Hoosier Companies Among 'Fast 500'Posted: Updated:
Two Indiana companies are on this year's Deloitte Technology Fast 500 list. The rankings highlight employers for technological innovation, entrepreneurship and rapid growth. Deloitte selects winners based on percentage fiscal year revenue growth. West Lafayette-based Endocyte Inc. (Nasdaq: ECYT) is ranked 39th and Angie's List Inc. (NYSE: ANGI) in Indianapolis is ranked 252nd.November 13, 2013
News ReleaseSAN FRANCISCO, November 13, 2013 — Deloitte today released the 2013 Technology Fast 500™, an annual ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Award winners were selected based on percentage fiscal year revenue growth from 2008 to 2012. For the eighteenth consecutive year, there are more software companies on the Technology Fast 500™ than any other single sector.
“We congratulate the 2013 Deloitte Technology Fast 500 winners on their continued innovation and growth,” said Eric Openshaw, vice chairman and Deloitte’s U.S. technology, media and telecommunications leader. “The software sector continues its strong growth, making up the majority of this year’s ranking, but we are starting to see sectors like Internet grow in the Fast 500 ranking to match that of mainstays like biotech and pharma.”
The top ten ranked companies are as follows:
2013 Rank Company Sector Revenue Growth (2008 to 2012) City, State
1 Rocket Fuel Software 208,897 percent Redwood City, CA
2 Acquia Software 84,171 percent Burlington, MA
3 MeetMe, Inc. Internet 83,209 percent New Hope, PA
4 Fusion-io, Inc. Semiconductor 55,355 percent Salt Lake City, UT
5 OpenX Software 44,076 percent Pasadena, CA
6 FireEye Communications/ Networking 36,667 percent Milpitas, CA
7 HeartWare Inc. Medical Devices 33,310 percent Framingham, MA
8 Boston Heart Diagnostics Biotech/Pharma 32,031 percent Framingham, MA
9 MaxPoint Internet 31,723 percent Morrisville, NC
10 BioDelivery Sciences International, Inc. Biotech/Pharma 20,639 percent Raleigh, NC
Software, biotech and internet companies make up 72 percent of winners
Software winners continued to grow in 2013 as the most prevalent sector, representing 48 percent of the entire list and three of the top ten winners overall. Each year since the creation of the ranking, software companies have made up the majority of winners, with an average growth rate of 2,503 percent this year.
“New technologies like cloud and software as a service (SaaS) are at the forefront of the exponential growth we are seeing in software companies,” added Openshaw. “The growth is beyond revenue, with SaaS and cloud technologies allowing software companies to pop up in locations outside of your major tech hubs with workers no longer tethered to a physical workplace. As these technologies become more widely adopted we expect that other technology sectors will begin to embrace them and that will be reflected in our ranking.”
Biotechnology/pharmaceutical and Internet are the second most prevalent sectors in this year’s rankings, each comprising 12 percent of the Technology Fast 500™. The 60 biotech/pharma companies on the list had an average growth rate of 2,723 percent, while Internet companies had an average growth rate of 3,370 percent. The impressive average growth rate of biotech/pharma and Internet is demonstrated by having two biotech/pharma companies and two Internet companies in the top 10 of the ranking. The biotech/pharma companies are Boston Heart Diagnostics (ranked eighth) and BioDelivery Sciences International, Inc. (ranked tenth) and the internet companies are MeetMe, Inc. (ranked third) and MaxPoint (ranked ninth).Majority of private companies venture-backed
The 2013 ranking had the highest number of private company winners ever, making up 59 percent of the list. Nearly two thirds — 63 percent — of the winners are private companies that have received venture capital funding in their history.
“We are in the midst of the hottest IPO market since 2007, and the hottest sectors for IPOs remain IT industries like the cloud, enterprise software, Internet and healthcare IT and corresponding services,” said James Atwell, national managing partner of the Emerging Growth Company Practice, Deloitte Services LP.
From a regional perspective, the Northeast saw a decrease in Fast 500 companies dropping from 26 percent in 2012 to 17 percent in 2013. At the same time the Southeast saw an increase in company submissions increasing from 12 percent in 2012 to 19 percent in 2013. Approximately, 41 percent of the Technology Fast 500 companies are from the West, with California once again as the standout with 166 companies on the list.
For more information about the Technology Fast 500™ including the complete list and qualifying criteria visit: www.fast500.com. Connect with us on Twitter: @DeloitteTMT; #Fast500.
As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
Source: Deloitte LLP