A medicinal cannabis ecosystem platform has taken out the title of Australia’s fastest-growing tech company – Montu growing its revenues by a whopping 20,728% over the past three years.
Deloitte has released its annual Technology Fast 50 report for Australia, with cannabis healthcare platform Montu claiming this year’s number one spot courtesy of massive growth of over 20,000 percent between 2020 and 2022.
Now in its 22nd year in Australia, Deloitte’s Tech Fast 50 program recognises the local tech companies which have achieved the fastest rates of growth based on minimum cumulative revenues of $8 million over a three-year period.
Established in 2019 and based out of Melbourne, Montu provides access to medicinal cannabis treatments via an integrated digital system, with the platform facilitating more than 50,000 patient consultations per year. The company’s 20,728 percent three-year growth rate was the highest recorded in close to twenty years, with Montu now joining the likes of Atlassian, Webjet, Afterpay and realestate.com as a Tech Fast 50 winner.
“For more than 20 years, our Tech Fast 50 program has been telling us where Australia’s tech sector is now, where it’s heading and who’s taking us there, and witnessed and celebrated the meteoric rise of Australia’s fastest-growing businesses, often ahead of their transformation into influential global operators,” commented Sydney-based Deloitte Private partner Josh Tanchel, who heads up the Technology Fast 50 program.
Tanchel further noted the tough economic conditions the latest tech cohort has had to overcome, including the pandemic and rising inflation. “Based on three years of growth, the 2022 program has arguably been the toughest yet. But despite such acute challenges, Australian tech companies have proven resilient, they’ve continued to break growth records, and they’ve demonstrated the sector’s ongoing ability to compete on a global scale.”
Altogether, the average 1,308 percent growth rate across the top 50 companies was well up on last year’s 936 percent figure, with eleven individual companies breaking the 1,000 percent growth mark. The runners up to Montu were fraud and money laundering risk management platform FrankieOne, which saw its revenues grow by 4,743 percent over the period, and digital order and pay platform me&u, which achieved growth of 3,819 percent.
The latter also took home the female leadership award, given to the fastest-growing female-founded companies or those with a female CEO. Other category winners included online betting platform Betmakers, for achieving the highest rate of growth among companies generating revenues in excess of $50 million over the last financial year, and IT consultancy J4RVIS as Rising Star for banking 9,058 percent growth in under three years of operation.
In terms of sectors, healthtech was this year’s clear standout, with four other companies in addition to Montu landing in the top ten, while the software category recorded the largest year-on-year increase to make up almost 40 percent of the list – up from just 16 percent last year. Meanwhile, New South Wales remains the country’s largest tech incubator, with companies from the state taking up more than half of the spots on the list.
Sourced from Consultancy.com.au