Led by software vendors, New Zealand’s ICT sector outpaces the pack


Credit: provided

New Zealand’s top 200 tech companies grew 9% overall in 2022, but ICT companies led the way with 15.1% year-on-year growth.

Overall, technology companies grew nine times faster than the general economy during the fiscal year, according to the Technology Investment Network’s (TIN) 18th annual report, launched today.

“Beyond resilience, Kiwi technology companies are competing and winning overseas in a time of global economic uncertainty and there is a growing sense of confidence in the sector and by those who invest in it,” said said Alex Dickson, director of research for TIN.

Tech companies added more than $1 billion in revenue growth and $960 million in export growth to the nation’s economy over the past year. On its current trajectory, technology exports would reach $20.5 billion by 2027, but challenges such as attracting, training and retaining skilled talent remained a hurdle.

Total revenue for TIN200 companies – New Zealand’s top 200 technology export companies ranked by revenue – reached $15.1 billion, up $1.2 billion or 9 % compared to last year.

The TIN200 group of technology companies remained New Zealand’s second largest export earner, generating a record $11.5 billion – or 14% of the country’s total export revenue – the second highest New Zealand’s big offshore income.

The total number of employees in the sector increased by 10.9% to 62,718 worldwide, mainly driven by the ICT sector.

Collectively, TIN200 companies invested $1.8 billion in R&D over the past year, up 18.6%.

Within the ICT sector, the financial technology, software and communications sub-sectors posted strong growth of 17.3%, 25.6% and 20.3% respectively.

The top ten companies by revenue were:

1. Fisher & Paykel Healthcare: $1,681,700
2. Fisher & Paykel Appliances: $1,486,917
3. Datacom Group: $1,450,000
4. Xero: $1,096,800
5. Gallagher Group: $356,336
6. Pushpay: $290,708
7. Livestock Improvement Society: $263,182
8. TOMRA Fresh Foods: $237,880
9. Xplor: $236,200 (estimate)
10. Weta FX: $223,000 (estimate)

The ten NZX companies to watch in 2022, those that saw the biggest increase in dollar revenue over the past year, were:

1. Xero: growth of $248 million on revenue of $1.1 billion
2. Fisher & Paykel devices: $132.1 million to $1.5 billion
3. Gallagher Group: $59.1 million to $356.3 million
4. Magical memories: 45 to 100 million dollars
5. Rakon: $43.7 million to $172 million
6. Rocket Lab: $43.3 million to $133.4 million
7. Buckley Systems: $40 to $141 million
8. NDA: $35 million to $170 million
9. Fusion5: $30.4 million to $126.9 million
10 Scott Technology: $30.2 million to $216.2 million

Absolute IT’s 2022 Supreme Scales for companies ranked between 101 and 200 in the TIN200 with the highest revenue dollar value increase were:

1. Fingermark: $8.8 million to $21 million
2. Author-it: $6.7 million $20.4 million
3. ikeGPS: 6.7 to 16 million dollars
4. Serko: $5.4 million to $17.9 million
5. UBCO: $5.4 million $8.5 million
6. MEA Mobile: $4.6 million to $24.8 million
7. Re-leased: $4 million $12.6 million
8. Pacific Edge: $3.4 million to $13.9 million
9. QuickCircuit: $3 to $14.5 million
10. Quantifi Photonics: $2.68 million to $10.2 million

The BNZ pipeline companies of 2022, listed in alphabetical order, were: Easy Crypto, EnergyBank, Foundry Lab, Hnry, Marama Labs, Marsello, Mastaplex, Orbis Diagnostics, Tectonus, Whip Around

This award recognizes promising early-stage TIN companies outside of the TIN200 selected based on an assessment of their technology innovation and potential market opportunity.

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Tags exportsresearch and developmentTICTIN sector200


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