Celebrating a decade of supporting the Tech Fast 50
- Wed 31 January 2024
- 4 MIN READ
In the decade that ASX has sponsored the Deloitte Technology Fast 50 program, the technology sector has grown, evolved and matured.
Over the past ten years, ASX has been one of the cornerstone sponsors of the Deloitte Technology Fast 50 program, which has played a central role in promoting and shaping the landscape of Australia’s dynamic technology sector. ASX’s involvement has focused on profiling and supporting the growth of tech enterprise, with a number of winners and finalists listing during this period.
Twenty-three years of innovation
The program has recognised Australia’s fastest-growing tech companies for 23 years. It highlights companies – regardless of size or ownership – that showcase tech innovation, demonstrate an entrepreneurial spirit, as well as having a notable growth in revenue. Eligibility is uniquely tied to both technology and revenue growth, a factor that sets the program apart and has built a reputation for targeting companies with a great potential to scale and expand.
Audinate’s success story
One company that has been part of this journey is Audinate (ASX:AD8), known for its world-leading professional AV and technologies. The company featured in the Deloitte Tech Fast 50 for the first time in 2013, the same year in which ASX's support of the program started. Since then Audinate has grown into a significant player with a market cap exceeding $1 billion. Its flagship product, Dante, distributing digital audio and video signals over computer networks, has been pivotal in bringing IT networking benefits to the professional AV industry.
“Featuring in the Deloitte Tech Fast 50 awards over the past 10 years has been a tremendous honour and is a testament to Audinate’s sustained growth,” says Aidan Williams, CEO, Audinate.
Building on a reputation of excellence
Audinate has built its success on technological innovation, strategic decision making, adaptability and commitment to delivering value to its customers and the AV industry.
“In the industry, we have a reputation that Dante just works,” Williams says. “Over time, we have expanded our original audio offering to include video networking and management and control software.”
Being part of a dynamic industry in the process of transformation has contributed to Audinate’s success.
“We recently updated our total addressable market, which put the global opportunity in AV across audio, video and software at US$2 billion,” Williams says.
“More than 95 per cent of our revenue is generated in overseas markets and in November 2023 we were awarded the Australian Export Award in the Advance Technology category. It was pleasing to receive this recognition of our international success in digital networking technology.”
Aidan Williams, CEO of Audinate
“We recently updated our total addressable market, which put the global opportunity in AV across audio, video and software at US$2 billion.”
In the year ahead, Audinate plans to enhance its market presence with a focus on video and cloud software products.
“That includes the continued release of Dante video products to market, with the object being to double Dante’s presence within the video ecosystem,” says Williams.
“We’ll also be releasing other video and cloud products and driving the success of Dante Connect. We’re aiming to improve scalability of the cost base by focusing on operational efficiency as we continue to work on increasing profitability and improving cash flow.”
Investor expectations and strategic focus
Williams believes technological developments, market conditions and global events will continue to influence Audinate’s investors' expectations.
“They want to feel confident tech companies will stay at the forefront of trends,” he says. “We do that by prioritising continuous R&D, introducing cutting-edge AV solutions and developing management and control software.”
Investors also like to see recurring income streams, for example software-as-a-service platforms.
In the year ahead, Audinate plans to enhance its market presence with a focus on video and cloud software products.
“That includes the continued release of Dante video products to market, with the object being to double Dante’s presence within the video ecosystem,” says Williams.
“We’ll also be releasing other video and cloud products and driving the success of Dante Connect. We’re aiming to improve scalability of the cost base by focusing on operational efficiency as we continue to work on increasing profitability and improving cash flow.”
“This has been another area of focus for us,” says Williams. “We released both Dante Connect and Dante Director to the market in 2023 and, while it’s still early days, the feedback has been positive with early signs of take up.”
Cybersecurity and sustainability are also on investors’ radars.
“We prioritise robust security solutions and privacy,” says Williams. “We also believe focusing on ESG makes good business sense. We manage our business risks with emphasis on diversity and inclusion, mitigating supply chain risks and reducing our environmental footprint.”
ASX’s commitment to the tech sector
ASX’s decade-long sponsorship of the Tech Fast 50 program is one of the ways in which it demonstrates a commitment to fostering growth within the local tech sector.
“ASX provided growth capital to the first wave of Tech Fast 50 success stories in Australia, including the likes of Carsales (ASX:CAR) , Seek (ASX: SEK) and Wisetech Global (ASX:WTC) . The exchange has continued to invest and support so many Australian Tech Fast 50 success stories,” says Deloitte partner Josh Tanchel.
“Having listed companies participate in our awards opens opportunities for companies to explore and understand the listing pathway, the advantages of being listed and having access to capital. It showcases the entrepreneurial spirit in ASX companies,” he says.
Tech Fast 50 – 2023 Winners
The program ranks the 50 fastest growing public or private technology companies, based on percentage revenue growth over the past three years.
#1 Montu – Growth 9,616%
#2 pay.com.au – Growth 5,063%
#3 Activeport (ASX:ATV) – Growth 4,572%
2023 Rising Star award winners
These high-growth nominating companies don’t qualify yet for the Technology Fast 50 list as they have less than three years existing revenue, but they are our Rising Stars and we know the future is bright.
#1 Updoc – Growth 15,924%
#2 Midnight Health – Growth 8,376%
#3 Salt & Lime – Growth 3,064%
ASX will continue to be an important supporter of emerging tech firms into the future, helping companies like Audinate to become part of a growing group of global tech firms that started in Australia.
“The support and development of the Australian technology sector remains a long-term focus for ASX, as Australian companies continue to develop new technologies and innovation,” says Kate Galpin, Manager, Listings, ASX.
ASX remains committed to supporting companies at all stages of their funding journey, helping them navigate a path towards listing, engage investors and access ASX’s deep capital pool.
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