Deloitte Technology Fast 50: No. 19
Regional winner: Scotland
Online dating is one of the most popular leisure activities on the Internet, and Cupid is a global leader in online dating, with sites that cater for mainstream and niche interests.
Whether you're a single parent or a pensioner, there's a dating site made with you in mind, says Bill Dobbie, CEO of Cupid. Certainly, business is booming for Cupid - revenues increased from £8.8m in the first six months of 2010 to £25.4m for the same period in 2011.
Despite the recession, consumers are using the Internet more, and meeting people online is becoming more mainstream for all age groups. The global market for online dating is estimated at £2 billion. "People are online more, and are more used to communicating with others online. They can use a dating site to either find the love of their life or just somebody to chat with" says Dobbie.
Much of Cupid's growth in the past 12 months has been fuelled by international expansion. Cupid is now trading in 39 countries around the world and 53% of revenues are generated outside the UK. The challenge for Cupid in 2012 is to sustain this aggressive rate of growth, says Dobbie. "We have successfully entered a number of new overseas markets in the past 12 months, and have the capability to win reasonable market share in each of these new countries. This will sustain our ongoing growth" he says.
Cupid is based in Edinburgh but also has offices in London and the Ukraine - the latter is home to much of the company's development team. "We recruit internationally and have no problem filling technical roles, but that wouldn't be the case in the UK because here there is a shortage of people with the right skills, and we find skilled people often want to work in large corporate environments where they perceive the rewards will be greater."