Three Northeast Companies Crack Top 10 Rankings of Fastest Growing North American Technology Companies in Deloitte Technology Fast 500
Three Northeast Companies Crack Top 10 Rankings of Fastest Growing North American Technology Companies in Deloitte Technology Fast 500
Sirius Satellite Radio Posts Five-Year Revenue Growth of 79,060 Percent - Highest in North America
Vermont-based iTech US and Defibtech Rank #3 and #7 in Fast 500
152 Northeast Companies Comprise 30 Percent of Deloitte 2007 Technology Fast 500
NEW YORK, Oct. 23 /PRNewswire/ -- Three Northeast-based companies are in the top ten of the Deloitte Technology Fast 500 rankings of fastest growing technology firms in North America.
Sirius Satellite Radio Inc. (NASDAQ:SIRI) was named the fastest growing company in North America, topping the 2007 Deloitte Technology Fast 500. Sirius had a revenue growth rate over five years of 79,060 percent, moving from revenues of $805,000 in 2002 to $637,235,000 in 2006. Based in New York City, Sirius (www.sirius.com) is a publicly held provider of satellite radio services. This is its first appearance on the Fast 500 ranking.
iTech US of South Burlington, VT. (www.itechus.com), the third fastest growing technology company in North America, is a privately held company based in South Burlington, VT., providing IT services and business process outsourcing solutions. iTech US showed 39,392 percent growth from 2002 to in 2006. This is iTech US's first appearance on the Technology Fast 500 list, and was earlier awarded the #1 ranking in the 2007 Deloitte Technology Fast 50 for New England. Commenting on his company's record and future plans, iTech US CEO, Kishore Khandavalli, said, "The growth that we have experienced over the past five years is a direct result of delivering projects on time, within or under budget and treating our employees right. In order to broaden the range of services offered to our clients, iTech plans to develop a 'Tech center' in Vermont that will develop custom software."
Ranked number seven in the Fast 500 is Defibtech, a medical devices company based in Guildford, CT. Defibtech, a manufacturer of portable cardiac defibrillators, is also the number one ranked company in the Deloitte Technology Fast 50 for Connecticut.
Sirius Satellite, iTech US and Defibtech are among the 152 Northeast companies placing in this year's Technology Fast 500 earning the region top honors for the most Fast 500 companies in North America. Other highly ranked Northeast companies are: #12 Didit, Inc., Rockville Center, NY with 13,514 percent revenue growth over five years, #15 XCEL Solutions, Matawan, New Jersey with 10,017 percent growth, and #17 Litle & Co., Lowell, MA., with 9,821 percent growth. Litle ranked #3 in the 2006 Fast 500.
"From Vermont through Greater Philadelphia these 152 Northeastern companies are not only among the fastest growing but are also among the most innovative technology companies in North America." said Phil Asmundson, vice chairman, U.S., Technology, Media and Telecommunications, Deloitte & Touche USA LLP. "Their range of products and services is as impressive as their rates of growth spanning software, hardware, devices, Internet and life sciences. We salute their accomplishments and commend their ability to record such sustainable results over time."
Northeast Companies Grew an Average 2,169 Percent - the largest average growth rate for its companies
Fast 500 companies in the Northeast grew an average of 2,169 percent, compared with the national average of 1,823 percent. Growth percentages for the 2007 Technology Fast 500 companies ranged from 253 percent to 79,060 percent. The top five companies' average growth rate was 41,093 percent.
New Jersey placed 48 companies in the Technology Fast 500, second only to California's 123 companies. Massachusetts had 42 companies, tying it with Canada for third largest contingent. New York State was 6th with 28 companies in the Technology Fast 500. The Northeast had one company making its eight appearance on the Technology Fast 500 -- #209-ranked Open Solutions Inc. of Glastonbury, CT.
To view the entire Deloitte Technology Fast 500 go to: www.fast500.com.
Northeast Also Dominates the Rising Stars - the 20 Fast-Growth Companies Less Than Five Years Old - with 20 Percent of Total
As an accompaniment to the Fast 500, Deloitte also honors 20 "Rising Star" companies. These fast growing young companies, based in North America, have been in business a minimum of three years, but less than five years. They must meet all the Fast 50 qualifying criteria but are selected based on percentage revenue growth over three years, from fiscal years 2004-2006.
The Northeast Rising Stars include #8 SEPATON, Marlborough, MA., with 690 percent growth over three years; #14 Globus Medical, Audubon, PA., with 427 percent growth over three years; #15 LogMeIn, Woburn, MA., with 340 percent growth over three years; GotVMail, Weston, MA., with 328 percent growth over three years and #20 ComTec Systems, Vineland, NJ., with 105 percent growth over three years.
Deloitte's Top 3 "Rising Stars" for 2007 are: -- Number 1 - oDesk Corporation, a privately held Internet company based in Menlo Park, CA, with 4,573 percent growth over three years. -- Number 2 - AdBrite Inc., a privately held Internet company based in San Francisco, with 2,741 percent growth over three years. -- Number 3 - Fortify Software Inc., a privately held software company based in Palo Alto, CA, with 1,737 percent growth over three years. Qualifying Criteria
The Fast 500 ranks the fastest growing technology, media, telecommunications and life sciences companies in North America. It is compiled from Deloitte's 16 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research.
Companies are selected based on percentage revenue growth from 2002 to 2006. To be considered, Fast 500 and Fast 50 entrants must have met the following criteria:
-- Must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues or devotes a significant proportion of revenues to research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify. -- Base-year operating revenues must be at least $50,000 USD or $75,000 CD, and current-year operating revenues must be at least $5 million USD or CD. Companies are required to submit tax returns or audited financial statements with their submitted nomination to complete their eligibility. -- Must be in business a minimum of five years. -- Must be headquartered within North America. Subsidiaries or divisions are not eligible, unless they have some public ownership and are separately traded. About Deloitte
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Source: Deloitte
CONTACT: Richard Shippee, Senior Manager, Public Relations, Deloitte
Services LP, +1-212-436-3347, or rshippee@deloitte.com
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