Fast Growth Stars
The annual Deloitte Technology Fast 50 showcases technology firms recording rapid growth in turnover. Robert O’Brien looks under the hood of some of the rising tech stars
Deloitte says the firms listed in its latest Technology Fast 50 generate c.€3.3bn in total annual revenue and employed 4,600 people in 2019. Qualifying criteria for the ranking are that the company must have accounts covering a minimum of four years and must be considered a technology company.
Ranked companies must have baseyear (year 1) operating revenue of
€ 50,000 or more, and a current year (year 4) operating revenue of at least
€ 1m. The ranking is based on increase in turnover over a four-year period. Very few of the firms ranked by Deloitte disclose turnover in their annual CRO filings, though profit or loss figures can be gleaned from their balance sheets.
EVERSEEN
Everseen (No.1), led by Alan O’Herlihy, parachuted into top spot in the latest Fast 50 and also received a Google-sponsored innovative technology award in recognition of its international growth. The venture combines artificial intelligence with real-time video analysis in a platform pitched at retail, logistics and process automation.
Founded in 2007, Everseen has found most traction so far with retailers, and counts US giants Walmart and Kroger among its customers. Its Visual AI platform can use existing video and sensor systems – such as security cameras, self-serve checkouts and infrared barcode readers in a supermarket – to detect and alert whenever a product has not been scanned properly. The system can also be used to improve POS throughput and reduce the need for staff assistance at self-serve checkouts.
O’Herlihy’s solution is a hit with retailers given the growth of self-service checkouts and the high potential for inventory shrinkage, where products are lost through cashier or customer error, or theft. Everseen claims its technology helps clients recover c.€3,000 per store, per week.
O’Herlihy (46) hails from Glenville in Co. Cork and worked behind the counter in his parents’ shop as a youngster. After studying software engineering, the entrepreneur worked in a German software company before opening some fast-food franchises. When the restaurants were shuttered during the last recession, O’Herlihy formulated plans for Everseen.
Through the Science Foundation of Ireland and Dublin City University, O’Herlihy met Bogdan Ciubotaru, the company’s CTO, who brought on board several video tech experts from his native Romania. The business tied down a contract with Kroger last September that will see its technology used in 2,500 stores across America.
According to Deloitte, Everseen recorded turnover growth of 2,900% over the last four years. The venture booked a loss of c.€7m in 2018, bringing accumulated losses to c.€20m. O’Herlihy has raised close to € 40m in funding, and local investors include smart entrepreneurs such as Ray ‘Tayto’ Coyle, Barry ‘Richmond Marketing’ Connolly and Cyril ‘Trintech’ McGuire.
Total liabilities in December 2018 were € 13m, mostly comprising debenture loans from Synergy Investments in Boston. In 2020, Everseen raised c.€7m from dozens of investors, including Neil Garfinkel (€500,000), co-founder of US investment firm Francisco Partners, who joined Everseen’s board of directors. O’Herlihy has ambitious plans for his Cork software company, and he predicted recently that it will hit a billiondollar valuation “very soon”.