Top 5 Companies on Deloitte’s 2008 Technology Fast 500

• Number 1 — Hughes Communications Inc. (NASDAQ: HUGH) was named the fastest-growing company in North America, topping the 2008 Deloitte Technology Fast 500, a ranking of the fastest-growing companies in North America based on percentage revenue growth over five years (fiscal year revenues 2003–2007) by Deloitte LLP. Hughes Communications had a revenue growth rate over five years of 138,762 percent, moving from revenues of $699,000 in 2003 to $970,648,000 in 2007. Based in Germantown, Md., Hughes Communications (www.hughes.com) is a publicly held provider of broadband networks and services. This is its first appearance on the Fast 500 ranking.
• Number 2 — Ticket Software LLC, a Vernon, Conn.-based privately held software company, came in second on the 2008 Fast 500 listing. Ticket Software (www.ticketnetwork.com), a company that provides software solutions for the ticket industry, reported revenues of $83,760,000 in 2007, a leap of 111,580 percent from 2003 revenues of $75,000. This is its first appearance on the Fast 500 ranking.
• Number 3 — Starent Networks Corp. (NASDAQ: STAR), a publicly held communications/networking company based in Tewksbury, Mass., came in third on the 2008 Fast 500 listing.  Starent Networks (www.starentnetworks.com), which provides networking solutions for mobile operators to provide multimedia services to their customers, reported revenues of $145,797,000 in 2007, a leap of 80,008 percent from 2003 revenues of $182,000.  This is its first appearance on the Fast 500 ranking.
• Number 4 — Abraxis BioScience Inc. (NASDAQ: ABBI), a Los Angeles-based publicly held biotechnology/pharmaceutical company, came in fourth on the 2008 Fast 500 listing. Abraxis BioScience (www.abraxisbio.com), which provides progressive therapeutics and core technologies that offer patients and medical professionals safe and effective treatments for cancer and other critical illnesses, reported revenues of $333,686,000 in 2007, a leap of 77,682 percent from 2003 revenues of $429,000. This is its first appearance on the Fast 500 ranking.
• Number 5 — Pure Digital Technologies Inc., a San Francisco-based privately held computers/peripherals company, came in fifth on the 2008 Fast 500 listing. Pure Digital Technologies (www.puredigitalinc.com), which develops simple and affordable digital imaging solutions for the mass market, reported revenues of $54,616,000 in 2007, an increase of 44,667 percent from 2003 revenues of $122,000. This is its first appearance on the Fast 500 ranking.

Interesting Stats About the Top 10 Companies

• Number 1 Hughes Communications Inc. is one of only two communications/networking companies in the Top 10.
• Six of the Top 10 are privately held companies. (Four are publicly traded.) In 2007, eight of the Top 10 were privately held.
• None of the Top 10 companies have appeared on the Fast 500 listing in previous years, although Number 8 Proofpoint Inc. was Number 1 on the Fast 500 Rising Star listing in 2006.
• Five of the Top 10 are based in the West.
• Two of the Top 10 are based in the Northeast.
• Two of the Top 10 are based in the Southeast.
• One of the Top 10 is based in Canada.
• Four of the Top 10 are software companies.
• Two of the Top 10 are from each of the following categories: communications/networking, biotechnology/pharmaceutical, and computers/peripherals.

Repeat Companies

Note: There were no 14-, 13-, 12-, or 11-time repeat companies.

One company has ranked on the Fast 500 list for 10 years:

• Number 356-ranked Gilead Sciences Inc. (NASDAQ: GILD), a biotechnology/pharmaceutical company based in Foster City, Calif.

One company has ranked on the Fast 500 list for nine years:

• Number 141-ranked Research In Motion (NASDAQ: RIMM; TSX: RIM), a communications/networking company based in Ontario, Canada.

Two companies have ranked on the Fast 500 list for eight years:

• Number 360-ranked OmniVision Technologies Inc. (NASDAQ: OVTI), a semiconductor company based in Sunnyvale, Calif.
• Number 437-ranked United Therapeutics Corporation (NASDAQ: UTHR), a biotechnology/pharmaceutical company based in Silver Spring, Md.

