For the first time, "Globes" ranks the 50 fastest growing companies in Israel, in collaboration with leading global business data company Statista.
According to figures from the State Comptroller, 593 thousand companies are registered in Israel's official database. Of these, only 367 thousand are recorded as active. Fifty companies, a fraction of a percent, are in the "Israel Growth Champions 2022" rankings by "Globes" and international business data company Statista.
The lowest average rate of growth over the period covered by the survey is 9.8%. The highest is 460.1%, and belongs to Inovytec Medical Solutions. According to Felix Kapel, who is responsible for the growth rankings carried out by Statista around the world, this rate is higher than those of the top ranked companies in Austria and Switzerland, which have economies similar in size to that of Israel, and higher than the top ranked company in a ranking that has yet to be published, that of Singapore.
Does this mean that only those fifty companies grew such high rates during the period surveyed (2017-2020)? Presumably not. But in that question lies one of "Globes'" two motives for embarking on this ranking.
The first is the recognition that the country and the economy cannot grow and prosper without growth on the part of the smallest units in them, and that without growing firms there is no hope of general sustainable growth. There are of course additional important players in the growth story: workers, managers, the education system, infrastructures, financial institutions, and so on. This is an orchestra that plays together, and when it's off tune, success recedes.
Of course there are also critical broader questions in the discussion on growth, such as, is all growth is socially beneficial? How do you grow without at the same time destroying the planet?
The other motive for publishing the growth raking is to do with the methodology of the survey, which you can read about in detail here. The survey is based on the readiness of company managers to reveal their annual revenue figures. This is a basic condition for being examined for the ranking. Not "rate of growth, but the revenue numbers themselves.
In the nature of things, we are talking about privately-held companies, which are generally not keen to disclose their financial data. Nevertheless, of the fifty companies in the raking, only six are public. 44 companies showed not only the ability to grow, but also the courage not to hind behind the veil of privacy. They will all have their reasons, but at bottom is presumably the recognition that transparency is beneficial.
As a newspaper that deals in revealing information to the public and making it accessible, we believe that transparency is a value that we should promote. Our hope is that in the coming years the list of companies prepared to share their numbers with the public will lengthen, enabling all of us to obtain a better picture of the sectors of the economy, and even giving us a decision-making tool.
"The Fastest Growing Companies in Israel" is a list of fifty companies based on CAGR (compound annual growth rate) in the period 2017-2020.
|Rank ||Brand Name EN ||City ||Industry ||Absolute Growth Rate [in %] ||Compound Annual Growth Rate (CAGR) [in %] ||Revenue 2020
[in million ILS] ||Revenue 2017 [in million ILS] ||Number of employees 2020 ||Founding Year ||Listed on Stock Exchange |
|1||Inovytec Medical Solutions||Ra'anana||Health||17467%||460.1%||90.1||0.5||24||2011||No|
|2||Kueez||Tel Aviv||Information Technology||12464%||400.8%||76.1||0.6||11||2016||No|
|4||Morphisec information security||Be'er Sheva||Cyber Security||6043%||294.6%||52.8||0.9||89||2014||No|
|5||Baba Entertainment||Tel Aviv||Gaming||5226%||276.2%||36.1||0.7||32||2015||No|
|7||Nito Tech||Lod||Management Consulting & Professional Services||1616%||157.9%||77.2||4.5||28||2012||No|
|9||Kendago||Kiryat Ono||Advertising & Marketing||1070%||127.0%||121.5||10.4||80||2011||No|
|11||Transmit Security||Tel Aviv||Cyber Security||973%||120.6%||183.5||17.6||183||2014||No|
|12||KARMA||Tel Aviv||Technology & Telecommunication||906%||115.9%||11.4||1.2||19||2013||No|
|13||IronScales||Ramat Gan||Cyber Security||674%||97.8%||23.1||3.1||46||2014||No|
|16||Copterpix||Kibbutz Karmia||Aerospace & Defence||509%||82.6%||6.7||1.1||30||2012||No|
|17||Riskified||Tel Aviv||Cyber Security||487%||80.3%||592.6||104.1||580||2013||Yes|
|19||Arbox||Bnei Brak||Technology & Telecommunication||328%||62.3%||4.4||1.0||24||2015||No|
|21||YL Marketing||Jerusalem||Management Consulting & Professional Services||277%||55.6%||8.1||2.1||19||2014||No|
|22||Bigabid||Tel Aviv||Advertising & Marketing||275%||55.4%||52.4||14.4||32||2015||No|
|23||Fiverr||Tel Aviv||Information Technology||263.7%||53.8%||661.6||187.5||545||2010||Yes|
|24||Pikoya||Haifa||Advertising & Marketing||239%||50.2%||64.7||19.1||30||2010||No|
|25||Days of the messiah||Rehovot||Technology & Telecommunication||202%||44.5%||24.5||8.1||51||2009||No|
|26||PlantArray (Plant Ditech)||Yavne||Biotechnology||196%||43.6%||3.9||1.3||5||2016||No|
|27||RADA||Netanya||Aerospace & Defence||191%||42.8%||266.1||94.2||198||1970||Yes|
