Home grown software company Devnet claims its revenue has grown 272 per cent in the last three years.
The Brisbane-based web application company has been rated the fourth fastest growing technology company in Queensland and the 28th fastest in Australia, according to Deloitte's Fast 50 for 2006.
The rankings for Deloitte's Fast 50 is based on percentage growth over three years from 2004 to 2006.
Devnet's founder and managing director Craig Deveson said the secret to his company's rapid growth is innovation as Queensland is a very competitive technology market.
"Competition is strong in Queensland and our success is a result of exceptional customer service, a focus towards providing solutions the market demands and understanding that technology by itself doesn't solve business problems," Deveson said.
"While our products are based on technology our business is based upon servicing the individual needs of our customers, we deliver this by being both a marketing company and an IT web development firm. "
Devnet has provided online solutions for a range of large companies including Telstra and is planning further expansion locallly over the next two years before moving into Asia.
Deloitte technology, media and telecommunications partner, Julia Bickerstaff, described Devnet's growth as astounding.
"Devnet has achieved exceptional growth during a downturn in the technology sector," she said.