Deep Casing Tools named one of the UK’s fastest growing technology companies in 2023 Deloitte Technology Fast 50
Deep Casing Tools today announced that it placed 36th in the 2023 Deloitte UK Technology Fast 50, a ranking of the 50 fastest-growing technology companies in the UK. Rankings are based on percentage revenue growth over the last four years. Deep Casing Tools grew 850% during this period.
Deep Casing Tools’s CEO, David Stephenson, credits the team’s consistent delivery of innovation plans and continual commitment to technology development with the company’s growth. He said: “I am incredibly grateful to every person at Deep Casing Tools for their dedication and hard work over the past four years. Our team’s commitment to innovation and continuous advancement in our suite of technologies has been pivotal to achieving an outstanding 850% revenue growth in the energy sector.
"As of June 2023, we reached an impressive milestone of over £50 million in revenue sales, surpassing our entire revenue generated in 2022. This highlights the increased demand for our products and services which has enabled our sustained growth throughout this year.”
The Aberdeen headquartered company has developed a range of simple, sustainable and proven technologies that provide a complete solution across the drilling and completion cycle, helping customers reduce time, cost, risk and emissions.
Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, said: “The impressive growth amongst this year’s Fast 50 companies demonstrates the continued tenacity of the UK’s technology industry, despite ongoing economic headwinds, as it cements itself amongst the top locations for venture capital investment globally.
“The Deloitte UK Technology Fast 50 awards acknowledge and showcase the talent and innovation of tech businesses across the country.
“The 50 fastest growing UK technology companies, as ranked by Deloitte, generated £808mn in total annual revenues in the year 2022/23 and employed almost 15,000 people. The Deloitte UK Technology Fast 50 recorded an average four-year growth rate of 5,473 per cent.”
About the Deloitte UK Technology Fast 50
The Deloitte UK Technology Fast 50 is one of the UK’s foremost technology award programmes. Now in its 26th year, it is a ranking of the country’s 50 fastest-growing technology companies, based on revenue growth over the last four years. The UK Fast 50 awards are all about growth driven by leading intellectual property and are a celebration of innovation and entrepreneurship. Previous winners have come from across the UK, are both large and small, and included some of the most dynamic players in all areas of technology, from IoT to BioTech, digital media technology to life sciences, FinTech to software and clean energy to telecommunications. For more information visit www.fast50.co.uk
The full list of this year’s winners and winner breakdown by region and sector is available at www.fast50.co.uk
About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.
The information contained in this press release is correct at the time of going to press. For more information, please visit www.deloitte.co.uk. Member of Deloitte Touche Tohmatsu Limited.
About the sponsors
About Multiverse
In collaboration with Deloitte, all members of the community have free access to leverage unused levy funds to either upskill and help retain their current employees (across digital/data/leadership/transformation paths) or create diverse, equitable routes into roles for early talent through professional development programmes.
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About Business Growth Fund
Since 2011, BGF has invested £3.5 billion in over 500 companies. Of all the sectors we invest in, technology accounts for the largest share in our portfolio.
We have backed over 100 technology businesses and provided close to £500 million of capital to support the growth plans of ambitious businesses across a range of technology sub-sectors such as mobile apps, managed services, cloud computing, climate tech, life sciences and much more.
With 16 offices across the UK and Ireland, BGF makes initial investments of between £1-20 million for a minority equity stake. We have worked with some of the UK’s most exciting technology brands, from unicorns such as Gousto and Paddle to ground-breaking innovators such as Oxbotica (autonomous vehicles), AND Digital (cloud computing) and MyZone (wearable tech). Technology remains an incredibly exciting sector and the BGF’s investment team looks forward to backing many more innovative tech businesses in the years ahead. Web: https://www.bgf.co.uk/ Twitter: @BGFinvestments LinkedIn: BGF
About HSBC Innovation Banking
HSBC Innovation Bank Limited provides commercial banking & lending services, expertise and insights to the technology, life science and healthcare, private equity and venture capital industries. HSBC Innovation Bank Limited is a subsidiary of HSBC Group, benefiting from its stability, strong credit rating and international reach to help fuel its growth. Web: https://www.hsbcinnovationbanking.com Twitter: @HSBCInnovation LinkedIn: HSBC Innovation Banking
