Fortech (www.fortech.ro) Ranked Number 497 Fastest Growing Technology Company on the Deloitte Technology Fast 500 EMEA 2011
Today Fortech announced that it ranked number 497 on the Deloitte Technology Fast 500 EMEA 2011, a ranking of the 500 fastest growing technology companies in EMEA. Rankings are based on the percentage of revenue growth over five years. Fortech grew more than 300 % during this period.
Cluj-Napoca, Romania, December 03, 2011 --(PR.com)-- Fortech’s managing director, Calin Vaduva, attributes the 313.14% Revenue Growth of the company over the past five years to the development of reliable partnerships with clients from Western Europe especially from the German market and USA. Fortech succeeded in establishing itself on the global market due to the high quality of the services offered by its team. The general director has declared: "An important aspect has always been, and will remain, the manner in which we respected our promises made towards all our partners, clients, employees and collaborators. We constructed solid relationships based on facts, not just promises."
Talking about the company’s current situation, Mr. Vaduva highlighted some important aspects: "Having a strong basis of stable partnerships consolidated in the last few years of the company’s development, Fortech managed to reach a quick but organic growth of 50% this year, at the moment having a number of 180 IT specialists. Our employees offer IT services (architecture, software development, testing, IT management) in several large projects for important companies in the area of automotive engineering, retail and others.
"This year was and continues to be a year of growth in the local IT business, with special focus on outsourcing. From the beginning of the year we work at a capacity of 120% and we were constantly forced to refuse new clients and projects. This is an unpleasant side of the business, but on the other hand we preferred to consolidate our existing partnerships, to maintain quality standards. From the beginning of the year up to the present moment we hired more than 80 new employees only in the area of software development and testing. At the moment we still have about 15 open positions in different areas.
"For 2012, if we only considered our clients’ current estimations regarding projects with a runtime of a few years, we would foresee a 30% growth. However, we prefer to stay realistic, considering the global economic predictions, and we expect the next year to be a year of stabilization and consolidation for the company.
"In case if the year 2012 will not be one of vigorous growth, and we will be able keep up our allocations, we plan investments in many directions regarding the professional development of the company’s employees and the enlargement of the teams, the foundation of an IT training center, as well as the development of proprietary software.”
Fortech previously ranked 285 on 2010 Deloitte Technology Fast 500.
In addition to ranking in the Deloitte Technology Fast 500, Fortech ranked 43 in the Central Europe Deloitte Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in Central Europe.
Deloitte Technology Fast 500 EMEA selection and qualifications
The Technology Fast 500 list is compiled from the Deloitte EMEA Technology Fast 50 programs, nominations submitted directly to the Technology Fast 500, and public company database research. To qualify for the Technology Fast 500, entrants must have had base-year operating revenues of at least €50,000 and current-year operating revenues of at least €800,000.
Entrants must also be public or private companies headquartered in EMEA and must be a “technology company,” defined as a company that develops or owns proprietary technology that contributes to a significant portion of the company's operating revenues; or manufactures a technology-related product; or devotes a high percentage of effort to the research and development of technology. Using other companies' technology in a unique way does not qualify.
About Fortech
Fortech is a top Romanian IT provider of outsourcing services for custom software development and IT support, located in Cluj-Napoca, Romania. Having strong technical expertise in Java, .Net, C/C++, automatic and manual testing and Mobile applications, Fortech's offer includes tailored software development services, testing and software quality assurance services, software consultancy and implementation of IT solutions & services. With over 8 years of experience, a team of 180 development and QA engineers and more than 50 customer relations built so far, Fortech's mission is to offer its clients professional IT teams to satisfy their long term needs.
About Deloitte Technology Fast 500 EMEA
The Deloitte Technology Fast 500 EMEA is the region’s most objective industry-ranking standard to focus on the technology field and recognizes technology companies that have achieved the fastest rates of revenue growth in Europe, the Middle East and Africa during the past five years. Combining technological innovation, entrepreneurship and rapid growth, Fast 500 companies – large, small, public and private – span a variety of industry sectors, and are leaders in hardware, software, telecom, semiconductors, internet, media, life sciences and emerging areas, such as clean technology.