There were also two companies on the list seven times; 10 companies on the list six times; 26 five-time companies; 37 four-time companies; 60 three-time companies; and 125 two-time companies. This year, 236 companies appeared on the Fast 500 listing for the first time.

Growth Percentages

• The 2008 Top Five companies’ growth rate averaged 90,540 percent over five years, up from 41,093 percent in 2007, 38,107 percent in 2006, and 45,531 percent in 2005, but down from 183,337 percent in 2004, 177,851 percent for 2003, and 196,762 percent for 2002. The 2001 top five companies’ average was 93,496 percent, and the top five companies’ growth rate averaged 59,367 percent in 2000.
• Overall average growth for all 500 companies was 3,043 percent, up from 1,823 percent in 2007, 2,145 percent in 2006, and 2,408 in 2005.

Fast 500 Average Growth Percentages by Program Year

2008 — 3,043 percent
2007 — 1,823 percent
2006 — 2,145 percent
2005 — 2,408 percent
2004 — 4,109 percent
2003 — 5,493 percent
2002 — 6,772 percent
2001 — 6,184 percent
2000 — 3,956 percent
1999 — 4,998 percent
1998 — 2,958 percent
1997 — 2,500 percent
1996 — 2,712 percent
1995 — 2,834 percent

• Revenue growth for the 2008 Fast 500 companies ranged from 241 percent to 138,762 percent, compared with 253 percent to 79,060 percent for 2007 companies; 209 percent to 48,948 percent for 2006 companies; 240 percent to 73,752 percent for 2005 companies; 329 percent to 437,115 percent for 2004 companies; 469 percent to 296,080 percent for 2003 companies; 614 percent to 293,493 percent for 2002 companies; 824 percent to 115,874 percent for 2001 companies; and 593 percent to 71,257 percent for 2000 companies.

Geography of the Fast 500

• The Western United States boasts the most companies on the Fast 500 listing this year, with 43 percent (214 companies), up considerably from 29 percent (144 companies) in 2007 and from 28 percent (139 companies) in 2006 and 2005; 34 percent (167 companies) in 2004; 32 percent (162 companies) in 2003; and 36 percent (180 companies) in 2002. This year, six of the Top 10 companies are based in the West.
• The Northeast United States claims 21 percent (105 companies) of the 2008 Fast 500 listing, down from 28 percent (138 companies) in 2006; 25 percent (123 companies) in 2005; 22 percent (110 companies) in 2004. This year, two of the Top 10 companies are based in the Northeast.
• California retains its title as home to more Fast 500 technology companies than any other state, with 34 percent (168 companies) based there, up from 25 percent (123 companies) in 2007; 23 percent (116 companies) in 2006; 21 percent (105 companies) in 2005; 26 percent (130 companies) in 2004; 25 percent (126 companies) in 2003; and 30 percent (149 companies) in 2002.  Northern California is home to 96 companies, while Southern California has 75 companies.

U.S. states, and Canada, with a large number of companies (from largest to smallest) include:

- California with 168 companies, up from 123 companies in 2007.
- Massachusetts with 46 companies, up slightly from 42 companies in 2007.
- Canada with 43 companies, up slightly from 42 companies in 2007.
- Texas with 40 companies, up slightly from 37 companies in 2007.
- Virginia with 31 companies, up from 24 companies in 2007.
- New Jersey with 22 companies, down from 48 companies in 2007.
- Maryland with 20 companies, up slightly from 18 companies in 2007.
- New York with 11 companies, down from 28 companies in 2007.

• Canada holds 8 percent (43 companies) of this year’s companies, similar to 8 percent (42 companies) in 2007 but down from 11 percent (56 companies) in 2006; 10 percent (53 companies) in 2005; 11 percent (55 companies) in 2004; 14 percent (68 companies) in 2003; and 10 percent in 2002. The highest-ranked Canadian Fast 500 company for 2008 is Number 11-ranked Nightingale Informatix Corporation, a publicly held software company based in Markham, Ontario, Canada. Nightingale Informatix reported revenues of $14,077,000 CD in 2007, a leap of 22,977 percent from 2003 revenues of $61,000 CD. This is its first appearance on the Fast 500 ranking.

