Polish software developer SoftwareHut took the 33rd place amongst European companies in the Financial Times' annual list of the fastest-growing 1,000 European companies, published on March 2.
The software house finished the highest amongst 14 Polish technology companies that made the annual list. SoftwareHut’s global expansion into 10 different markets saw a 3,090% absolute growth rate between 2015-2018, according to the list.
SoftwareHut is a subsidiary of TenderHut, which also made the list in 627th position, with growth of 269.2%.
The Financial Times ranking was created on the basis of a comparison of the revenue growth rates of enterprises from 32 European countries in 2015–2018.
At the end of 2018, the Białystok-based software developer recorded revenue of PLN19.9mn (€4.67mn), compared to PLN620,000 in 2015. The compound annual growth rate (CAGR) from the years 2015-2018 was 217%.
A vast 95% of the company’s turnover is generated on foreign soil as the company currently operates out of 10 global markets.
“We founded SoftwareHut in 2015 as a company offering software and IT outsourcing, supporting other companies in the group in programming capacity,” Robert Strzelecki, CEO of SoftwareHut and TenderHut Capital Group, said in a statement.
In last year's edition of the Financial Times’ ranking, SoftwareHut's parent company, TenderHut, took the highest place among Polish companies.