2012 ST Tech 100
Omnifone secures place in The Sunday Times Hiscox Tech Track 100 league table
Cloud-based digital music service provider ranks 20th in list of the 100 fastest growing private tech companies in the UK
LONDON, 17th September 2012: Omnifone has made The Sunday Times Hiscox Tech Track 100 list, an annual compilation of the fastest growing private tech companies in the UK, based on the last three years’ sales figures.
The B2B digital music service provider ranked 20th in the league table and follows the most successful financial year for Omnifone after turning a profit of £3.8 million (EBITDA) for the first time in its nine year history.
Omnifone achieved a 118per cent sales growth per annum, while the average of all other companies on the list was 81 per cent. Sales in the last financial year were in excess of £29.5 million.
Omnifone now powers digital music services in 28 countries across the world and has a licensed catalogue of over 22 million tracks.
Omnifone CEO, Jeff Hughes said: “Recognition in The Sunday Times Hiscox Tech Track 100 league table is an honour for our company and is further evidence that we are experiencing fantastic momentum as a result of the flourishing digital music market.
“Our high sales growth plus ability to turn a profit this year are signs that our business-to-business model works and we will continue to drive this growth through more targeted consolidation and business-to-business customers and partners.”
Founded in 2003, Omnifone is an independent business-to-business provider of global cloud-based digital music services. Omnifone develops, licenses and manages scalable digital music services to enable partners, such as Sony, HP, RIM and rara.com, to deliver cloud-based music services across virtually all connected devices. These include smartphones, such as Android, iOS and Blackberry, PCs, Macs, tablets, games consoles, connected TVs, set-top boxes, home cinema systems, automotive entertainment systems, Blu-ray players, MP3 players and web browsers.
Omnifone’s award winning MusicStation® Platform is the proprietary cloud-based technology that powers more digital music streaming services, in more countries and across more connected devices than any of its competitors. Omnifone is a chartered member of the Digital Data Exchange (DDEX) and a member of the Global Repertoire Database (GRD) Working Group.
Find out more about Omnifone: http://www.omnifone.com
Follow Omnifone on Twitter: https://twitter.com/Omnifone
For more information contact: Parys Communications, 0208 875 7973, email@example.com
About The Sunday Times Hiscox Tech Track 100
For further information please contact: Richard Heap, senior researcher, Fast Track, 01865 297 014, firstname.lastname@example.org
Notes for editors
Fast Track has published league tables of top-performing private companies with The Sunday Times for the past 16 years. Its invitation-only dinners provide a valuable opportunity for entrepreneurs to network and meet its sponsors. The company was founded and is run by Dr Hamish Stevenson, who also holds an associate fellowship at Green Templeton College, Oxford University.
League table criteria
Companies had to be unquoted, independent and registered in Britain. They were ranked by compound annual growth rate (CAGR) in sales over their latest three financial years between 2008 and 2011 or 2009 and 2012.
The Tech Track 100 adopts the amended London Stock Exchange’s (LSE) techMARK definition of a technology company as one ‘that shows a commitment to innovation, research and product development, and operates in sectors including software, internet, telecoms and biotech’.
For financial years lasting for more or fewer than 52 trading weeks, figures were annualized on a simple pro-rata basis. Annualised sales had to exceed £250,000 in the base year (2008 or 2009) and £5m in the latest year (2011 or 2012). Companies also had to increase in sales in the latest year, but not necessarily be in profit.
The research was carried out by Fast Track between May and August. The majority of companies were interviewed by telephone or in person by the Fast Track team.
Hiscox is a world leader in providing intelligent insurance solutions for the tech industry. From the sole trader to the global business, Hiscox insures over 150,000 small and medium sized businesses across Europe and the USA.
Hiscox products, underwriting approach and claims management expertise keep pace with the changing face of IT and the law that applies.
The Barclays Technology, Media and Telecoms corporate banking team have sector-focused relationship directors located across the UK. These specialists have the industry expertise and local knowledge to recognise the requirements of this diverse sector, and support the businesses within it.
This dedicated team works with most of the listed UK TMT companies and more than a quarter of all Tech Track 100 businesses operating in the sector.
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