Region with the Greatest Average Growth Rates

• The Southeastern United States is the high-tech leader with the largest average growth rate for its companies. Fast 500 companies in the Southeast had an average percentage growth of 3,954 percent, compared with 2,105 percent in 2007. 

Average Percent Growth by Region

• Southeastern United States Fast 500 companies had the highest average revenue growth of all the regions with 4,000 percent, up from 2,105 percent in 2007; 1,606 percent in 2006; 2,081 percent in 2005; and 1,886 percent in 2004.
• Northeastern United States Fast 500 companies grew average revenues by 3,611 percent, up from 2,169 percent in 2007; 1,825 percent in 2006; 1,948 percent in 2005; and 1,864 percent in 2004.
• Western United States Fast 500 companies had average revenue growth of 2,980 percent, up from 1,692 percent in 2007; 2,126 percent in 2006; 3,137 percent in 2005; but down from 8,790 percent in 2004.
• Canadian Fast 500 companies had average revenue growth of 2,258 percent, up from 984 percent in 2007; down from 3,876 percent in 2006; up from 2,195 percent in 2005 and down from 1,597 percent in 2004. Their revenues were calculated in Canadian dollars.
• Southwestern United States Fast 500 companies had average revenue growth of 1,598 percent, down from 2,133 percent in 2007; 2,335 percent in 2006; 2,615 percent in 2005; and 1,727 percent in 2004.
• Midwestern United States Fast 500 companies had average revenue growth of 1,456 percent, up from 1,030 percent in 2007; 1,818 percent in 2006; but down from 2,165 percent in 2005 and 1,408 percent in 2004.

Regional Breakdown

• Western United States — 43 percent (214 companies), up from 29 percent (144 companies) in 2007; 28 percent (139 companies) in 2006; 28 percent (139 companies) in 2005; and 34 percent (168 companies) in 2004.
• Northeastern United States — 21 percent (105 companies), down from 30 percent (152 companies) in 2007; 28 percent (138 companies) in 2006; 25 percent (123 companies) in 2005; and 22 percent (110 companies) in 2004.
• Southeastern United States — 16 percent (79 companies), similar to 16 percent (78 companies) in 2007; down from 18 percent (90 companies) in 2006 and 20 percent (100 companies) in 2005; and the same as 16 percent (80 companies) in 2004.
• Canada — 8 percent (43 companies), similar to 8 percent (42 companies) in 2007; down from 11 percent (56 companies) in 2006; 10 percent (53 companies) in 2005; and 11 percent (54 companies) in 2004.
• Southwestern United States — 8 percent (40 companies), down slightly from 9 percent (42 companies) in 2007; 9 percent (46 companies) in 2006; and 9 percent (44 companies) in 2005; but up slightly from 7 percent (37 companies) in 2004.
• Midwestern United States — 4 percent (19 companies), down from 8 percent (42 companies) in 2007; 6 percent (31 companies) in 2006; 8 percent (41 companies) in 2005; and 10 percent (51 companies) in 2004.

Fast 500 Companies in Top Technology Centers

• California — 34 percent (169 companies, with 96 in Northern California and 73 in Southern California)
• Greater Washington, D.C. Area (Maryland, Virginia and Washington, D.C. combined) — 11 percent (53 companies)
• Massachusetts — 9 percent (46 companies)
• Canada — 8 percent (43 companies)
• New York Tri-State (Connecticut, New Jersey and New York combined) — 8 percent (39 companies)
• Washington and Oregon combined — 4 percent (21 companies)
• All other states combined — 25 percent (126 companies)

Industry Breakdown (in order of greatest percentage):

