EMEA is rapidly establishing itself as an alternative base to the US for high-growth technology firms, research from market watcher Deloitte Technology has suggested.

Companies ranked in Deloitte’s Fast 500 EMEA 2007 boasted average five-year revenue growth of 1,443 per cent - the highest since the survey began in 2001. Software vendor Bybox and VARs Chess and Comtec were among the UK entrants.

Meanwhile, firms ranked in Deloitte’s Fast 500 North America have seen average five-year revenue growth tumble from 6,772 per cent to 1,823 per cent between 2002 and 2007.

Deloitte singled out Norway, Israel, Sweden, Ireland, Finland and Holland as emerging “tech-acceleration nations”, with between two and five times more entrants per capita.

Although Israeli firms clinched first, second and third places, the UK boasted more ranked companies than anywhere, with 91 entrants.

Scott Dobson, managing director at IP telephony distributor VComm, said: “We’re seeing a lot of innovation from new UK manufacturers. Our largest franchise, Vegastream, is based in the UK and we recently took on Voipex - the first UK software house we have seen working in our market.”

Kay Eggleston, UK managing director of security distributor Noxs, agreed: “There is more variation in the geographies from which vendors are approaching us. Where as five years ago it was predominantly the US and Israel, we are now seeing a lot of activity from vendors in Korea, Japan, China, Germany and France.”

Eggleston added that the weak US economy is also prompting venture capitalists to look abroad for technology start-ups in which to invest.

Igal Brightman, global managing partner of Deloitte’s Technology, Media & Telecommunications Industry group, said in a statement: “The current financial turbulence and economic uncertainty does not appear to have made the front runners in the technology race in EMEA either slow their pace or lose their focus.”