The program is supported by the Deloitte Technology Fast 50 initiatives, a program that ranks high growth technology companies by location or specifically defined geographic area and is run by the Deloitte Touche Tohmatsu Limited’s Technology, Media & Telecommunications (TMT) global industry group. Co-sponsors include Taylor Wessing, a leading International law firm with a focus on the industries of tomorrow, and Fidelity Growth Partners Europe, a venture and growth capital investor which backs entrepreneur with aspiration for greatness in the IT and clean technology sectors across Europe.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 170,000 professionals are committed to becoming the standard of excellence.
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Talking about the company’s current situation, Mr. Vaduva highlighted some important aspects: "Having a strong basis of stable partnerships consolidated in the last few years of the company’s development, Fortech managed to reach a quick but organic growth of 50% this year, at the moment having a number of 180 IT specialists. Our employees offer IT services (architecture, software development, testing, IT management) in several large projects for important companies in the area of automotive engineering, retail and others.
"This year was and continues to be a year of growth in the local IT business, with special focus on outsourcing. From the beginning of the year we work at a capacity of 120% and we were constantly forced to refuse new clients and projects. This is an unpleasant side of the business, but on the other hand we preferred to consolidate our existing partnerships, to maintain quality standards. From the beginning of the year up to the present moment we hired more than 80 new employees only in the area of software development and testing. At the moment we still have about 15 open positions in different areas.
"For 2012, if we only considered our clients’ current estimations regarding projects with a runtime of a few years, we would foresee a 30% growth. However, we prefer to stay realistic, considering the global economic predictions, and we expect the next year to be a year of stabilization and consolidation for the company.
"In case if the year 2012 will not be one of vigorous growth, and we will be able keep up our allocations, we plan investments in many directions regarding the professional development of the company’s employees and the enlargement of the teams, the foundation of an IT training center, as well as the development of proprietary software.”
Fortech previously ranked 285 on 2010 Deloitte Technology Fast 500.
In addition to ranking in the Deloitte Technology Fast 500, Fortech ranked 43 in the Central Europe Deloitte Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in Central Europe.
Deloitte Technology Fast 500 EMEA selection and qualifications
The Technology Fast 500 list is compiled from the Deloitte EMEA Technology Fast 50 programs, nominations submitted directly to the Technology Fast 500, and public company database research. To qualify for the Technology Fast 500, entrants must have had base-year operating revenues of at least €50,000 and current-year operating revenues of at least €800,000.
Entrants must also be public or private companies headquartered in EMEA and must be a “technology company,” defined as a company that develops or owns proprietary technology that contributes to a significant portion of the company's operating revenues; or manufactures a technology-related product; or devotes a high percentage of effort to the research and development of technology. Using other companies' technology in a unique way does not qualify.
About Fortech
Fortech is a top Romanian IT provider of outsourcing services for custom software development and IT support, located in Cluj-Napoca, Romania. Having strong technical expertise in Java, .Net, C/C++, automatic and manual testing and Mobile applications, Fortech's offer includes tailored software development services, testing and software quality assurance services, software consultancy and implementation of IT solutions & services. With over 8 years of experience, a team of 180 development and QA engineers and more than 50 customer relations built so far, Fortech's mission is to offer its clients professional IT teams to satisfy their long term needs.
About Deloitte Technology Fast 500 EMEA
The Deloitte Technology Fast 500 EMEA is the region’s most objective industry-ranking standard to focus on the technology field and recognizes technology companies that have achieved the fastest rates of revenue growth in Europe, the Middle East and Africa during the past five years. Combining technological innovation, entrepreneurship and rapid growth, Fast 500 companies – large, small, public and private – span a variety of industry sectors, and are leaders in hardware, software, telecom, semiconductors, internet, media, life sciences and emerging areas, such as clean technology.
The program is supported by the Deloitte Technology Fast 50 initiatives, a program that ranks high growth technology companies by location or specifically defined geographic area and is run by the Deloitte Touche Tohmatsu Limited’s Technology, Media & Telecommunications (TMT) global industry group. Co-sponsors include Taylor Wessing, a leading International law firm with a focus on the industries of tomorrow, and Fidelity Growth Partners Europe, a venture and growth capital investor which backs entrepreneur with aspiration for greatness in the IT and clean technology sectors across Europe.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 170,000 professionals are committed to becoming the standard of excellence.
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