Sponsors
Bank
of New York
Connecticut
Innovations
The
Litchfield
Insurance Group
NASDAQ
Pullman &
Comley, LLC
Regan
Technologies Corporation
UK Trade & Investment
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Alex
Discepolo, Director
Lead Tax Services, Deloitte, #1 Fast 50 Company Award
Winners
Rick Fernandes, CEO and Vince
D’Agostino, President of Webloyalty, Greg
Powers, Keynote Speaker
and VP of Engineering of Carrier Corp., and
Matt Nemerson, President and CEO of
CTC.
The
Connecticut Technology Fast 50 always holds a few surprises
and this year Webloyalty.com, a first time winner, grabbed
the gold for revenue growth, finishing first in the ninth
annual CTC/Deloitte competition that highlights revenue
growth among the state’s
technology companies. Webloyalty.com, an online marketing
and subscription services provider founded in 1999, was
named the fastest-growing technology company in Connecticut
with 25,556 percent revenue growth over five years. The
company was honored on October 6, along with 49 other tech companies
and four “Rising
Star” winners at a gala event attended by nearly four hundred attendees
at Fairfield University’s Quick Center for the Arts. Greg Powers,
Carrier Corporation’s (a division of United Technologies Corporation)
Vice President of Engineering, delivered this year’s keynote address.
Now in its ninth year, the Connecticut Technology
Fast 50 program – organized by Deloitte & Touche USA LLP’s
subsidiaries and the Connecticut Technology Council – ranks technology
companies located in the state by revenue growth.
This year's winners contributed more than $11 billion in revenues to
the state's economy in 2004, with an average growth rate of 852 percent
during the 2000 to 2004 time period. Webloyalty.com was only one of nine
companies making the Fast 50 list for the first time.
Winners are selected based on percentage revenue growth over five years
from 2000 to 2004. To be considered, Technology Fast 50 entrants must:
have operating revenues of at least $50,000 in 2000 and at least $1,000,000
in 2004; be headquartered in the state; be a “technology company,” defined
as a company that o wns proprietary technology that contributes to a significant
portion of its operating revenues; or d evotes a significant proportion
of revenues to the research and development of technology. Using other
companies' technology in a unique way does not qualify. Subsidiaries and
divisions are not eligible, unless they have some public ownership and
are separately traded.
Trends among this year’s list include:
- More than two-fifths of the companies (21 companies,
42%) are based in Fairfield County. New Haven County
comes in second with 12 companies represented and Hartford
County is home to 10.
- By a slight margin, private companies (26) edge out
public companies (24).
- Software companies again are the most-represented
of the industries, making the list with 15 companies,
with communications/networking companies holding 10 positions.
A special category called “Rising Stars” recognized the four
fastest growing technology companies based on revenue growth over three
or four years (2001–2004). These companies include: Flight Safety
Technologies, Inc. (Mystic, 633 percent growth); Tangoe, Inc. ( Orange,
595 percent); Glacier Computer, LLC (New Milford, 152 percent) and Cervalis
( Stamford, 61 percent).
CTC President and CEO Matthew Nemerson noted that the Fast 50 companies
are the “economic heroes of the Connecticut economy. They are creating
jobs and wealth for the state and these companies are further proof of
the depth and vitality of the state’s technology sector.”
The Fast 50 program is presented by Deloitte and the Connecticut Technology
Council, in association with The Litchfield Insurance Group,
NASDAQ, Pullman & Comley,
LLC , UK Trade & Investment, Connecticut Innovations, Regan Technologies
Corporation and Bank of New York.
For
more information, please call CTC at
860-289-0878 or email: info@ct.org
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