• Software — 36 percent (179 companies), down slightly from 37 percent (185 companies) in 2007; 36 percent (179 companies) in 2006; 37 percent (186 companies) in 2005; and 38 percent (192 companies) in 2004.
• Communications and networking — 16 percent (78 companies), down slightly from 16 percent (81 companies) in 2007, but up from 13 percent (65 companies) in 2006; 14 percent (70 companies) in 2005; and 14 percent (72 companies) in 2004.
• Biotechnology and pharmaceutical — 13 percent (66 companies), up from 12 percent (60 companies) in 2007 but down from 15 percent (76 companies) in 2006 and down from 16 percent (82 companies) in 2005.  In previous years, this category was part of the life sciences category.
• Internet — 11 percent (53 companies), down slightly from 12 percent (61 companies) in 2007; 12 percent (60 companies) in 2006; fairly consistent with 11 percent (57 companies) in 2005; and down from 14 percent (70 companies) in 2004.
• Semiconductor — 6 percent (33 companies), up slightly from 5 percent (22 companies) in 2007; 5 percent (23 companies) in 2006; and 4 percent (20 companies) in 2005. In previous years, this category was part of the semiconductor/equipment category.
• Scientific/technical instrumentation — 5 percent (27 companies), similar to 6 percent (29 companies) in 2007; up slightly from 5 percent (27 companies) in 2006 and consistent with 6 percent (29 companies) in 2005. In previous years, this category was part of the semiconductor/equipment category.
• Medical equipment — 6 percent (28 companies), similar to 6 percent (31 companies) in 2007 and 6 percent (31 companies) in 2006 but down from 8 percent (39 companies) in 2005. In previous years, this category was part of the life sciences category.
• Computers and peripherals — 5 percent (24 companies), up from 4 percent (21 companies) in 2007; down from 6 percent (29 companies) in 2006; up from 4 percent (17 companies) in 2005; and down from 6 percent (27 companies) in 2004.
• Media and entertainment — 2 percent (12 companies), similar to 2 percent (10 companies) in 2007 and 2 percent (10 companies) in 2006. This is the third year this category has been included on the Fast 500 listing.

Average Percent Growth by Industry

• Biotechnology/Pharmaceutical — 4,751 percent, up from 1,642 percent in 2007
• Communications/Networking — 4,538 percent, up from 1,954 percent in 2007
• Computers/Peripherals — 3,981 percent, up from 1,316 percent in 2007
• Media/Entertainment — 3,915 percent, down from 9,021 percent in 2007
• Software — 2,801 percent, up from 1,759 percent in 2007
• Medical equipment — 1,779 percent, up from 1,307 percent in 2007
• Scientific/Technical instrumentation — 1,493 percent, up from 877 percent in 2007
• Semiconductors — 1,457 percent, down from 2,289 percent in 2007
• Internet — 1,326 percent, down from 1,562 percent in 2007

Repeat Companies from 2007 Fast 500’s Top 10

Eight of last year’s Top 10 companies made the 2008 Fast 500 ranking:

• Sirius Satellite Radio Inc., Number 1 in 2007, ranked Number 43 in 2008
• iTech US Inc., Number 3 in 2007, ranked Number 217 in 2008
• First Solar Inc., Number 4 in 2007, ranked Number 18 in 2008
• ISTS Worldwide Inc., Number 5 in 2007, ranked Number 58 in 2008
• Doba LLC, Number 6 in 2007, ranked Number 87 in 2008
• NeoPhotonics Corporation, Number 8 in 2007, ranked Number 22 in 2008
• SPADAC Inc., Number 9 in 2007, ranked Number 49 in 2008
• Vantage Media LLC, Number 10 in 2007, ranked Number 69 in 2008

Past Number 1 Companies: Where Are They Now? 

In the Fast 500’s 14-year history, four previous Number 1 companies rank on the 2008 list: 2007’s Sirius Satellite Radio Inc.; 2006’s Occam Networks, Inc.; 2005’s Nuvasive Inc.; and 2004’s Google, ranked Number 43, Number 216, Number 288, and Number 178, respectively.  Being acquired has proven to be a popular path for former Number 1 companies on the list, with eight of the 13 taking that route.

