New South Wales companies have dominated Deloitte's index of the top 50 tech companies in Australia, taking up half of the list, ahead of Victoria in second place.
The Technology Fast 50 (PDF) measures the fastest-growing technology companies based on their revenue growth over the past three years. It examines the communications/networking, software, electronics, biotech/medical, internet and computer/peripherals industries.
Of the top 50 companies, half were based in NSW and 19 were from Victoria. Three companies represented Queensland, two were in South Australia and only one represented Western Australia. In addition, although the list considers both public and private companies, only six were listed on the Australian Securities Exchange (ASX).
NSW-based IT and telecommunications service provider Anittel took the top spot on the list having grown 1022.22 per cent over the past three years and also having integrated 10 other firms in the same industry into its business. The company is listed on the ASX.
It was followed by NSW computer peripherals company Observatory Crest, which grew 869.93 per cent, online insurance marketplace provider BizCover, which grew 792.03 per cent, and Queensland-based online surf and fashion retailer SurfStitch, which grew 573.66 per cent.
Rounding out the top five was Vocus Communications. It grew 505.79 per cent this year and was the winner of last year's Fast 50 having grown 11,306 per cent at that time. It is also listed on the ASX.
Vocus was another company classified by Deloitte as being part of the internet sector. A total of 23 companies from this sector were on the list — the highest ever in the 11 years the Fast 50 has been indexed. The communications/networking sector followed with 12 companies, with software companies shortly behind with 11.
Overall, the total revenue from the Fast 50 was about $2.2 billion, up from $1.8 billion last year. However, while tech companies might be bringing in more money, they aren't growing as fast as they were — the three-year growth rate for this year was down to 209 per cent from 425 per cent last year.