Irish technology firms in the fast lane

Four Irish companies have been named among Europe’s fastest growing technology businesses in a notably strong showing for Ireland relative to the country’s size.

Respected not-for-profit technology organisation Tech Tour has included Limerick’s AMCS Group and Dublin-based companies Fenergo, Clavis Insight, and Movidius in its 2016 ranking of Europe’s 50 fastest growing technology companies.

The Irish firms yesterday expressed their delight at such recognition, with waste management industry software provider AMCS’ chief executive Jimmy Martin identifying further growth paths for the years ahead.

“It’s great to be recognised as one of Europe’s fastest growing companies,” said Mr Martin.

“Central to this success is a continued focus on pioneering product innovation as we work to further develop our market leading software, vehicle technology, and mobile solutions for the high growth waste and recycling sector.

“We’ll continue to support our impressive organic growth with strategic acquisitions, either to provide scale in existing territories or to expand into new territories.”

Ireland is well represented on the list with the joint fourth largest representation, alongside France and the Netherlands.

The rankings are dominated by the UK, which boasts 20 firms, followed by Germany with nine.

By comparison, Denmark, Sweden, Finland, and Norway have a combined total of three companies featured on Tech Tour’s European rankings.

“We have been going very well; growth is what we’re all about,” said Clavis Insight chief executive Garry Moroney.

“We’ve been growing at 100% or more in the last number of years. We’re seeing more and more demand for our solution which is used in 20 countries.”

Clavis is novel in that it offers data to manufacturers as opposed to e-commerce platforms such as Amazon on which their goods are sold, as its rivals do.

“We provide data to people who make the products —that’s a pretty unique space,” said Mr Moroney.

“We’ve developed the capability to collect deep data in a way that helps manufacturers succeed.”

The 50 companies have an estimated combined value of $14.2bn (€12.7bn), have attracted more than $3.5bn (€3.12)bn of investment and employ 8,000 workers.

The selection committee was composed of 18 international venture capital firms, advisers and experts including the World Economic Forum and Bank of America Merrill Lynch.