Connecticut Technology Fast 50 Companies Experience Average Revenue Growth of 739 Percent
OCTOBER 18, 2007: Wallingford, CT — Defibtech tops the list of the fastest growing companies in Connecticut as recognized by Deloitte & Touche USA LLP at an award event held October 18, 2007 at The Chevrolet Theater in Wallingford. The Connecticut Technology Fast 50, an annual awards program, ranks technology, media, telecommunications and life sciences companies located in the state by percentage revenue growth over five years.
“Deloitte’s Connecticut Technology Fast 50 companies have shown the strength, vision and tenacity to succeed in today’s very competitive technology environment,” said Ed Moran, director of Product Innovation, Deloitte Services LP. “We applaud the successes of Defibtech, its high growth rate over the past five years, and perhaps most importantly, its continued passion for innovation.”
Guilford-based Difibtech, LLC is a leading designer and manufacturer of automated external defibrillators (AEDs). The company designs and manufactures the award-winning, FDA-approved, Lifeline™ and ReviveR™ brands of defibrillators and related accessories. Difibtech scored a remarkable 16,312% revenue growth over the five years 2002-2006.
"Every year I get more excited seeing the tangible evidence of the strength of Connecticut's innovation based economy,” noted Matthew Nemerson, president and chief executive officer of the Connecticut Technology Council, “I am pleased to see the strength of some new companies, from a diverse set of technology disciplines, moving to the top of the charts."
The average five-year growth of the Top Three companies was an astounding 8,268 percent; for the Top 10 companies a robust 3,104 percent and for the entire Connecticut Technology Fast 50 an incredible 739 percent.
The 2007 Connecticut Technology Fast 50 results also reveal a number of other interesting trends.
Forty-one of the Fast 50 return from last year, reflecting a measure of sustained growth critical to long term success. In fact, four Top 10 finishers have each appeared in the last three Fast 50 rankings: Distributed Energy Systems Corp., Wallingford, Webloyalty, Norwalk, Open Solutions Inc., Glastonbury, and igxglobal, Inc., Rocky Hill. Several companies have truly distinguished themselves with Fast 50 longevity: ATMI, Inc., Danbury, has appeared on every Fast 50 ranking since the program’s inception 11 years ago and Open Solutions Inc. of Glastonbury, Triple Point Technology of Westport and Memry Corporation, Bethel, chalk up their 10th appearances.
Continuing a trend from 2006, scientific and technical instrumentation companies comprised 30 percent of the rankings, up from 22 percent last year. Software companies were again the second largest component of this year’s Fast 50 with 26 percent, up from 18 percent in 2006.
As in prior years, the three primary technology hubs remain Fairfield County with 15 ranked companies, New Haven County with 14 and Hartford County with 12.
Companies are selected based on percentage revenue growth over five years from 2002 to 2006. To be considered, Connecticut Technology Fast 50 entrants must: have operating revenues of at least $50,000 in 2002 and at least $5,000,000 in 2006; be headquartered in Connecticut; own proprietary technology or proprietary intellectual property that contributes to a significant portion of its operating revenues, or devote a significant proportion of revenues to the research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify. Subsidiaries and divisions are not eligible, unless they have some public ownership and are separately traded.
