Halter founder and chief executive Craig Piggott. Photo / Supplied
Halter founder and chief executive Craig Piggott. Photo / Supplied
Virtual fencing and pasture management business, Halter, has secured first place on the Deloitte Fast 50 index this year with 1539% growth.
Making its mark on the New Zealand, Australian, and more recently, United States farming markets, Halter’s app and cow collar has changed the game for farmers, enabling them to virtually fence and herd their cattle, while monitoring cow health and location 24/7.
The firm was founded by one-time Rocket Lab engineer Craig Piggott eight years ago, with his former boss Peter Beck playing the role of both mentor and financier - both directly from his own funds and by connecting Piggott with his network of Silicon Valley backers as his firm raised more than $124 million in venture capital.
Craig Piggott (right) with three of his key backers: David Cowan, a partner at US venture capital firm and major Rocket Lab shareholder Bessemer; mentor and investor Sir Peter Beck; and Bessemer partner Tess Hatch. Photo / Supplied
Halter landed its first customers in the Waikato, where Piggott’s parents worked 100-hour weeks as sharemilkers before buying a small farm near Morrinsville (which became Halter’s testbed).
More recently, the firm has pushed across the Tasman. Earlier this year, it launched in the US.
Software development firm OLT (1237%), Pact Steel (751%), Franklin Hospital (477%) and Fortis Travel and Events (447%) round out the 2024 top five fastest-growing private businesses in New Zealand.
The annual Deloitte Fast 50 index ranks businesses experiencing rapid revenue growth over three years, setting the benchmark for fast-growth businesses in New Zealand.
Deloitte Private Partner and Fast 50 lead, James Arlidge, says New Zealand’s pioneering spirit and reputation for pushing the boundaries across a variety of sectors remains strong despite current economic challenges.
“The growth this year’s Fast 50 businesses have achieved over the past three years is a tribute to their agility, innovation, and self-belief,” says Arlidge. “The variety of industries in the index this year also reflects the depth and breadth of the entrepreneurial talent we have here in Aotearoa.”
The services industry has a strong presence across the index with 17 businesses featuring in this year’s top 50, and the construction, technology and retail industries are also well represented.
The potential of New Zealand’s weightless exports is also highlighted, with technology businesses taking out the top two spots and achieving growth exceeding the 2023 index results.
Government regulation, domestic competition, and interest rates remain the top economic issues for this year’s winners, while general growth in sales, increased marketing, and expansion into new regions and markets were cited as the main factors for growth.
Devoli tops Master of Growth Index
On the Master of Growth index, telecommunications company Devoli secured number one position with 478% growth over the past five years, followed by WasteCo (467%), BlackBull Markets (443%), Groovy Group (424%) and FSL Construction and Interiors (416%).
Telecommunications infrastructure wholesaler, Devoli, majority owned by Punakaiki Fund, specialises in providing advanced telco solutions for retail brands and managed service providers across New Zealand and Australia, with services including internet, mobile, and voice solutions. A regular in the Deloitte Fast 50 programme since 2021, Devoli has previously placed in both the Fast 50 and Master of Growth indices.
Devoli provisions more than 125,000 broadband connections, including more than 60,000 for its largest wholesale customer, Contact Energy.
“Devoli is the large New Zealand internet service provider that nobody has heard of,” Punakaiki managing director Lance Wiggs wrote in a recent update for his fund’s investors.
“They are happy to operate behind the scenes, remaining focused on providing exceptional service while allowing their clients to take centre stage”.
Devoli chief executive Karl Rosnell. Photo / Keri Little
Devoli, founded by Barry Murphy and Davey Goode (who made headlines during the pandemic as an MIQ gatecrasher), also provides managed network services for customers including Farro Supermarkets.
Recurring revenue topped $100m in the past year as Devoli added mobile services for its business and managed services customers.
Introduced in 2017, the Master of Growth index ranks the 20 fastest-growing established businesses achieving longer-term sustained growth. It ranks businesses starting from a larger revenue base, with over five years of revenue growth.
“This year saw more businesses enter the Master of Growth than ever before, which is a positive sign given the economic uncertainty many have faced in recent times,” says Arlidge.
“It’s humbling and inspiring to celebrate fast-growing Kiwi businesses and to see both new and returning organisations taking their places on the indices. Deloitte is proud to showcase the innovators and entrepreneurs whose ability to raise the bar in challenging conditions embodies the 2024 Fast 50 theme, Get set, grow: the future favours the fast. We’re excited to see what they achieve in the future,” concludes Arlidge.
The Fast 50 index is determined by revenue growth percentage over the last three years. To be eligible, 2024 entrants were required to meet the following criteria:
Be a New Zealand registered business, trading for a minimum of three years;
Have revenue of $1 million or above in FY22;
Submit independently prepared financial statements for FY22 and FY24; and
Supply export revenue for FY22 and FY24 (if applicable).
Master of Growth criteria
The Master Growth index is determined by revenue growth percentage over the last five years. To be eligible, 2024 entrants were required to meet the following criteria:
Be a New Zealand registered business, trading for a minimum of five years;
Have revenue of $5 million or above in FY20; and
Submit independently prepared financial statements for FY20 and FY24.
