Two Cambridge spin-outs in Tech Track 100 Report

University of Cambridge spin-outs CamSemi and BlueGnome were named as two of the UK’s fastest-growing technology companies in the latest Sunday Times Hiscox Tech Track 100 report, which was published earlier this month.

The 12th annual league table ranks UK privately-held businesses on the basis of average annual sales growth over the last three financial years. CamSemi posted an average annual growth of 85% in the period 2009 to 2011, which makes it the fastest-growing merchant market semiconductor company in the report. BlueGnome, which was recently acquired by Illumina, posted an average 65% sales growth for the same period.

“This is the first time CamSemi has been listed in the Tech Track 100, building on multiple prior awards for our energy-saving technologies, ‘cost-efficient’ products and commitment to the green agenda,” said David Baillie, CamSemi CEO. “Everyone at CamSemi is delighted to see our rapid growth being recognised more widely, particularly in the current economic climate and when competing globally with larger, more established players. It’s a very real achievement and reflects the exceptional work and commitment put in by every person in the business.”

The number of companies headquartered in the east of England on the league table is six, up from three in 2011. The six have made a strong contribution to the local economy over the last three years, despite the tough economic conditions. Together they employ 492 people and have achieved combined sales of £77m. The companies are CamSemi (ranked 29th), OpenCloud (39th), BlueGnome (48th), Lab21 (77th), Cambridge Cognition (92nd) and ECO Plastics (66th).

The Tech Track 100 league table and awards programme is sponsored by Hiscox and Barclays, and compiled by Fast Track, the Oxford-based networking events and research company. Steve Langan, Managing Director of Hiscox UK and Ireland, the title sponsor of the league table, commented: “Just as London 2012 will inspire young athletes, so too should the stories behind these Tech Track companies inspire the next generation of entrepreneurs. Brainy, tenacious and above all hard working, these privately owned businesses deserve every bit of recognition for their important contribution to our economy.”

This year’s Tech Track 100 companies achieved, on average, sales growth of 81% a year over the last three years of accounts, from a combined total of £521m in 2008/09 to £2.7bn in 2011/12. They more than tripled their combined workforce to 11,200 jobs over three years, with more than 7,500 jobs added over that period.

Two-thirds of the companies on the league table either have international operations or plan to grow overseas in the near future. These include renewable energy developers, consumer websites, and telecoms providers.