The 2007 Connecticut Technology Fast 50 Company ranking is as follows:
| 2007 Rank |
Company Name |
5yr% Growth |
City |
| 1 |
Defibtech, LLC |
16286% |
Guilford |
| 2 |
Evolution Benefits, Inc. |
6223% |
Avon |
| 3 |
Premise Corporation |
2265% |
Farmington |
| 4 |
Nufern |
1460% |
East Granby |
| 5 |
Tangoe, Inc. |
1010% |
Orange |
| 6 |
Distributed Energy Systems Corp |
857% |
Wallingford |
| 7 |
Webloyalty.com |
820% |
Norwalk |
| 8 |
Open Solutions Inc. |
791% |
Glastonbury |
| 9 |
igxglobal, inc. |
725% |
Rocky Hill |
| 10 |
Greenfield Online, Inc. |
574% |
Wilton |
| 11 |
On Site gas Systems, Inc. |
420% |
Newington |
| 12 |
L-1 Identity Solutions, Inc. |
409% |
Stamford |
| 13 |
Stamford Industrial Group |
359% |
Stamford |
| 14 |
Cervalis LLC |
349% |
Stamford |
| 15 |
Perimeter eSecurity |
331% |
Milford |
| 16 |
Jupitermedia Corporation |
299% |
Darien |
| 17 |
Glacier Computer LLC |
264% |
New Milford |
| 18 |
SS&C Technologies, Inc. |
229% |
Windsor |
| 19 |
APS Technology, Inc. |
169% |
Wallingford |
| 20 |
Megadata Corporation |
154% |
Greenwich |
| 21 |
Intelligent Motion Systems, Inc. |
141% |
Marlborough |
| 22 |
AutomationSolutions |
139% |
Hartford |
| 23 |
ATMI, Inc. |
138% |
Danbury |
| 24 |
Shoptech Software |
137% |
Glastonbury |
| 25 |
CAS Medical Systems, Inc. |
134% |
Branford |
| 26 |
TranSwitch Corporation |
134% |
Shelton |
| 27 |
Amphenol Corporation |
133% |
Wallingford |
| 28 |
Foster Corporation |
133% |
Putnam |
| 29 |
Prophesy Transportation Solutions, Inc |
128% |
Bloomfield |
| 30 |
CuraGen Corporation |
117% |
Branford |
| 31 |
Zygo Corporation |
110% |
Middlefield |
| 32 |
Vbrick Systems |
108% |
Wallingford |
| 33 |
INNCOM international, inc. |
106% |
Niantic |
| 34 |
Rogers Corporation |
104% |
Rogers |
| 35 |
Axsys Technologies, Inc. |
96% |
Rocky Hill |
| 36 |
FactSet Research Systems Inc. |
95% |
Norwalk |
| 37 |
Competitive Technologies, Inc. |
92% |
Fairfield |
| 38 |
The LGL Group Inc. |
87% |
Greenwich |
| 39 |
Bio Med Devices |
84% |
Guilford |
| 40 |
Bolt Technology |
81% |
Norwalk |
| 41 |
Triple Point Technology, Inc |
72% |
Westport |
| 42 |
Thermodynetics, Inc. |
69% |
Windsor |
| 43 |
RBC Bearings Incorporated |
63% |
Oxford |
| 44 |
TransAct Technologies Incorporated |
63% |
Wallingford |
| 45 |
Praxair, Inc. |
62% |
Danbury |
| 46 |
Westbrook Technologies, Inc |
62% |
Branford |
| 47 |
IMS Health, Inc. |
61% |
Norwalk |
| 48 |
Memry Corporation |
60% |
Bethel |
| 49 |
COCC |
54% |
Avon |
| 50 |
Hubbell Incorporated |
52% |
Orange |
A special category called “Rising Star” recognizes the fastest growing technology, media, telecommunications and life sciences company based on revenue growth over three years (2004–2006). This year Topcoder, Inc., of Glastonbury, with a three-year average revenue growth of 695%, and Higher One, Inc., of New Haven, with 315% growth earned Rising Star status.
| Company Name |
5yr% Growth |
Industry |
City |
| Topcoder, Inc. |
695% |
Software |
Glastonbury |
| Higher One Inc. |
315% |
Software |
New Haven |
The Technology Fast 50 program is presented by Deloitte & Touche USA LLP, in partnership with the Connecticut Technology Council, and sponsored by Connecticut Innovations, NASDAQ, Pullman & Comley LLC, Trust Company of Connecticut, UK Trade & Investment, and Wellstone Insurance.
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