Deloitte Touche Brightman Almagor on Monday celebrated its annual Fast 50 contest in the main ballroom of the Tel Aviv Hilton, presenting the this year's fastest growing Israeli technology company award to Wintegra, a developer of semiconductors that achieved a growth rate of 22,422% in sales from 2001 to 2005. The Fast 50 Israel is part of a Deloitte worldwide Fast 500, which identifies the 500 fastest growing technology companies in the world. It first took place in the Silicon Valley in 1995. Israel's first Fast 50 contest took place in 2000. This year's runner up in the Fast 50 was Syneron Medical, which achieved a growth rate of 18,984% during those five years. The company develops non-surgical medical aesthetics equipment. Third place was taken by Runcom, which achieved a growth rate of 4,846% during those five years. The company develops technologies for G3 mobile phones. Igal Brightman, chairman of Deloitte Touche Brightman Almagor, said the results of this year's Fast 50 show that technology companies are once again on the right track because the average growth rate of the 50 in 2006 amounted to 1,600% - more than double the average growth rate of the Fast 50 in 2005. This year, Dov Moran, the founder and CEO of M-Systems (until its sale to SanDisk) received a special prize given to a company that had consistently shown a yearly growth rate. The Guest of Honor at Monday's event was Binyamin Netanyahu who spoke on the importance of hi-tech to the economic development of Israel.