The average revenue growth among the 50 fastest growing technology firms is running at over 2000%, despite the...
Business advisory group Deloitte has published its Fast 50 awards, which rank the fastest growing technology companies in the UK.
"In spite of the challenging financial market conditions, the 2008 Deloitte Fast 50 shows that stellar growth rates are still possible," said Deloitte.
Companies across the IT sector believe that the market they operate in will not shrink as a result of the credit crunch, the research reveals.
Communications software supplier Thunderhead was the fastest growing firm with 28,558% growth. The company's software enables firms to manage customer communications across various channels such as voice, e-mail and the web.
It is used by companies including Prudential to help them comply with regulations relating to how customer communications are managed.
"The 2008 Deloitte Fast 50 provides a fascinating view of the evolving structure of the UK's tech sector, with software and internet businesses making up the bulk of the fastest growing companies," said David Halstead, partner at Deloitte.
"While their products and services are at the extreme cutting edge of global technology, it is important to note that it is not just technology that makes these companies leaders in their sectors it is about the quality of the people and their intellectual property."
The top five companies include picoChip, a semiconductor manufacturer specialising in wireless, OB10, which has an e-invoicing service and digital marketing agency Bigmouthmedia.