- Inoapps attributes its 582 per cent Revenue Growth to innovation and outstanding service delivery.....
Aberdeen, 25 November 2014 — Inoapps today announced that it ranked number 45 in the 2014 Deloitte Technology Fast 50, a ranking of the 50 fastest-growing technology companies in the UK. Rankings are based on percentage revenue growth over the last five years. Inoapps grew 582 per cent during this period.
Inoapps’ CEO, Andy Bird, credits the team’s innovation and outstanding service delivery with the company’s 582 per cent revenue growth over the past five years. He said, “We are delighted to be ranked in the Fast 50 as this recognises the success of our team’s market leading innovation and outstanding service delivery, which underpins our ambitious growth plans”
David Halstead, Partner leading the Deloitte Technology Fast 50, said: “The Deloitte Technology Fast 50 gives great profile to technology companies and is internationally recognised as being one of the most important business awards in the sector”
“The 2014 Deloitte Fast 50 shows that tremendous growth rates are still possible, with software sectors showing particular strength, they have had the greatest amount of entries in the past five years.
“The Technology Fast 50 awards are an opportunity for businesses to gain recognition for their successes and achievements over the last five years.
“The 50 fastest growing UK technology companies generated over £963 million in total annual revenues in the year 2013/14, employing more than 8,500 people and recorded an average five-year growth rate of 1,695 per cent, according to the Deloitte UK Technology Fast 50.
“The awards are an opportunity for businesses to gain recognition for their successes and achievements. This year’s ranking highlights the importance of being innovative and finding a niche product or service, to beat the recession.”
About Inoapps (www.inoapps.com)
Headquartered in Aberdeen, Scotland Inoapps is a global company with operations across Europe, the Middle East, Asia and the Americas.
A leading Oracle Platinum Partner and Oracle Applications, Technology & Hardware specialist, Inoapps delivers the complete Oracle application-to-disk enterprise IT environment through the provision of consulting, and implementation together with hosting and managed services. The company has clients across a broad range of industry sectors including energy, engineering, construction, travel, financial services and manufacturing as well as local and central government.
Inoapps is proud to be recognized by Oracle as Specialized Partner of the Year for Accelerate Solutions: EMEA 2010 & 2012, Oracle General Business Applications Partner of the Year 2009, 2010 & 2011 and UK Oracle User Group Database Partner of the Year 2011/12.
Inoapps recently received a £10 million investment of growth capital from BGF (Business Growth Fund), the independent company established to provide growth capital to UK businesses.
Notes to editors
• Growth rates are all over the last five years.
The full list of this year’s winners and winner breakdown by region and sector is available at www.fast50.co.uk
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
For more information, please visit www.deloitte.co.uk.
Member of Deloitte Touche Tohmatsu Limited
Deloitte UK Technology Fast 50
The Deloitte Technology Fast 50 is one of the UK’s foremost technology award programmes. Now going into its 17th successful year, it is a ranking of the country’s 50 fastest-growing technology companies, based on revenue growth over the last five years. The UK Fast 50 awards are all about growth driven by leading intellectual property and are a celebration of innovation and entrepreneurship. The UK Fast 50 is part of an international programme run by Deloitte, qualifying entrants of the UK Fast 50 will be put forward to the Deloitte Technology Fast 500 EMEA (Europe, Middle East and Africa) programme. Previous winners have come from across the UK, are both large and small, and included some of the most dynamic players in all areas of technology, from Internet specialists to biotech, digital media technology to life sciences, computers to semiconductors and software to telecommunications.
For more information visit www.fast50.co.uk
UK Technology Fast 50 eligibility criteria
1. The company must have been in business for a minimum of five years;
2. The company must be considered a technology company, which is defined as:
o Developing or owning proprietary technology that contributes to a significant portion of the company's operating revenues;
o Producing technology
o Manufacturing technology-related products
o Be technology intensive, or use unique technology to solve problems
o Devoting a high percentage of effort to technology R&D;
o NB: Using another company’s technology or intellectual property in a unique way does not qualify.
3. The parent company must be UK-owned and have its headquarters in the UK;
o NB: Subsidiaries of UK or multinational organisations do not qualify.
4. Operating revenues must be at least £44,000 (50,000 Euros) for the first financial year of the five year period and £671,000 (800,000 Euros) for the most recent financial year;
o NB: The accounts for year five should have an accounting period ending between 1 June 2013 and 31 May 2014.
5. All submissions must be accompanied by signed accounts for the first and last financial year being measured in the competition. Unless a statutory exemption is being taken, these accounts must be unabbreviated and audited.
Technology Fast 50 selection and qualifications
The Technology Fast 50 list is compiled from Deloitte’s nominations submitted directly to the programme. To qualify for the Technology Fast 50, entrants must meet the eligibility criteria stated above, including operating revenues that must be at least £44,000 (50,000 Euros) for the first financial year of the five year period (2009/10) and at least £671,000 (800,000 Euros) in the most recent financial year (2013/14). Deloitte researchers examined financial statements to validate operating revenues.
Entrants must also be public or private companies headquartered in a participating region of the UK and must be a “technology company,” defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify.
About the sponsors:
About Fidelity Growth Partners Europe
Fidelity Growth Partners Europe is a venture and growth capital investor that is a member of the principal investing arm of Fidelity. Backed by proprietary, long-term capital, FGPE invests in technology entrepreneurs with bold aspirations to build great businesses. Combining a collaborative approach with a global network and a 40-year heritage of venture investing, FGPE helps companies accelerate their growth and become true leaders in their field. A strong track record in Europe includes investments in market leaders such as Curam (IBM), Newbay (RIM), Seatwave (Ticketmaster), InnoGames, Wahanda and Notonthehighstreet. FGPE is investing a £100 million fund dedicated to backing fast-growing European technology companies.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, venture capital, private equity and premium wine businesses. Silicon Valley Bank and its affiliates within SVB Financial Group provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 US offices and seven international operations in China, India, Israel and the UK. (Nasdaq: SIVB) www.svb.com/uk
About Taylor Wessing LLP
Taylor Wessing is a full-service international law firm, with more than 1,000 lawyers in 26 offices worldwide, working with clients in the world’s most dynamic industries. We take a single-minded approach to advising our clients, helping them succeed by thinking innovatively about their business issues.
Our focus on the industries of tomorrow has enabled us to develop market-leading expertise in: Technology, Media and Communications, Life Sciences, Private Wealth and Energy. At Taylor Wessing we are proud of our reputation as a forward-thinking firm. Taylor Wessing was named Law Firm of the Year at The Lawyer Awards 2013.
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