Smart50 rank: 45
Revenue: $4 million
Growth: 26.67%
Founders: Kumar Rajaratnam, 49
Based: Victoria
Employees: 5
Industry: Retail trade
Website: www.backcare.com.au
A successful rejuvenation after 17 years of successful but slow growth has seen ergonomic seating company Backcare & Seating vault into this year's Smart50.
The firm made it's first million after just two years, but founder Kumar Rajaratnam says its Australian retail operations had grown tired until a much needed clean out produced a 26% lift in revenue over two years to $4 million in 2007-08, compared with $3 million in 2006-07.
"We have completely re-engineered the entire program from product, brand and systems. It has created a platform that we can now roll out around Australia and through our existing partners globally," Rajaratnam says.
Backcare & Seating has an enviable export business, with more than 80% of revenue coming from direct sales or licence agreements in 15 countries including the US and Britain.
It is a little ironic, then, that Rajaratnam founded the business after being rebuffed in his initial attempts to get a job with an Australian pharmaceutical company because of their retrograde attitude to his name.
"It was explained to me at the time, their customers preferred to be able to pronounce the names of their rep - how Australia has changed. So the only thing to do was to go into business myself," Rajaratnam says.
