The awards recognise and rank the 50 fastest-growing technology companies in the UK based on average revenue growth over a four-year period, and are sponsored by Multiverse, Oracle NetSuite, BGF and HSBC Innovation Banking.

The 2023 Fast 50 winners have a collective average four-year growth rate of 5,473%, total revenues of £801 million in 2022/23, and employ almost 15,000 people in the UK.

Glasgow-based software company, The Original Fit Factory, placed 5th in the ranking, making it the fastest-growing technology company in Scotland this year. Glasgow-based Utopi Ltd, an ESG technology platform for multi-tenant real estate, claimed 20th place, while Edinburgh-based software development company, Amiqus Resolution Limited, ranked in 35th place. Aberdeen technology solutions company, Deep Casing Tools Ltd, placed 37th in the ranking.

The Original Fit Factory provides a range of products and services that aim to improve the wellbeing journey for everyone, encompassing fitness, wellness, nutrition, apparel, and events to 10 million individuals across 77 countries worldwide. Launched in 2016, the company now has offices in Las Vegas and Dubai, as well as its original home in Glasgow.

David Weir, Group CEO and founder, The Original Fit Factory, said: “We have always been on a mission to make a healthier way of living easier and more accessible, with innovative technology at our core. It’s so rewarding to be acknowledged as one of the fastest-growing technology companies in the UK.”

Scottish online advertising company Goop-Loop also placed 3rd in the ranking for this year’s Women in Leadership category, while Edinburgh-based Roslin Technologies received a Rising Star award.

This year’s awards included a new category, CleanTech, which recognised climate technology companies within the Technology Fast 50 ranking for their contribution to the UK’s Net Zero target. Scotland’s Utopi Ltd was among the five businesses awarded in this category.

Utopi specialises in energy consumption monitoring and impact technology to support its customers to reduce their environmental impact. It uses smart technology to collect live data from multi-tenant buildings, such as student accommodation, which is then reported back on easy-to-read dashboards, providing real, tangible and contextualised information that allows building owners and residents to take steps towards the decarbonisation of their real estate.

Since launching in 2019, Utopi has grown from four to 52 employees, and now operates in over ten countries across Europe. The business is currently working towards expansion in the US market.

Jonathan Burridge, CEO, Utopi Ltd, added: “Data driven transformation is essential for reducing our carbon emissions. Over the last two years, we’ve collected more than 4.1 billion environmental data points, now growing by more than 25 million each day, providing our customers with contextualised information that allows them to take action in reducing their carbon emissions.

“Being shortlisted as one of the UK’s fastest growing technology companies is testament to the hard work of our expert team and is another step on our mission to become the worlds number one ESG technology platform in the multi-tenant real estate sector.”

Garry Tetley, tax partner and Deloitte private leader in Scotland, commented: “The remarkable growth we’ve seen among this year’s Fast 50 winners underscores the enduring strength of the UK’s technology sector, solidifying its position as a premier destination for global venture capital investments. I’m very pleased that four Scottish businesses have received well-deserved recognition in this year’s ranking.

“While businesses continue to navigate a turbulent economic landscape, the UK’s technology sector remains a symbol of resilience, talent, innovation and competitiveness. My heartfelt congratulations go out to all the deserving winners as they navigate and thrive in these challenging times.”