Tech firms to be toasted at Fast 50

FIFTY of Scotland's technology businesses will highlight their resilience this week at the Deloitte & Touche Fast 50 Awards, co- sponsored by the Sunday Herald.

David Shearer, Deloitte & Touche's senior partner in Scotland, said the "outstanding" performance of many tech firms proved that the country had escaped the worst effects of the downturn in global technology markets.

"From our perspective the current market is complex and difficult, but for the past six months our corporate finance has been significantly busier than last year.

"There's also no doubt that, at the height of the internet boom, many UK companies and investors were carried away on a tide of false optimism. However, the strong showing from this year's entrants demonstrates that Scots, who perhaps displayed a more sceptical approach to the widespread technology valuation hype, have in many cases fared better."

He added that among this year's finalists were a number of telecoms, software development and biotechnology businesses from all over Scotland.

The Fast 50 are judged on three years' turnover growth, with Deloitte & Touche checking audited accounts. The event, sponsored by Scottish Enterprise, is in its fourth year.

Ian Steele, a fellow Deloitte & Touche senior partner, added that venture capitalists operating in Scotland were still suffering from a drop in deal flow. He argued that while enough venture capital was still available, many investors were struggling to find quality technology propositions that they were prepared to fund.

Shearer added: "While there have inevitably been some casualties north of the border, the flood of entrants for this year's Fast 50 includes many companies which have returned outstanding performances in a difficult climate."

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