Smart50 rank: 20
Revenue: $2.24 million
Growth: 64.20%
Founders: Neil Bolton, 57; Slava Barouline, 36
Based: ACT
Employees: 19
Industry: Information technology
Website: www.recruitmentsystems.com.au

Recruitment Systems founders Neil Bolton, 57 (pictured) and Slava Barouline, 36, were working at listed recruitment firm Candle when they started looking for a database and contact relationship management tool that was tailored to the recruitment industry. When they couldn't find one, they decided to build it themselves.

The CRIS system is now the cornerstone of Recruitment System's business, which was launched in 2001. The company, which is based in Canberra, has posted annual average revenue growth of 64.2% over the past two years, with revenue at $2.2 million in 2007-08. For 2006-07, it was $1.46 million.

But Bolton and Barouline admit it hasn't been all plain sailing. It took six years for revenue to hit $1 million and the pair say the company faced a rolling "near death" experience for the first five years of its life.

"The team tightened their belts and somehow we survived on ridiculously low wages," Bolton says. "We have now finally moved past this and have rewarded all the staff who stuck it out."

Still, the tough period had its benefits. Bolton and Barouline say they developed very thick skins and are now less afraid to take risks and chase opportunities. "Even so, we will work ourselves silly, so we never have to ask the in-laws for a loan again!"

The company already exports but has recently appointed a global business development manager to and bolstered its sales and marketing team to chase further overseas opportunities.