ATG Media managing director Anne Somers with Alex Vieux, publisher and CEO of Red Herring, at the award ceremony in Amsterdam.

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Red Herring, a global media company that tracks the latest innovations and publishes a related online news service, announced the awards at a ceremony in Amsterdam after drawing up a shortlist from hundreds of firms across Europe.

"Choosing the companies with the strongest potential was by no means a small feat," said Alex Vieux, publisher and CEO of Red Herring. "We believe ATG Media embodies the vision, drive and innovation that define a successful entrepreneurial venture. ATG Media should be proud of its accomplishment, as the competition was the strongest it has ever been."

Red Herring's editorial staff evaluated the companies on both quantitative and qualitative criteria, such as financial performance, technology innovation, management quality, strategy and market penetration, to find the most promising new business models in Europe.

ATG Media managing director Anne Somers, pictured here receiving the award from Mr Vieux, said: "We were up against the best in Europe and I am delighted that our success in evolving to meet the needs and expectations of a fast-changing market has been recognised in such elevated company."