Devoli marks record fifth year in Deloitte growth index

New Zealand wholesale connectivity provider Devoli has become the first business to appear in Deloitte New Zealand's Masters of Growth Index for five consecutive years, highlighting an extended period of revenue expansion and scale.

The Auckland-based company specialises in wholesale network and connectivity services for retail brands, managed IT service providers and carriers in New Zealand and Australia. It features again in the latest Masters of Growth rankings, which sit within Deloitte's long-running Fast 50 growth programme.

The Deloitte Masters of Growth Index tracks established businesses that have delivered sustained revenue growth over five years. It focuses on companies that have moved beyond the startup phase and maintained expansion over a longer period than the main Fast 50 list, which measures growth over three years.

Devoli first appeared in the Masters of Growth in 2021 after earlier positions in the Deloitte Fast 50. The company went on to secure the number one ranking in the Masters of Growth Index in 2024, reporting 478% revenue growth over the preceding five years. It holds the number 12 position in the 2025 Index.

Deloitte's Fast 50 and Masters of Growth lists have become a reference point for growth companies in New Zealand over the past 25 years. Past participants include a range of consumer, technology and services brands that have scaled domestically and overseas.

Devoli's five-year run in the Masters of Growth marks the first time a business has appeared in every edition of the Index over that period. Deloitte said the streak is unprecedented in the history of the rankings.

Devoli operates a connectivity platform that supports internet, mobile and voice services. It focuses on wholesale customers and partners rather than direct consumer offerings.

"I'm incredibly proud that our team and technology has been recognised in Deloitte's Masters of Growth for five years running. It reflects our commitment to automation, customer-centric innovation and the great partnerships we've worked hard to build and support over the years. Our Devoli connectivity platform is designed to support fast, efficient growth for our partners, so our success is inseparable from theirs. This achievement belongs to them as much as it does to us," said Karl Rosnell, CEO, Devoli.

Rosnell has led the company as it broadened its wholesale connectivity offer across both sides of the Tasman. The company positions itself as a provider of scalable and flexible services for partners that package and sell connectivity under their own brands.

Deloitte Private Partner Bill Hale said the firm viewed Devoli's trajectory as an example of sustained growth in a competitive sector.

"Devoli's journey through the Masters of Growth has been remarkable. The Masters of Growth Index celebrates businesses that not only achieve rapid expansion but sustain it over time - a real mark of resilience and strategic vision. Devoli's five-year streak is unprecedented and speaks volumes about its ability to adapt and innovate in a competitive market," said Hale.

The Masters of Growth Index sits alongside Deloitte's flagship Fast 50 ranking. The Fast 50 highlights the country's fastest-growing businesses over a three-year period. Masters of Growth focuses on companies that have already passed through that rapid growth phase and continue to expand while maturing their operations.

Devoli has moved through both parts of the programme. It first appeared in the Fast 50, then transitioned into the Masters of Growth Index as its revenue base grew and its business model evolved.

The company's wholesale network now covers partners in both New Zealand and Australia. It targets organisations that want to offer connectivity services under their own brands without investing in full network infrastructure.

Devoli said it focuses on automation and simplicity in its platform, which spans internet, mobile and voice services. It aims to reduce manual processes for partners scaling their customer bases.

The recognition from Deloitte arrives as the Fast 50 programme marks its 25th year. The anniversary highlights the role of high-growth and maturing businesses in New Zealand's private sector over the past quarter-century.

Deloitte has used the Masters of Growth Index to spotlight companies that have evolved from early-stage, high-growth to more established operators that still expand at pace. It ranks businesses strictly on revenue growth over five years.

Devoli said its focus now remains on further expansion in its core New Zealand and Australian markets through its wholesale model and connectivity platform.