Accounting software disruptor named in Deloitte UK Technology Fast 50

iplicit Ltd, the fastest selling mid-market accounting solution in the UK, has been listed among the 50 fastest-growing tech companies in the UK.   

The industry disruptor secured 40th place in the annual Deloitte UK Technology Fast 50 list. 

Rankings are based on percentage revenue growth over the last three years. iplicit grew 742% during this period, from the year ending March 31 2021 to the year ending March 31 2024. 

The latest accolade follows a listing in the FT1000 as the 18th fastest-growing UK business earlier this year, with the innovative scale-up also being awarded a top 10 position in the Sunday Times Best Places to Work in May. 

Lyndon May 2024CEO Lyndon Stickley comments: “We have created something very special, here at iplicit.  It’s the culmination of leading-edge technology meeting a seasoned commercial team, along with a tonne of investment and a very large dose of luck!   

“We entered the market on the assumption that we could be the salvation for 3,000 disenfranchised Exchequer Software sites, but it turned out that we have a product that offers a lifeline to over 90,000 organisations in the UK alone; we rescue finance teams that are held hostage to legacy technology and don’t have a clear pathway to an affordable, yet powerful cloud accounting solution.” 

Since securing its first customer at launch in 2019, iplicit now has more than 2,000 organisations with over 30,000 daily users on its platform.

Stickley concludes: “Half of our business now comes from very unhappy Sage 50 and Sage 200 users.  We estimate that we will secure a significant portion of this market.  Just a 5% market share will make us the next tech unicorn, and with the most desirable solution in the market today, there’s no reason we shouldn’t achieve 10 times this amount.” 

iplicit remains a privately funded company, with £18.5m having been invested by its founding shareholders and management team.

Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, said: “We continue to see the resilience of the UK’s technology sector, demonstrated clearly from the impressive growth amongst this year’s Fast 50 winners. Amidst challenging economic conditions, these businesses have navigated their way to growth through tenacity, talent, and innovation in what remains a competitive market. I would like to extend my congratulations to all of the winners.

“The 50 fastest growing UK technology companies, as ranked by Deloitte, generated £1.93bn in total annual revenues in the year 2023/24.

“Being one of the fastest growing technology companies in the UK is an impressive accomplishment. We commend iplicit for making the Deloitte UK Technology Fast 50 with a phenomenal 742% growth rate over three years.”

The latest awards were announced at a ceremony which brought together founders and C-suite leaders at the Nobu Hotel London Portman Square. 

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 27th year, it is a ranking of the country’s 50 fastest-growing technology companies, based on revenue growth over the last three 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.deloitte.co.uk/fast50 The full list of this year’s winners and winner breakdown by region and sector is available at www.deloitte.co.uk/fast50