As we move to a more connected and fast-paced world, technology has an important role to play. Irrespective of the nature of business, technology has a crucial role in strengthening the business and taking it to new highs with several value additions.
Here, we shall discuss few of the fastest growing companies in Australia in terms of revenue, in the previous few years. Below-discussed Australian businesses have witnessed immense growth during a very short period of time and have surpassed several long-existing traditional businesses in terms of revenue growth.
One thing common among these diverse companies is their technology-driven business.
- LiveTiles Limited (ASX:LVT)
Being a global intelligent workplace software company, LiveTiles is an award-winning Microsoft Partner that engages in catering to the commercial, government and education markets across several countries.
The Company has recently been engaged in the development and sale of digital workplace software via subscription agreements and its FY19 revenue of $22.5 million sky-rocketed by 249% as compared to FY18.
Fast-forwarding to 1H FY20 ended 31 December 2019, LVT secured annualised recurring revenue (ARR) of $52.7 million, with ARR registering growth of 130% in the last year and up 7.6x in 2 years.
The Company believes in broadening its network of alliance partnerships with a view to
- Support its vision to redefine the intranet
- Bringing innovative technology to customers
- Passing innovative technology into the hands of its employees
In December 2019, LVT completed the acquisition of CYCL (a leading intelligent intranet software business in Europe), empowering enhanced Intelligent Workplace offering, which is expected to open greater enterprise opportunities for the Company.
- ReadCloud Limited (ASX:RCL)
ReadCloud Limited is the developer of a unique eReading/eBook platform that delivers digital curriculum to over 250 school customers across Australia and has distribution agreements for digital content with over 25 of the world’s leading publishers.
RCL’s unique technology fuelled business has seen a growth of 125% in its revenue during FY19 (second consecutive year of over 100% revenue growth). Moreover, the 1H FY20 revenue was up by 35% year-on-year and stood at $3.15 million, and a vast majority of revenue for the Vocational Education and Training in schools’ segment is anticipated to be generated in the second half of FY20.
Through significant investment in its unique offering, RCL looks forward to retaining the leadership in offering the same through several advancements like enhanced annotations feature, operational and support processes, and new student management system (the aXcelerate platform).
- iCandy Interactive Limited (ASX:ICI)
Incorporated as an investment holding company, iCandy Interactive envisions to bring together the best game producers across the Asia-Pacific region through engagement in the development and publishing of mobile games and digital entertainment for a global audience.
ICI reported revenue from ordinary activities of $ 2,086,408 in FY2019 ended 31 December 2019 and a lower loss after tax (31% lower compared to prior year).
With a view to ensuring a good launchpad for the next phase of growth for the Company, ICI has been focussed on:
- Improving the quality of Group’s revenue
- Building strategic capabilities in the form of new products and new business
Currently, four new games are being developed in-house and are expected to launch in the financial year ending 31 December 2020.
- Prospa Group Limited (ASX:PGL)
Being the number one online lender to small business, Prospa Group Limited primarily engages in providing finance to small businesses and access funds for growth opportunities and cash flow support, with a uniqueness of offering all this in a fraction of time and without hassles.
During FY19, revenue of PGL grew by 31.2% on the prior year, and the same grew by 12% during 1H FY20 as compared to 1H FY19. Moreover, loan originations increased by 37% on pcp during the first half of FY2020.
TrustPilot, an independent review site, has ranked Prospa first in the non-bank financial services category with more than 4,800 reviews and a rating of 4.9 out of 5 and its Net Promoter Score continues to be in excess of +77.
- MedAdvisor Limited (ASX:MDR)
As a health care player, MedAdvisor Limited engages in the development and designing of MedAdvisor medication and adherence platform, which is an effective software for personal medication management.
The Company recognises poor medication adherence and the incredible uptake of internet-connected mobile devices as an opportunity to improve health outcomes by connecting health professionals with their patients using mobile and web technologies.
For FY19, total revenue of the Company increased by 24% to $9.2 million and MDR has consolidated its leadership position in the Australian community pharmacy network through 55% of pharmacies licensing PlusOne to connect to and support the patients.
