Deloitte has ranked Montu Group as the fastest-growing technology company in Australia, while the Australian Financial Review (AFR) placed the medicinal cannabis firm fifth on its list of the country's fastest-growing start-ups.
Fellow cannabis company Cannatrek also featured prominently, landing sixth on the Deloitte ranking and 23rd on the AFR's.
The Deloitte Technology Fast 50 ranks the 50 fastest-growing public and private technology companies in Australia, based on a minimum cumulative revenue threshold of A$8 million across three years.
Montu claimed the top position after recording growth of 20,728% over the three years to 2022 — the highest growth rate of any company to appear on the list since it launched in 2004.
Cannatrek posted growth of 2,990%, which was enough to secure sixth place comfortably within the top 10.
The AFR's Fast Starters 100 list tracks the performance of Australian companies that began trading on or after July 1, 2017, and generated at least $500,000 in revenue during FY22.
Rankings are determined by compound annual growth rate (CAGR) of revenue across the previous three financial years, the majority of which must have come from organic sources and from more than one customer.
Montu recorded a CAGR of 1,343% for FY20–22, with revenue rising from A$100,000 to $21.65 million during that period. Cannatrek posted a CAGR of 456%, with revenue growing from $1.36 million in FY20 to $41.91 million in FY22.
Montu completed a record-breaking crowdfunding equity raise in late 2021 and expanded its Circuit platform earlier this year to give patients greater visibility over their treatment plans.
Montu managing director Christopher Strauch said: "It's an honour to be awarded first place as the fastest growing tech company and see us make a difference in the healthcare space. Especially as it's a very new area and many people still don't know medicinal cannabis is legal in Australia.
"We have had first-hand experience in seeing the difference we have made since 2019 after helping tens of thousands of patients across Australia. It's been an amazing ride, and we are very grateful to be in this position to help so many.
"We want to thank our patients who have been with us from the early days and trusted us to put their health in our hands."
Cannatrek founder and CEO Tommy Huppert said: "It is remarkable for us to receive this kind of recognition from outside our industry. We are thrilled to be recognised for our growth and to be counted as one of the country's leading tech innovators."
Separately, Little Green Pharma took out the International Health award at the 2022 Western Australian Export Awards, which honour WA businesses that have achieved consistent growth in export activity.
