Cambridge cyber security specialist Darktrace has roared into the UK’s fastest-growing technology company elite for the first time – charging straight into the top three.
Other Cambridgeshire and East of England companies have also progressed in the Sunday Times Hiscox Tech Track 100 league table which ranks Britain’s private technology, media and telecoms companies with the fastest-growing sales. It is published in The Sunday Times this weekend.
Darktrace’s exact position in the top three has not been revealed in the pre-publicity but Business Weekly’s reigning Business of the Year is accredited with annual sales growth of 268 per cent over the last three years.
Darktrace has developed software using machine learning and advanced maths to spot cyber security threats. It has raised just over $180 million, including $75m in July, from investors including Invoke Capital – the investment vehicle of Autonomy co-founder Mike Lynch.
Six companies headquartered in the East of England have seen their sales grow by an average of 100 per cent a year over three years to a total of more than £100m, and together they now employ nearly 1,000 people. Darktrace accounts for 475 people in that number.
Norwich-based Know Your Money is the other new entrant – in at 97. More than six million savvy consumers use this comparison site each year and it also offers its technology platform for use by partner websites, helping it grow sales by an average of 44 per cent a year to £8.4m this year.
Cambridge company CashFlows surges from 94th last time to 58th in the pantheon with annual sales growth of 72 per cent to £37.3m. Geo, the smart energy monitoring specialist, drops from 39th to 60th with 72 per cent annual sales growth to £22.6m but Grapeshot proves another Cambridge shooting star.
John Snyder’s inspirational business is a global leader in advertising technology development . Grapeshot has risen from 91st position last time to 64th with annual sales growth of 66 per cent to £9m.
Norwich’s strength in FinTech is further demonstrated by the inclusion of Epos Now, a payment systems developer, which is placed 53rd (down from 32nd) with growth of 81 per cent to £13.9m.
The companies in the East appear with businesses from around Britain, including designer fashion website Farfetch, peer-to-peer lending platform Funding Circle and money transfer provider WorldRemit.
Past stars range from travel search engine Skyscanner, which was bought by Ctrip, China’s largest travel company, for £1.4bn last November, to takeaway website Just Eat, now worth £4.2bn.
The Tech Track 100 is sponsored by Hiscox, Barclays, BDO, BGF and N+1 Singer, and compiled by Fast Track, the Oxford-based research and networking events firm.
Story extracted from Business Weekly.