During 1H FY20, MDR scored an operating revenue of $4.4 million, indicating an increase of 14.4% on 1H FY19 and signed its latest long-term contract with Chemist Warehouse and Sigma to boost its pharmacy network. The Company now has long-term contracts with three of the four major pharmacy groups.
- MoneyMe Limited (ASX:MME)
Being a technology-driven digital consumer credit business, MoneyMe Limited specialises in providing online loans up to $35,000 in a significantly short time. The Company recognises the growing population of tech-savvy Australians and offers unique faster, more convenient, and simpler access to credit direct from mobiles devices.
The Company has a technology-induced process with no paperwork and no fuss, and its smart algorithms help to provide personalised, risk-based pricing that results in fairer and lower-cost loans for its customers.
During 1H FY20, MME’s loan originations stood at $94.7 million, up 85% on the previous year, with revenue noted at $21.3 million, representing a year-on-year increase of 44%.
- Over the Wire Holdings Limited (ASX:OTW)
As a telecommunications, cloud and IT solutions provider, Over the Wire Holdings Limited offers an integrated suite of products and services to business customers, including:
- Data Networks and Internet Services
- Voice Services
- Data Centre co-location Services
- Cloud and Managed Services
The Company achieved 25% growth in its revenue during H1 FY2020 ended 31 December 2019, which had increased by 49% to $79.6 million during FY19.
OTW comprises of companies, namely -
- Over the Wire
- Sanity Technology
- VPN Solutions
- Access Digital Networks
- ELMO Software Limited (ASX:ELO)
ASX-listed IT sector player, ELMO Software Limited is the fastest growing HR tech company in Australia and New Zealand, offering innovative cloud HR, payroll and rostering / time & attendance technology to more than 1,000 organisations across APAC.
The solutions offered by ELO are at the forefront of the disruptive technology industry and help organisations to manage, engage, and inspire their employees.
ELMO’s annualised recurring revenue for FY19 was up by 47.8% on FY18 and increased to $52.0m at 31 December 2019, primarily driven by
- New customers to ELMO
- The cross-sell of existing modules to existing ELMO customers
- Contribution from the acquisitions of HROnboard and BoxSuite
The Company’s growth strategy and likely developments induce the following:
- Increased usage from existing customers
- Greater market penetration in AU and NZ
- Broad product offering
- Acquisitions and investments
- Genetic Signatures Limited (ASX:GSS)
Being a specialist molecular diagnostics company, Genetic Signatures Limited is a healthcare player focussed on the development and commercialisation of its branded platform technology, 3Base™ and a suite of EasyScreen™ Real-Time PCR-based products for the routine detection of infectious diseases.
During FY19, GSS’ revenue base grew by 71% to $4.9 million, and in 1H FY20, revenue from sale of goods grew by 12% (96% of revenue was generated from its Asia-Pacific customer base). Several product trials are underway with prospective customers, and GSS has progressed with local and international regulatory approvals.
Moreover, EasyScreenTM Respiratory Pathogen targets include an assay for all known coronaviruses, and the new virus can be detected without changes to GSS’ existing assay due to the unique capabilities of its 3baseTM technology, as per the Company’s half year report dated 26 February 2020.
- Mainstream Group Holdings Limited (ASX:MAI)
A specialist fund administrator for the financial services industry, Mainstream Group Holdings Limited offers global outsourced fund administration and custody services to a breadth of wealth management sector participants.
The Company provides tailored solutions that are flexible and operates two businesses:
- Mainstream Fund Services business, which offers investment administration, fund accounting, share registry, unit registry (transfer agency), and middle office services
- Mainstream Superannuation Services business that offers superannuation administration services
The Company’s revenue saw a jump of 21% during FY19 and a jump of 7% during 1H FY20, while funds under administration increased by 9% over the half year and 27% on the prior 12 months, reaching a record $187 billion as at 31 December 2019.
MAI is experiencing strong growth in its key markets and clients while witnessing consolidation of fund managers lacking scale, performance or distribution.
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