transforming the way we do business. The Deloitte Technology Fast 50 awards was launched in San José in Silicon Valley in 1995, and is today an international phenomenon in the Americas, Europe and Asia. In Europe, the top list of all regional fast growing tech companies is called Technology Fast 500 EMEA (Europe, Middle East and Africa). Nordic companies normally represent a large share of the European tech fast-growers. In 2010, for example, 65 Swedish companies (13%) were among the top 500 EMEA companies. In 2015, for the first time, Deloitte will publish a Global Technology Fast 100 list, with the fastest growing tech companies in the world. We expect several of these companies to be from the Nordics.

Deloitte and the Technology Fast 50 community is an important part of Standout Capital’s network in the Nordics, and a relationship dating back several years. We are a Technology Fast 50 alumni since 2011 when the Sweden Technology Fast 50 Winner (i.e. that year’s number one growth technology company) was Keybroker, a company that grew 5667% in five years to revenues of 178 million SEK, and where Standout’s Fredrik Arnander was CEO and co-founder. Keybroker was also a top 20 company in Fast Technology 500 EMEA. In 2011 you could also find Compricer as a top Technology Fast 50 company in Sweden. Standout’s Erik Wästlund was an investor in and board member of Compricer, a consumer finance company that venture capital firm Verdane later invested in and that was then acquired by media group Schibsted. Standout’s Klas Hillström was an investor, then CEO and now chairman of Technology Fast 50 company RemoteX.

We are today discussing with several outstanding businesses and founders that are Technology Fast 50 companies. These companies are exactly what we are looking for; they are innovative fast-growers, they are often profitable and their industry is information & communication technology (ICT).

Standout Capital has now entered a partnership with Deloitte where we will share our research to help find outstanding companies for the Technology Fast 50 ranking. Deloitte runs a very thorough process every year to find the Technology Fast 50 nominees, and with our deep knowledge in the dynamic and fast moving technology landscape in the Nordics, we will provide additional input to in the nominee process.

At Standout, we’re looking forward to meet the Technology Fast 50 companies of today and tomorrow.

Some facts about Technology Fast 50 companies:

What criteria does Deloitte use to profile a fast growing tech company?

• It’s a technology company, that’s 1) developing and selling its own technology representing a major share of revenue, 2) manufacturing technology products or 3) devoting much of its resources to technology and being technology-enabled.
• The company has been in business for at least five years, which is the period for measuring the growth in revenues (now changed to four years).
• The annual net revenue for the base year of the period is at least EUR 50,000, and for the final year at least EUR 800,000.
• The company needs to be of local origins, i.e. only companies based, incorporated and headquartered in Sweden can be on the Sweden Technology Fast 50 list.

What are the different technologies these companies represent and where do they come from? In Sweden in 2014, the main sectors were software (32%), biotech, pharma and medical (18%), internet (16%), greentech (14%), telecom (12%), electronic components (4%) and media (4%). Over 60% of the companies are from Stockholm, with the Malmö/Lund region in second place (16%). Besides the Fast 50, Deloitte also identifies “Rising Stars”, the Fast 50 companies of tomorrow.

Originally published on Standout Capital.