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First Derivatives tops Irish Fast 50
Thursday, January 25 2001
by Tony O'Brien


A Northern-based company -- First Derivatives Ltd -- has become the first winner
of the Deloitte & Touche Technology Fast 50 Awards in Ireland.

First Derivatives Ltd provides software engineering, development, implementation
and integration services to financial software developers. It had aggregate
growth in revenue of 891 per cent over the past three years.



"Our selling point is that we understand the financial world and capital
markets, and we can also do IT -- we are financial people who can write
software," said First Derivatives MD Michael O'Neill. The company employs 30
people. 



Topping the list from the Republic in the all-Ireland competition was the
Dublin-based information services company Conduit plc.



The Technology Fast 50 Awards recognise and rank the fastest-growing technology
companies in both the Republic and the North. Of the 50 companies to succeed, 20
were based in Northern Ireland and 30 in the Republic. More than 600 companies
participated in the contest.



Topping the list from the Republic, Conduit provides information services and
enabling technologies within the telecommunications industry.  It had aggregate
revenue growth of 723 per cent. 



"The magic word is persistence. If you believe in what you want, just keep
going for it," said Conduit CEO Liam Young.  He also said that fast growth
does not put a company at risk if it proceeds carefully. "You have to blend
growth with profitability -- it's all about sensible growth."



Young also said that now, when market conditions are tough, is the time for
entrepreneurs to bring their ideas to market. "It is hard to raise finance at
the moment, but this is the time to be entrepreneurial."



The list of winners ranges from well-established companies such as Horizon
Technology Group, Etel and Iona to newly-emerging ones such as Parallel Internet
and the IRIS Group.



Eurologic Systems SX3 and Xnet Information Systems were ranked third, fourth and
fifth respectively.



Announcing the winners, David O'Flanagan of Deloitte & Touche, said: "These
companies exemplify the phenomenal growth and diversity that is found in the
technology sector in Ireland."



The Fast 50 winners grew their revenue at an average aggregate rate of 250 per
cent over the past three years. "Doubling in size each year, these companies
collectively created 2,400 new jobs so that their growth and ambitions augur well
for the future of Ireland's technology industry," O'Flanagan said.



Special recognition awards were also given to Irish security technology firm
Baltimore Technologies, and to BizNet, a Web applications developer based in
Belfast.

 

The awards programme originated in San Jose in 1995 and has since expanded across
the US, Canada, the UK, the Netherlands and now Ireland.