Award-winning cloud accounting software business, iplicit Ltd, secured 40th place in the annual Deloitte UK Technology Fast 50 list.

CEO Lyndon Stickley said: “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.”

Rankings in the Fast 50 list are based on percentage revenue growth over the last three years.

iplicit grew 742 per cent from March 31, 2021 to March 31, 2024.

The latest accolade follows a listing in the FT1000 as the 18th fastest-growing UK business earlier this year.

It was also awarded a top 10 position in the Sunday Times Best Places to Work in May.

iplicit’s support and marketing teams are based in Poole and several of its senior leadership are local to the area, including its CEO and CFO.

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.

Mr Stickley added: “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 per cent 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 invested by its founding shareholders and management team.

Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, said: “Being one of the fastest growing technology companies in the UK is an impressive accomplishment.”