Financial Times Names Index.dev among Europe's 1000 Fastest-Growing Companies
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March 18, 2024

Financial Times Names Index.dev among Europe's 1000 Fastest-Growing Companies

We’ve done it! The Financial Times has unveiled its annual ranking of FT 1000 Europe’s Fastest-Growing Companies, and we're proud to announce that Index.dev has secured a spot on the esteemed list for the first time. 

Landing at 29th overall and 6th in the competitive IT & Software sector, our success mirrors the growing emphasis on remote work. 

Our fast-paced growth in recent years stems from our dedication to simplifying remote global hiring for tech companies and unleashing untapped talent. This accolade isn't just an award; it's a call to action to keep empowering businesses and talent through remote work, teams, and opportunities.

Our CEO, Sergiu Matei, sums it up best: 

“Being recognized by the Financial Times as one of Europe's fastest-growing companies is an incredible honor, especially for the first time. This isn't just about our revenue growth; it's also a testament to the quality of our work in building the future of remote work and the partnerships we've forged. This award belongs to everyone at Index.dev.”

While we're celebrating this milestone, we're also looking ahead. Even in this challenging environment, with new features in the pipeline, we're dedicated to making remote hiring and matching more efficient and accurate than ever before and look forward to another year of growth and development.

The Numbers

Let's break down the numbers. In the 8th annual ranking of Europe’s fastest-growing businesses, London-based tech remote work platform Index.dev clinched the 29th spot overall, boasting an impressive Compound Annual Growth Rate (CAGR) of 225.5%. This places us among esteemed IT & Software companies like Vakanta, Skinport, and Surfer Seo.

Between 2019 and 2022, Index.dev achieved an absolute growth rate of 3348.9%. We engaged with over 200,000 engineering talents through 500 sourcing channels, establishing a network of 12,000 vetted engineers. Additionally, we successfully facilitated the placement of 300 developers with leading clients worldwide, spanning various sectors from eCommerce to SaaS to AI. Notably, we extended tech talent retention from an average of 4 to an impressive 13 months per project. Our efforts have supported more than 100 businesses in swiftly hiring high-performing tech talent on demand, catalyzing the expansion of their global teams by a factor of 7, while simultaneously reducing recruiting and development costs by up to 40%. This showcases our consistent and remarkable growth trajectory.

In the words of Mike Sokirka, Co-Founder & VP Business Development: 

“This award reaffirms our commitment to aiming high from the very beginning. We work with companies with global reach and aspirations, adding value for them. Our objective is to serve as a remote work advisor and a 'guide in the hiring jungle' for aspiring startups and scale-ups worldwide.”

What Is the FT1000 List?

The FT 1000 ranking, compiled in collaboration with German research company Statista, highlights European companies that have demonstrated remarkable growth despite numerous challenges such as tech layoffs, startup closures, energy crises, high inflation, and limited capital investment. While many businesses have faced difficulties or folded, others have shown resilience and thrived.

Companies on the list are ranked based on their compound annual growth rate (CAGR) in revenue from 2019 to 2022. This growth must primarily be organic, meaning it is internally generated rather than achieved through acquisitions or external investment. To qualify for inclusion this year, companies needed to achieve a minimum average growth rate of 36.9 percent.

IT and Software companies feature prominently on the list, constituting the largest segment with 189 entries — an increase from 176 entries last year.

In terms of geographical representation, Italy remains the top-performing country with 304 high-growth companies, extending its lead over Germany, which follows with 198 companies. London continues to lead as the city with the highest number of fast-growing companies for the eighth consecutive year, with 70 businesses listed. However, this number is slightly lower than the previous year's 84. Milan has secured second place with 43 companies, while Paris has slipped to third with 39.

For more detailed insights, you can read the full report here.

Criteria for Inclusion

To qualify for the list of FT1000 Europe’s fastest-growing companies, a company had to meet the following criteria:

  • Revenue: Generated at least €100,000 in revenue in 2019 and at least €1.5 million in revenue in 2022.
  • Independence: Operated as an independent company, not a subsidiary or branch office of any kind.
  • Organic Growth: Achieved revenue growth between 2019 and 2022 that was primarily organic, meaning it was internally stimulated.
  • Stock Exchange Listing: If listed on a stock exchange, maintained a share price that did not fall by 50 percent or more since 2022.
  • Share Price Stability: Did not experience share price irregularities in the past 12 months.

Calculation of CAGR

To determine company growth rates, revenue figures provided by the companies in their respective national currencies were converted into euros to ensure comparability in the ranking. The average exchange rate for the financial year specified by the company was utilized for this conversion.The compound annual growth rate (CAGR) was computed using the following formula:

CAGR = ((revenue2022 / revenue2019)^(1/3)) — 1

Additionally, the absolute growth between 2019 and 2022 was calculated as follows:

Growth rate = (revenue2022 / revenue2019) — 1

 

Why Choose Index.dev?

With Index.dev, hiring a skilled engineering talent for your project is fast and efficient. We don't just send you any engineer – we meticulously select candidates who align with your business needs and work culture.

Our process is designed for speed and effectiveness, ensuring you get results quickly:

  • Receive three handpicked interview-ready candidates within 48 hours.
  • Complete onboarding in less than a week after making your selection.
  • Assess the developer's fit for your project risk-free during the 30-day trial period.

With a remarkable 97% trial-to-hire rate, our matching process ensures you find the perfect fit every time.

Moreover, we prioritize building long-term, high-retention relationships with our clients, offering a dedicated account management team for continuous assistance. Our commitment extends beyond the initial hire. We provide ongoing support, including training and team setup, to ensure your new remote hires start strong and continue to excel. 

Joining Index.dev means more than just hiring or getting hired – it's an investment in the quality of your tech team or the foundation of a thriving remote career.

Learn more about how Index.dev makes remote work, really work →