When a heavy-hitting financial publication like the Financial Times (FT) runs a list of 125 fastest-growing companies in Africa, who in business affairs wouldn’t be curious to know who’s in the rankings? As it happens, South African companies dominate the FT list, with vehicle video telematics provider, FleetCam, ranking an impressive #38 in Africa and #13 in South Africa.
In compiling the 2024 list, independent African companies were invited by FT to submit their 2019 to 2022 financials for scrutiny by independent data analysis firm, Statista. Companies were ranked according to “highest compound annual growth in revenues between 2019 and 2022,” states the FT news release. To be eligible for the list, companies had to show revenue in 2019 greater than US$100 000 and revenue in 2022 of at least US$1.5m.
FleetCam, a South African company founded in 2014, specialises in the development of bespoke vehicle video telematics (VVT) systems for the local and international commercial road transport industry. The company’s fleet risk management solutions integrate mobile digital video recorder (MDVR) technology with advanced AI-driven telematics and data management to deliver 24/7 vehicle surveillance and predictive analytics for enhanced fleet management and risk mitigation.
Classified in the IT & Software category of the list, FleetCam was audited with 2019 revenue at US$860 000 (R12 370 199) and 2022 revenue at US$3.110, (R50 919 451) with a compound annual growth rate of 60.26% and an absolute growth rate of 311.63%.
The fastest-growing company on the list is a Nigerian e-commerce retailer with a compound annual growth rate of 772.39%. The fastest-growing South African company is Resourgenix, a recruitment house in the list’s Employment Services category, with a compound annual growth rate of 542.65%.
When one considers the recessionary climate in South Africa, the sub-4% annual African economic growth rate and the super-niche market for FleetCam’s logistics IT system, these are exceptional figures in anyone’s book. Way to go FleetCam!
