Germany came seventh place on Thursday in a leader board based on the number of “fast-growing” technology companies, according to a report on Europe, the Middle East and Africa by analysts at global consulting firm Deloitte.
Though the Bundesrepublik made it into the top ten out of more than 20 countries studied, none of the top ten overall fastest growing firms came from Germany.
And Germany has also fallen in the country rankings, dropping from sixth place in 2014 to seventh this year.
This country ranking was based on each country's share of the region's top 500 fastest growing companies.
This year, 26 of the 500 fastest growing companies were German, but in 2014, Germany had 32 companies on the list and in 2013, it had 28.
Last year, two of the top ten overall top companies were German, but this year, no German company made it into the top slots.
Israel jumped ahead of Germany this year, leaping from eighth to sixth place with two companies in the top five.
The fastest growing company in the region this year was Dutch online auction house Catawiki, which had a “remarkable” 45,080 percent rate of growth.
Swedish portable payment company iZettle was the second fastest growing company.
France had the highest number of top tech firms at 87, followed by the United Kingdom at 72.
But while Germany's tech companies might not be growing as fast as those in its European counterparts, another report on Wednesday ranked German firms as some of the world's top innovators.
Munich-based BMW ranked seventh and Stuttgart-based Daimler ranked tenth in The Boston Consulting Group's annual list of the most innovative companies.
North Rhine-Westphalia-based chemical and pharmaceutical company Bayer came in eleventh place for innovation.