19 Sep 2011

Wireless Logic wins 54th place in league table of Britain’s fastest-growing technology firms

The 11th annual Sunday Times Microsoft Tech Track 100 league table ranks Britain’s one hundred privately-owned technology..

The 11th annual Sunday Times Microsoft Tech Track 100 league table ranks Britain’s one hundred privately-owned technology, media and telecoms (TMT) companies with the fastest-growing sales over the last three years. Coming in at number 54, M2M connectivity provider Wireless Logic has once more proven that their strategy for continued expansion is firmly on track with annual sales growth over the last three years at 56% (compound annual growth rate (CAGR) in sales over latest three financial years between 2008 and 2011).

This year’s Tech Track 100 companies achieved, on average, sales growth of 74% a year over the last three years of accounts, from a combined total of £680m in 2007/08 to £3.1bn in 2010/11. They almost tripled their combined workforce to 13,500 over the three years, with more than 8,800 jobs being added over that period.

Wireless Logic features on the league table alongside emerging brands such as online money lender Wonga, price comparison website Gocompare, and music recognition services provider Shazam.

The Tech Track 100 is sponsored by Microsoft, Barclays Corporate and BDO. It is compiled by Fast Track, the Oxford-based networking events and research company. Scott Dodds, general manager, business strategy and marketing at Microsoft, the title sponsor of the league table, commented: “Privately-owned technology companies are making a great contribution to the economy despite difficult trading conditions. It is especially encouraging to see that cloud computing continues to provide such significant opportunities by helping technology firms to open up new markets and cut costs for their customers.”

Demonstrating a renewed appetite to invest among venture capital and private equity firms, 22 companies on the Tech Track 100 raised funding from these sources in the year to August 2011. A total of 45 have venture capital/ private equity backing. This compares to six from last year’s league table that secured funds in the 12 months to August 2010. Wireless Logic were themselves sold to ECI Partners ('ECI'), the UK mid-market private equity firm, and management for £35m in August.

Joint founders Oliver Tucker and Philip Cole are pleased to be amongst such esteemed company as they continue their presence within the Tech Track 100 for a second year. Sales and Marketing Director Philip Coles comments: “Our performance over the last three years is testimony to two key aspects within our strategy for growth – a focus on strengthening our overall technology platform, and on employing a dedicated team of professionals that are intent on providing the very best in M2M value-added services.”

The full findings were published in a special eight-page supplement within the business section of The Sunday Times on 18 September and on http://www.fasttrack.co.uk, where you can access a searchable database of all 100 companies, as well as past league tables.