|29||Webz.io||Bnei Brak||Information Technology||188%||42.2%||22.6||7.8||39||2016||No|
|30||Powermat Technologies||Petah Tikva||Technology & Telecommunication||185%||41.8%||68.8||24.9||25||2006||No|
|32||Next Vision Stabilized Systems||Ra'anana||Aerospace & Defence||150%||35.8%||27.0||10.8||24||2009||No|
|33||iCloudius||Tel Aviv||Information Technology||133%||32.5%||15.0||6.5||39||2012||No|
|34||Wix||Tel Aviv||Information Technology||132.3%||32.4%||3,451.8||1,531.4||4628||2006||Yes|
|35||Ourcart||Tel Aviv||Technology & Telecommunication||130%||32.0%||10.3||4.6||18||2011||No|
|36||Reshetcall (contaqt)||Haifa||Technology & Telecommunication||130%||32.0%||22.3||9.7||14||2014||No|
|37||Shamaym||Tel Aviv||Technology & Telecommunication||127%||31.4%||4.8||2.2||17||2015||Yes|
|38||Orcanos||Tel Aviv||Information Technology||117%||29.4%||3.5||1.6||17||2005||No|
|39||Utilis||Rosh Haayin||Technology & Telecommunication||111%||28.2%||22.9||11.2||44||2012||No|
|40||Priniv||Dvora (Ta'anakh)||Food & Beverages||100%||26.0%||68.2||34.1||60||1995||No|
|41||Variscite||Lod||Technology & Telecommunication||91%||24.0%||199.7||104.7||72||2003||No|
|42||LastPrice||Haifa||Retail & Wholesale||74%||20.2%||118.0||68.0||45||1962||No|
|43||Ilex Medical||Petah Tikva||Health||71%||19.6%||946.5||553.7||421||1990||No|
|45||Natural Intelligence||Tel Aviv||eCommerce||68%||18.9%||1,326.6||813.1||409||2009||No|
|46||Anshel Marketing||Petah Tikva||Food & Beverages||64%||18.0%||45.0||27.4||5||2015||No|
|47||Finaro (Credorax)||Herzliya||Financial Services & Fintech||58%||16.5%||485.3||316.6||282||2007||No|
|49||RACHIP||Bnei Brak||Technology & Telecommunication||37%||11.2%||22.0||16.0||130||2007||No|
|50||Vidstart||Tel Aviv||Advertising & Marketing||32%||9.8%||14.4||10.9||11||2016||No|
To be included in the Fastest Growing Companies in Israel ranking, a company must meet the following threshold conditions:
- Revenue of NIS 300,000 or more in 2017.
- Revenue of NIS 3 million or more in 2020.
- Independence (not part of a group that consolidates its financial statements or a branch or office of an international company).
- Headquartered in Israel.
- Growth between 2017 and 2020 mainly organic (not through mergers and acquisitions).
The data gathering process was carried out on two tracks. The first was that in April 2021 an invitation to register as a candidate for the ranking was published on "Globes'" Hebrew and English websites.
At the same time, Statista carried out a market survey to find relevant companies and actively approached them. Next, Statista put together a list of 1,000 companies identified at this stage - even before they had disclosed revenue figures - as likely to have high growth.
Of those 1,000 companies, 100 expressed a desire to participate in the process and agreed to disclose their revenue numbers in order to facilitate the ranking. The companies were required to provide the data in writing, signed by a senior manager (generally the CEO or CFO). After the process of confirming the figures was complete, fifty companies were left.
Growth rate calculation
The CAGR was calculated on the basis of the figures supplied by the companies and in the designated currency (shekels or dollars). For the sake of comparison, all sums were converted to shekels according to the average rate of exchange reported by the company.
In formulating the "Fastest Growing Companies in Israel" ranking, great efforts were made to obtain as much information as possible on companies worthy of inclusion. Despite these efforts, the ranking does not pretend to be complete. Many companies chose not to publicize their data; others did not participate for other reasons.
With a database of more than 1 million statistics, Statista is one of the world's leading business data platforms for analyzing strategic markets, statistics and providing research findings.
Statista is a major portal providing access to data, insights and trends on more than 80,000 topics and 170 industries. The portal contains proprietary surveys, exclusive secondary sources and data from more than 22,500 sources.
Statista, which is headquartered in Germany and was founded in 2007, has more than 1,000 employees in 12 cities worldwide. Statista offers its more than 1.5 million registered users from business, science and the public sector access to high-quality and reliable data and statistics, according to scientific standards.
Statista's Research & Analysis Department conducts analyses and research for its customers.
Statista's customers include multinational corporations, more than 2,000 universities and technical schools, leading consultancy and management companies, advertising agencies, trade organizations, banks and financial institutions, political NGOs and many others. Partners to its project in the media and communications include The Financial Times, Forbes, The Independent, El Mundo, Frankfurter Allgemeine, Business Insider, and LinkedIn.
Published by Globes, Israel business news - en.globes.co.il - on December 16, 2021.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.