A West Midlands firm has been named among the UK’s top 20 fastest growing technology companies.
ByBox, based in Coventry, was ranked 17th in Deloitte’s 2008 Technology Fast 50 list after reporting an impressive 1,340 per cent growth in revenues.
This year’s Fast 50 winner was London-based communications software producer Thunderhead, which posted 28,558 per cent growth. The average growth of a Fast 50 company was 2,161 per cent.
Established in 2000, ByBox operates a network of secure mailboxes, which allow users to receive packages and mail without being present at the time of delivery. The boxes are linked to an Internet protocol (IP) network so automated alerts can be sent to customers via email and text. The company employs more than 100 staff in Coventry and in excess of 300 in the UK.
Last year, ByBox topped Deloitte’s Fast 50, and despite losing ground and slipping to 17th the company has witnessed another year of rapid growth.
Stuart Miller, ByBox CEO, said: “We have been concentrating on two key areas. Our previous business model has continued to work extremely well but interestingly growth has been due to existing customers turning over more responsibility for their supply chain rather than winning new customers.”
In 2007, ByBox won lucrative contracts with Siemens, Coca-Cola and Fujitsu to track and deliver parts to their maintenance and repair teams. This year it has introduced a warehousing and delivery service, as well as launching a business-to-consumer operation.
The commuter-aimed service will launch with an initial four retailers before Christmas, with banks of collection boxes set to be installed on high street and commuter locations in key cities. This year the company started an operation in France, which has been successful, although slower than anticipated.
Mr Miller said: “We’re only halfway up this hill. However, the economic downturn is good news for us, paradoxically, as it makes businesses think about savings in the supply chain.”
Mr Miller’s optimism is a constant across the 2008 Fast 50, with all the regional winners agreeing that their niche was unlikely to shrink due to credit issues.
Software was the most represented industry in the Deloitte list, with 14 of the placed companies operating in this sector.
Chris Robertson, Technology, Media and Telecommunication partner at Deloitte in Birmingham, said: “This year’s Fast 50 provides a fascinating view of the evolving structure of the UK’s tech sector, with software and internet businesses making up the bulk of the fastest growing companies.
“While their products and services are at the extreme cutting edge of global technology, it is important to note it is not just technology that makes these companies leaders; it is about the quality of the people and their intellectual property.”