Lithuanian Technology Companies Among the Fastest Growing in Central Europe
Two Lithuanian companies, UAB Ruptela and UAB NFQ Technologies, have been ranked by Deloitte among the 50 fastest growing technology companies in Central Europe.
Deloitte, an international audit and consulting company, continues its annual tradition of identifying the fastest growing companies in the region. This year’s ranking consists of companies from eight countries: Croatia, the Czech Republic, Hungary, Lithuania, Poland, Romania, Serbia and the Slovak Republic. Twenty two companies made the ranking for the first time in 2013.
UAB Ruptela provides transport monitoring and management services. Since the company’s growth peaked at 1282%, it jumped directly to the 5th position in the ranking. The software development and nearshoring company, NFQ Technologies, was placed in 42nd position. Its growth has increased by up to 249%. Both companies have been listed for the first time in Technology Fast 50 rating. In comparison with the last year ratings, UAB Idamas failed to make the list because its revenues have not raised as quickly as before.
According to Marius Stalenis, Assistant Director at Deloitte Financial Advisory Department, the Lithuanian results are representative in the context of the fastest growing technology companies in Central Europe. Considering the proportion of the local population and a number of Lithuanian companies listed on the ratings, Lithuanian rate surpasses that of Poland; despite the fact, most of companies listed in the ratings operate in Poland.
Romanian Internet airline ticket retailer, Vola.ro, placed first in the Deloitte 2013 Central Europe Technology Fast 50 for the third year in a row with a revenue growth rate of 5729% over the past five years. Other fast-growing companies include system solutions provider Bitgear Wireless Design Services d.o.o. from Serbia, growing at a rate of 1872% over the last five years – the second-fastest growing company this year. The third position belongs to the Polish software firm, Softhis Sp. z o.o., which jumped up from the 29th position in 2012 with a five-year growth rate of 1573%.
About the ranking
The Central Europe Technology Fast 50 ranks the fastest-growing technology companies based on their revenue growth over a five-year period. For the 2013 ranking, revenues from 2008 to 2012 were analysed. Revenue growth is calculated in local currency.