A leading investment bank expects the number of billion-dollar tech companies in the North of England to increase.

There are currently eight tech ‘unicorns’ - and research by GP Bullhound has identified several fast-growth tech companies valued above $0.5bn that could rise above the magical $1bn mark.

Sage remains the most valuable technology company in the North of England, with a valuation nearly twice as high as the next largest tech company, AutoTrader.

The remaining companies all reflect the specialisms that have created such a strong track-record of technology success in the North of England – marketplace platforms and e-commerce.

The combined value of the tech companies above $0.5bn is $30.5bn, demonstrating the extent to which the region is producing world-class businesses.

GP Bullhound managing partner Hugh Campbell

GP Bullhound managing partner Hugh Campbell commented: “The message to tech investors in Europe and the US is clear – world leading tech companies don’t just exist in London.

“The tech ecosystem that has been established in the region has a proven track record of fast-growth tech success stories and the depth of talent, ideas and funding available is creating real momentum.”

The so-called ‘foals’ identified by GP Bullhound include TheLADbible, Zuto and Performance Horizon.

Its analysis was based on business model, global ambition and market growth potential.

 GP Bullhound recently found that of 47 European unicorn tech companies - those valued at more than $1billion - 18 were founded in the UK.