American Chamber of Commerce in Romania
15 Years in Romania
Honored with Business Superbrands Award 2007/2008
European Council of American Chambers of Commerce in Europe
Foreign Commercial Service of the U.S. Embassy
U.S. Chamber of Commerce
Romania breaks Polish dominance and tops the Deloitte Technology FAST 50 with the no 1 company
10/18/2011 I Source Deloitte
This year, Romania has six companies in the regional ranking, including two new entries
Results of this year’s Deloitte Technology FAST 50 mark two premiers for the Romanian industry, as the first internet local company joins the ranking straight at the top, thus breaking the Polish seven-year monopol.
Romanian internet airline ticket retailer Vola.ro ranked first in Deloitte’s 2011 Central Europe Technology Fast 50 with a revenue growth rate of 6,219% over the past five years.
The ranking, now in its 12th edition, targets the fastest growing technology companies in the region, based on the revenues growth rate experienced over the last five years (in this case, during 2006 – 2010).
FAST 50 entrants must be a technology company, defined as an owner of proprietary technology that contributes to a significant portion of the company's operating revenues; or as a company that devotes a significant portion of revenues to research and development of technology. Eligibility criteria also include operating revenues of at least 50,000 Euro (revenue must be accounted on a consistent basis during a period of five years); activity of the business for a minimum of five years; an ownership structure that excludes majority-owned subsidiaries of foreign strategic entities; and headquarters within one of the Central European countries participating in the program.
The list of Romanian finalists this year includes Vola.ro Student Adventure S.R.L. (headquartered in Bucharest, with a 6,219% growth rate in revenues during 2006 – 2010), TeamNet International S.A. (Bucharest, +2,136%), Crys Computers S.R.L. (Bucharest, +501%), CoSoSys S.R.L. (Cluj Napoca, +318%), Fortech S.R.L. (Cluj Napoca, +313%) and AROBS Transilvania Software S.R.L. (Cluj-Napoca, +293%).
“Looking at this year’s Romanian ranking, one may immediately draw a few significant conclusions,” said Ahmed Hassan, Technology, Media and Telecommunications Industry Leader with Deloitte Balkans. “First of all, the ranking is split between what might soon shape into ‘poles’ of the local technology industry – Bucharest and Cluj, with three finalists each. Also, the average growth of these companies is higher that last year’s (1,630% versus 1,093%), and significantly above the average growth of the ranking overall (1,068%). Part of this performance lays in the entry of the first Internet Romanian company, with a significant growht rate; so far only software developers were represented by this ranking.”
Alina Mirea, Audit Director with Deloitte Romania, added: “We have seen a drop in ranking for most Romanian companies and also an important exit (the Timisoara-based company LASTING Software, a veteran in this ranking). What might seem a downside at first look is actually a strong indicator that Romanian software developers are moving to the next stage of development and getting closer to maturity, thus losing steam for abrupt revenues’ growth. Also, with this dynamics from one year to another, one can only conclude that entrepreneurship in Romanian technology still has huge potential in the years to come.”
Deloitte Central Europe Technology FAST 50 highlights
• Average growth of Fast 50 companies reaches 1,068% in 2011, up from 967% in 2010;
• Eight countries are represented on the ranking: Bulgaria, the Czech Republic, Hungary, Lithuania, Poland, Romania, Serbia and the Slovak Republic;
• Poland had the best representation with 20 companies in the ranking, followed by the Czech Republic (9 companies), Hungary and Romania (6 companies each);
• 19 companies entered the ranking for the first time in 2011;
• In terms of sectors, Software (22 companies) and Internet (21 companies) dominated the ranking, followed by Telecommunications/Networking (5 companies) and two companies in other sectors. Similar to 2010, 7 of the 10 fastest-growing companies belonged to the Internet sector.
Discussions with companies’ CEOs have identified five priority areas that technology leaders will be focusing on during 2011:
1. Confidence levels are rising about future growth.
2. Organic growth continues to be the most likely growth scenario.
3. High quality and skilled employees are critical.
4. Cloud computing is expected to have the highest potential return.
5. Performance management is crucial.
As in previous years, winners of the regional competition will automatically be nominated in the wider competition known as Technology FAST 500 EMEA for companies in Europe, the Middle East and Africa. Last year, six Romanian companies were included: TeamNet International (31st), AROBS Transilvania Software (212nd), Crys Computers (283rd), Fortech (285th), LASTING Software (334th) and The Red Point (352nd).
