Deloitte ranks 3 S'pore firms among fastest-growing tech companies
Three local firms are on an annual ranking of the fastest-growing Asia-Pacific tech companies.
Accounting giant Deloitte bases its rankings on revenue growth over a three-year period.
Software firm vKirirom came in 28th, with turnover growth of 1,421 per cent over the past three years, while Sense Infosys was 151st, thanks to a 362 per cent increase in revenue.
Another Singapore company, wireless communications outfit Yourwifi, ranked 292th with 174 per cent growth.
The table-topper was Tencent-backed Wuhan Douyu Network Technology, which has grown at a rate of 70,776 per cent over three years; the second-highest growth captured since the rankings began 16 years ago.
Wuhan Douyu develops and operates Douyutv.com, a live game streaming video platform similar to Amazon's Twitch. Deloitte's China technology media and telecommunications managing partner, Mr William Chou, said: "The generations born in China after 1990 show a much higher propensity to consume, rather than save, due to lower aversion to credit and a greater acceptance of digital payments.
"Therefore, companies that are focused on providing China's millennials with inexpensive entertainment options, such as gaming and live streaming, or those focused on eCommerce and fintech, are continuing to succeed."
However, the revenue growth was not restricted to Chinese companies as the top 500 averaged revenue growth of 600 per cent this year, beating last year's average revenue growth of 573 per cent.
Other companies that made the top 10 were focused on mobile entertainment, digital finance and fintech, and Internet of Things solutions.
Software firms continued to dominate sector growth with 212 companies in the top 500, up from 199 last year. Hardware was the second most prevalent sector accounting for 18 per cent of the ranked companies.
The Asia Pacific Technology Fast 500 covers a range of sectors including software and hardware tech, clean technology, media, communications and life sciences.
It includes firms in Australia; China, Hong Kong and Taiwan; India; Japan; South Korea; Malaysia, New Zealand and Singapore.