Wednesday , January 27 2021

Three Bulgarian companies are among the 50 fastest growing technology companies in Central Europe

Three Bulgarian companies are among the 50 fastest growing technology companies in Central Europe

Three Bulgarian companies are on Deloitte’s list of the 50 fastest growing technology companies. These are Kors Dot, Storpool Storage and CloudCard, which are ranked 13, 46 and 50, respectively. The Bulgarian companies Endurosat and Notolitika have been awarded in the category of Rising Stars.

The fact that 84% of companies participate in the rankings for the first time is an indicator of competition. Software companies once again dominate, joining with 30 participants. The media and entertainment sector is represented by 11 companies out of a total of 50.

The Deloitte Central European Regional Ranking for Fast-Growing Technology Companies is being held for the 21st year in a row. This year includes companies from Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Northern Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia.

The fact that 42 of the companies in the Deloitte Technology Fast 50 ranking participate for the first time this year shows that the region is the center of innovative and creative young companies that shape the future. Eight of them were awarded in the “rising stars” category in 2019 (our special category for fast-growing companies that are not yet mature enough to be included in the Fast 50). It also testifies to the good health of the technology sector in the region, as companies that started just a few years ago are making the leap to fast-growing business, Deloitte said.

The winner with a growth of 9077% in three years

At the top of the list is the Polish “Pakelp “ (Packhelp SA), which indicates an average growth rate of 9077 percent for the period 2016 – 2019. By comparison, the average growth rate of the 50 fastest growing companies in the rankings is 1460 percent for the same period.

Pakelp is developing a solution that allows businesses to access bespoke branded packaging with minimal environmental impact. The company uses patented technology to create, as it calls it, “the best web-based packaging editor that allows customers to design and visualize their packaging solutions with complete accuracy.”

Bulgarian representatives

Bulgarian companies are ranked first “Kors Tocka “Ltd. which occupies the 13th position in the ranking with Revenue growth of 1336% for the period 2016 – 2019

The company provides clients with expert advice on the best available technology and business skills training opportunities. Unlike traditional training companies with fixed curricula and limited delivery capacity, their solution has an unlimited range of technologies, locations and delivery methods.

Cors Dot offers solutions delivered by experienced trainers certified in all major and fake Dev, DevOps and IT technologies, including vendors such as Microsoft, AWS, Google, IBM, Cisco, Citrix, VMware, Juniper and others.

The company’s main product is Instructor Hub – the largest platform for certified freelance technical trainers in Europe with more than 3,200 registered professionals.

Storpool Storage AD is in 46th place in the ranking with growth of 541% of revenue for the last three years. The company offers one of the fastest blockchain software-defined storage (SDS) solutions on the Bulgarian market. Their product is used by public and private cloud manufacturers – enterprises, telecommunications, small and medium enterprises, SaaS, cloud and hosting providers and others.

It is offered as software, plus a fully managed service that transforms hardware into fast, highly accessible, and large-scale storage platforms.

With its comprehensive set of data management features, the storage solution defined by Storpool software surpasses the capabilities of other storage products.

The main areas of competitive advantage include its storage and application performance, ease of use, uptime, flexibility, seamless scalability and strong customer support. This allows the company’s customers to accelerate workload and applications up to 50 times and achieve 100% uptime.

CloudCard Inc. closes the ranking by taking the last position in it. The company is developing a new globally focused SaaS e-commerce project, which bears the same name as the brand – CloudCart – a complete marketing-enhanced e-commerce platform.

The idea of ​​CloudCart is to be a highly professional solution for creating and maintaining online stores, used by non-professional merchants who want to start and grow their business online.

CloudCart’s main goal is to improve and facilitate the process of managing online stores, helping online retailers focus on what they do best: create, source, and sell their products and services online.

CloudCart’s main strategy for achieving this goal is to provide all the tools needed to run a successful business online.

Growing stars

Two Bulgarian companies also entered the category Ising stars on the rise. It exists to differentiate fast-growing start-ups that have a chance to rank at the top of the rankings in the coming years.

Most companies in this category (23 out of 25) are new to the “rising star” ranking in 2020. The companies in this category are from the Czech Republic, Poland, Bosnia and Herzegovina, Bulgaria, Kosovo, Croatia and Slovakia.

The first place belongs to the Czech company FF merchant sro serving the fintech sector (FTMO) with a growth rate of 2356%. The company is developing an online FTMO training platform for financial market traders. The platform is designed to educate clients on the right risk management techniques and motivate them to be disciplined in trading. For those who pass the evaluation, FF Trader offers attractive cooperation with its own trading company.

The Bulgarian Endurosat ranks 11th in the ranking of “rising stars” with revenue growth of 405% for the period 2016-2019. Endurosat is one of the fastest growing space companies in Europe, providing solutions for the global space market. The company was founded in 2015, and by the end of 2016 the team was designing its first satellite systems. In the second quarter of 2018, they start with their advanced communication and energy modules. At the end of the same year, the number of customers the company supports in their space ventures reached 50.

NOTO is the main product of the Bulgarian company “Notolitics DOO, which is ranked 19th in the ranking of “Rising Stars”. The company was founded in 2015. Offers state-of-the-art software platform designed for real-time monitoring of financial and / or non-financial transactions. The entire professional experience of the company’s founders in the field of fraud prevention is embedded in the platform and ensures regulatory compliance with the regulatory framework and helps to control operational risk in the fintech industry.

Influential stars

This year, Deloitte also has a new category – Impact Stars, which distinguishes those companies that have a clear ethical dimension at the core of their business model.

In this category again three Bulgarian companies find recognition. These are Endurosat AD, Cloudcard and Escreo. Their contribution is particularly important in situations such as the Covid-19 crisis, in which the whole world sees not only technology and technological solutions, but also the impact of companies on society as a whole, according to Deloitte.

“The fact that 42 of the 50 companies presented this year are new to the rankings shows how young and energetic our fastest growing and most innovative companies are. In 2020. the average growth rate of all participants was 1460%, far before last year’s 1128% “, comments Silvia Peneva, managing partner of Deloitte Bulgaria. According to her, the ranking shows that Bulgarian business is not inferior to leading companies at the European level. ““Our businesses are not only growing fast, they are also accountable to society, which is extremely important in times like today.” – says Peneva.

The ranking

Technology Fast 50 Central Europe ranks the fastest growing technology companies in the region based on revenue growth over a four-year period. For the ranking for 2020, the revenues from 2016 to 2019 are analyzed.

Companies that fall into the main category must meet a number of criteria. These should have annual revenues of at least € 50,000 for 2016, 2017 and 2018 and € 100,000 in 2019; to develop its own technology or to allocate significant resources for research and development; as well as having a company structure that excludes branches with majority ownership of foreign strategic companies. The winners are then selected by ranking based on their revenue growth for the four years from 2016 to 2019.

In the category “Rising Stars” are companies with great potential, but not mature enough to meet the criteria of the main category. To participate in the “Rising Stars” category, companies must operate for at least three years and generate revenues of over 30,000 euros for each of them (for the period 2017-2019). With the exception of this requirement, all other criteria are the same as those in the main category Fast 50.

“Impact stars” is a special category that recognizes companies that successfully combine their products / services with a positive impact on at least one of the following areas – society, business, innovation, environment and diversity.

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