Last night, Cashrewards was awarded the 2016 Deloitte Technology Fast 50 Award.
Hosted at Sydney’s Opera House, the night recognised Australian technology companies that have achieved the fastest rates of annual revenue growth over the past three years. Cashrewards has experienced 12469% growth over the three years it has been operating, the fastest of any company in the awards since 2004.
Cashrewards offers exclusive deals and cash back on everything customers buy from over 1000 Australian and international retailers including eBay, Woolworths, Expedia, Apple, Dan Murphy’s, The Iconic, Virgin Australia, Amazon, Kathmandu, Groupon, Chemist Warehouse, Booking.com, Macy’s, Net-A-Porter and hundreds more.
Founder Andrew Clarke said, “We are so incredibly proud and honoured to receive this award. The Cashrewards business is made possible because of technology and this technology is enabling people to put extra cash into their pockets without any extra effort, simply by shopping online.”
“To date Cashrewards has delivered over $13 million in cashback savings to everyday Australians. This number is thrilling to us and it is what drives our passion and commitment to growing the business. We couldn’t have done it without our 200k plus customers that recognise we are doing something really special for them and are now spreading the word for us.”
Now in its 16th year, the Deloitte Technology Fast 50 recognise companies in the technology and financial industry as being forward thinking and innovative.
More than a third of the 2016 Deloitte Tech Fast 50 winners are online businesses, which notably include marketplaces and business models in the financial services and health sector, according to Stuart Johnston, Technology, Media and Telecommunications leader Deloitte Australia. A further 26% of winners are from fast growing networking and communications technology companies supporting the shift of business to the cloud, with the balance evenly spread across software and digital marketing technology businesses.
The most outstanding growth performer this year is in the online shopping sector. Joshua Tanchel, Deloitte Tech Fast 50 lead partner, said, “To qualify for the Deloitte Tech Fast 50 applicants must accumulate more than $8 million in revenue over a three year period. Cashrewards has swept away the nearest competition by securing a phenomenal 12,469% growth over that three year period: a figure significantly above the average of 731%, the highest result since 2004, and the second highest result since the Awards started in 2001.”
John Meacock, Chief Strategy Officer Deloitte Australia said: “Many businesses, like our 2016 Deloitte TechFast 50 winners, are focused on a long term vision enhanced by customer engagement and sound business data, supported by the latest technology. They have recognised that businesses will earn income in a very different way in the future and are at the front edge of business transformation.”
“Revenue from subscriptions, data and advertising will grow for many online companies this year, which has been the case for new businesses like Google or Facebook. Network effects have changed a lot of the ways we think about revenue, income and evaluation of businesses,” he said.
The top five 2016 Tech Fast 50 winners are:
- MoneyMe Financial Group Pty Ltd
- OpenMarkets Australia Limited
- Tech Mpire Limited
- HUB24 Limited
Sustained growth supported by leadership around innovation and agility
More 2016 winners are showing sustained growth over long periods than last year, with 28 multiple Tech Fast 50 winners over multiple years compared to 26 last year.
Leaders of growth staged technology companies are faced with a real challenge to successfully manage a fast-growing business, and a core foundation to being successful begins with the people driving it, according to Clifford Chance Partner, Lance Sacks. “The team put in place at the outset of the growth phase is key. These people are the building blocks of the business, and its culture and agility can be the difference between success and failure,” he said.
The top three 2016 Leadership Award winners are:
- Vocus Communications Limited (804% growth)
- Mobile Embrace Limited (214% growth)
- MNF Group Limited (171% growth)
“Leaders seeking to continue harnessing innovation in the tech industry should closely monitor the Government’s response to the recent Research and Development (R&D) Tax Incentive Review due in 2017,” said Tanchel.
“Combined with the recent 1.5% rate cut in the R&D tax incentive, further probable changes to the tax and regulatory environment could have a particularly significant impact on rapid growth tech start-ups, such as reduced cash flow benefits and fewer activities qualifying for tax benefits.”
The companies and growth areas to watch
‘Rising Stars’ are high-growth nominating companies that have not qualified for the TechFast 50 list as they have less than three years operating history.
The top three 2016 Rising Stars are:
- Tow.com.au (21,599% growth)
- Araza (1,958% growth)
- Code Camp (1,603% growth)
Tanchel believes that in terms of emerging opportunities in other industries, there is a developing trend of new businesses focused on PropTech like Tech Fast 50 winner Open Agent (979%), both from a commercial and residential point of view. “Tourism, hospitality and education are also undercooked and waiting to be disrupted,” he said.
Changes in the way Australians are using data continues to disrupt. “Australia is going to continue to see the topic of big data explored, but we’re also going to see the rise of small data, as we see the convergence of both mobile and the Internet of Things occur over the next five to ten years,” Mr Tachel said. “Our demand for software also remains strong: Australian consumers want apps, browsers and software that can enrich our life experience and platforms that entertain us more.”
The Deloitte 2016 Tech Fast 50 sponsors are the ASX, NetSuite, Clifford Chance and the UK Department for International Trade.