###
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/ro/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 170 000 professionals are committed to becoming the standard of excellence.
© 2011 Deloitte Romania
Results of this year’s Deloitte Technology FAST 50 mark two premiers for the Romanian industry, as the first internet local company joins the ranking straight at the top, thus breaking the Polish seven-year monopol.
Romanian internet airline ticket retailer Vola.ro ranked first in Deloitte’s 2011 Central Europe Technology Fast 50 with a revenue growth rate of 6,219% over the past five years.
The ranking, now in its 12th edition, targets the fastest growing technology companies in the region, based on the revenues growth rate experienced over the last five years (in this case, during 2006 – 2010).
FAST 50 entrants must be a technology company, defined as an owner of proprietary technology that contributes to a significant portion of the company's operating revenues; or as a company that devotes a significant portion of revenues to research and development of technology. Eligibility criteria also include operating revenues of at least 50,000 Euro (revenue must be accounted on a consistent basis during a period of five years); activity of the business for a minimum of five years; an ownership structure that excludes majority-owned subsidiaries of foreign strategic entities; and headquarters within one of the Central European countries participating in the program.
The list of Romanian finalists this year includes Vola.ro Student Adventure S.R.L. (headquartered in Bucharest, with a 6,219% growth rate in revenues during 2006 – 2010), TeamNet International S.A. (Bucharest, +2,136%), Crys Computers S.R.L. (Bucharest, +501%), CoSoSys S.R.L. (Cluj Napoca, +318%), Fortech S.R.L. (Cluj Napoca, +313%) and AROBS Transilvania Software S.R.L. (Cluj-Napoca, +293%).
“Looking at this year’s Romanian ranking, one may immediately draw a few significant conclusions,” said Ahmed Hassan, Technology, Media and Telecommunications Industry Leader with Deloitte Balkans. “First of all, the ranking is split between what might soon shape into ‘poles’ of the local technology industry – Bucharest and Cluj, with three finalists each. Also, the average growth of these companies is higher that last year’s (1,630% versus 1,093%), and significantly above the average growth of the ranking overall (1,068%). Part of this performance lays in the entry of the first Internet Romanian company, with a significant growht rate; so far only software developers were represented by this ranking.”
Alina Mirea, Audit Director with Deloitte Romania, added: “We have seen a drop in ranking for most Romanian companies and also an important exit (the Timisoara-based company LASTING Software, a veteran in this ranking). What might seem a downside at first look is actually a strong indicator that Romanian software developers are moving to the next stage of development and getting closer to maturity, thus losing steam for abrupt revenues’ growth. Also, with this dynamics from one year to another, one can only conclude that entrepreneurship in Romanian technology still has huge potential in the years to come.”
Deloitte Central Europe Technology FAST 50 highlights
• Average growth of Fast 50 companies reaches 1,068% in 2011, up from 967% in 2010;
• Eight countries are represented on the ranking: Bulgaria, the Czech Republic, Hungary, Lithuania, Poland, Romania, Serbia and the Slovak Republic;
• Poland had the best representation with 20 companies in the ranking, followed by the Czech Republic (9 companies), Hungary and Romania (6 companies each);
• 19 companies entered the ranking for the first time in 2011;
• In terms of sectors, Software (22 companies) and Internet (21 companies) dominated the ranking, followed by Telecommunications/Networking (5 companies) and two companies in other sectors. Similar to 2010, 7 of the 10 fastest-growing companies belonged to the Internet sector.
Discussions with companies’ CEOs have identified five priority areas that technology leaders will be focusing on during 2011:
1. Confidence levels are rising about future growth.
2. Organic growth continues to be the most likely growth scenario.
3. High quality and skilled employees are critical.
4. Cloud computing is expected to have the highest potential return.
5. Performance management is crucial.
As in previous years, winners of the regional competition will automatically be nominated in the wider competition known as Technology FAST 500 EMEA for companies in Europe, the Middle East and Africa. Last year, six Romanian companies were included: TeamNet International (31st), AROBS Transilvania Software (212nd), Crys Computers (283rd), Fortech (285th), LASTING Software (334th) and The Red Point (352nd).
###
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/ro/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 170 000 professionals are committed to becoming the standard of excellence.
© 2011 Deloitte Romania
