A record-breaking year of growth (yet again) for Deloitte’s Tech Fast 50

25 NOVEMBER 2022: Deloitte’s Technology Fast 50 recognises and profiles Australian technology companies - public or private – that have achieved the fastest rates of annual revenue growth over the past three years. This year’s winner is a Melbourne-based company that provides affordable and accessible paths to medical cannabis therapies through an integrated digital system.

Montu has been announced as the overall 2022 Tech Fast 50 winner, after it achieved an extraordinary 20,728% growth in revenue over the three-year period 2020-22. Runners up were fraud and money laundering risk management platform FrankieOne (4,743% revenue growth) and digital order and pay platform me&u (3,819%).

Now in its 22nd year, the Deloitte Technology Fast 50 Australia program – also sponsored by ASX, DLA Piper, Morgans, NAB and Workday – ranks and recognises the 50 fastest growing public and private technology companies in the country based on minimum cumulative revenues of $8 million over a three-year period.

Montu joins a storied list of businesses previously recognised by the program, including Seek, realestate.com.au, Altium, ninemsn, iiNet, Atlassian, RSVP, Red Balloon, Webjet, NextDC, Modibodi, Afterpay, Menulog, Dodo, Vinomofo, and Zip.

The awards not only celebrate the success of Australia’s fastest growing tech companies, but also provide opportunities for enterprise owners to connect with potential investors, helping put businesses on the map – here and overseas.

Other Technology Fast 50 winners for 2022:

Leadership (for companies that made the top 50 list and had more than $50 million in revenue in the last reporting year)

• Winner - Online wagering and data platform Betmakers (968% growth over the three-year period)
• Runners up - Cettire (818%) and Wisr (729%)

Rising Star (for the fastest growing tech businesses in operation for less than three years)

• Winner - System integrator J4RVIS (9058%)
• Runners up - Vityl (7,560%) and Driva (4,210%)

Female Leadership (for top 50 companies founded or co-founded by women or have a female CEO)

• Winner - me&u and CEO Katrina Barry (3,819%)

The program has also launched two new categories in 2022:

Climate

• Winner - Electric vehicle charging solutions provider EVSE Australia (280%)

Enterprise Growth (the largest and fastest growing, with at least $50 million in revenues in the first reporting year)

• Winner - Payments platform operator Zip (287%)

Deloitte Australia CEO, Adam Powick said: “Australia has an international reputation for creativity, innovation, and a skilled and capable workforce. Our Tech Fast 50 program recognises and rewards the ability to drive real and practical innovation with this year’s winners joining an impressive list of previous recipients like realestate.com.au and Atlassian.

“At Deloitte, innovation is at the heart of everything we do, and we focus on combining creativity with practical and impactful solutions to solve some of our client’s most complex challenges.”

Technology Fast 50 Leader, Deloitte Partner Josh Tanchel, said: “For more than 20 years, our Tech Fast 50 program has been telling us where Australia’s tech sector is now, where it’s heading and who’s taking us there, and witnessed and celebrated the meteoric rise of Australia’s fastest-growing businesses, often ahead of their transformation into influential global operators.

“Based on three years of growth, the 2022 program has arguably been the toughest yet, dominated by so many issues, from the pandemic, floods, international conflict, rising inflation and interest rates, and concerns of a global recession.

“But despite such acute challenges, Australian tech companies have proven resilient, they’ve continued to break growth records, and they’ve demonstrated the sector’s ongoing ability to compete on a global scale.

“Our 2022 program winner, Montu, is a strong case in point, recording an extraordinary 20,728% growth – the highest rate we’ve seen in a winner since 2004, and we’ve seen an average growth of 1,308% across the top 50, a significant leap from 936% in 2021, and another record since 2004.

“Fifteen companies also had more than $50 million in revenues in the three-year reporting period, and 11 achieved more than 1,000% growth.”

With the Tech Fast 50 continuing to evolve, the 2022 program also recognises success across two new categories for the first time:

• The Climate award recognises technology’s vital role in helping to drive the world’s journey to net zero.
• The Enterprise Growth category highlights the largest and fastest growing local tech companies in Australia. To be eligible, nominees must have operating revenues of at least $50 million in the first reporting year (2020).

“Tackling climate change is the challenge of our lifetime, and almost 40% of solutions needed to reach net zero rely on emerging technologies that, in some cases, is still in prototype,” Tanchel said.

“The Enterprise Growth category recognises businesses that have already scaled and are continuing to grow. They are leaders in their industries and to achieve the growth required by the Tech Fast 50 takes continuous investment and innovation around product and customer and the ability to deal with increasing organisational complexity.”

Other Tech Fast 50 2022 highlights include:

• Healthtech emerged as a sector to watch, led by overall winner Montu, and four others, ranked inside the top 10.
• Software had the biggest year-on-year surge, making up 38% of the list (up from 16% in 2021).
• Geographically, NSW was home to 56% of the 50, followed by Victoria (24%), Queensland (12%), South Australia (4%) and Western Australia (4%).