Here’s a look at where the past Number 1 Fast 500 companies are today:

2007: Sirius Satellite Radio Inc., New York: Merged with XM Satellite Radio in 2008.
2006: Occam Networks Inc., Santa Barbara, Calif.: Independent.
2005:  NuVasive, Inc., La Jolla, Calif.: Independent.
2004:  Google, Mountain View, Calif.: Independent.
2003:  TheraSense Inc., Alameda, Calif.: Acquired by Abbott Diabetes Care in 2003.
2002:  ITXC Corp., Princeton, N.J.: Acquired by Teleglobe Inc. in 2004, which was subsequently acquired by VSNL in 2005.
2001:  eBay Inc., San Jose, Calif.: Independent.
2000:  Primus Telecommunications Group, Inc., McLean, Va.: Independent.
1999:  Siebel Systems Inc., San Mateo, Calif.: Acquired by Oracle in 2006.
1998:  Advanced Fibre Communications Inc., Petaluma, Calif.: Acquired by Tellabs Inc. in 2004.
1997:  Integrated Process Equipment Corp., San Jose, Calif.: Acquired by SpeedFam in 1999, creating SpeedFam-IPEC, which was later acquired by Novellus Systems in 2002.
1996:  AmeriData Technologies, Stamford, Conn.: Acquired by GE Capital Information Technology Solutions in 1996, which later merged with CompuCom Systems in 2005.
1995:  Ascend Communications, Alameda, Calif.: Acquired by Lucent Technologies in 1999, which later merged with Alcatel.

Largest Companies on the Fast 500 (in order of revenue): 

There are 20 companies, 18 public and two private, whose 2007 revenues exceed $1 billion. These companies, in order of revenue, are:

• Number 450 Apple Inc. (NASDAQ: AAPL), a computers/peripherals company based in Cupertino, Calif., with 2007 revenues of $24 billion. This is its first appearance on the Fast 500 ranking.
• Number 178 Google Inc. (NASDAQ: GOOG), an Internet company from Mountain View, Calif., with 2007 revenues of $16.6 billion. It was ranked Number 70 in 2007; Number 41 in 2006; Number 14 in 2005; and Number 1 in 2004.
• Number 480 Genentech Inc. (NYSE: DNA), a biotechnology/pharmaceutical company from South San Francisco, Calif., with 2007 revenues of $11.7 billion. It was ranked Number 487 in 2007 and Number 479 in 2006.
• Number 338 Thermo Fisher Scientific Inc. (NYSE: TMO), a biotechnology/pharmaceutical company from Mountain View, Calif., with 2007 revenues of $9.7 billion. This is its first appearance on the Fast 500 ranking.
• Number 405 Yahoo! Inc. (NASDAQ: YHOO), an Internet company from Sunnyvale, Calif., with 2007 revenues of $7.0 billion.  It was ranked Number 270 in 2007; Number 241 in 2006; Number 353 in 2002; Number 99 in 2001; and Number 6 in 2000.
• Number 141 Research In Motion (NASDAQ: RIMM; TSX: RIM), a communications/networking company based in Ontario, Canada, with 2007 revenues of $6.0 billion. It was ranked Number 336 in 2007; Number 342 in 2006; Number 290 in 2005; Number 361 in 2004; Number 243 in 2003; Number 167 in 2002; Number 298 in 2001; and Number 186 in 2000.
• Number 467 Symantec Corporation (NASDAQ: SYMC), a software company based in Cupertino, Calif., with 2007 revenues of $5.2 billion. It was ranked Number 456 in 2007 and Number 328 in 1995.
• Number 356 Gilead Sciences Inc. (NASDAQ: GILD), a biotechnology/pharmaceutical company from Foster City, Calif., with 2007 revenues of $4.2 billion. Gilead Sciences has appeared 10 times on the Fast 500 ranking. It was ranked Number 287 in 2007; Number 206 in 2006; Number 267 in 2005; Number 415 in 2004; Number 236 in 2003; Number 124 in 2000; Number 401 in 1999; Number 354 in 1998; and Number 361 in 1997.
• Number 475 SanDisk Corporation (NASDAQ: SNDK), a semiconductor company from Milpitas, Calif., with 2007 revenues of $3.9 billion. It was ranked Number 308 in 2007; Number 281 in 2006; and Number 487 in 2004.
• Number 489 NII Holdings Inc. (NASDAQ: NIHD), a communications/networking company based in Reston, Va., with 2007 revenues of $3.3 billion. It was ranked number 430 in 2005; Number 307 in 2004; and Number 279 in 2003.
• Number 371 Biogen Idec Inc. (NASDAQ: BIIB), a biotechnology/pharmaceutical company based in Cambridge, Mass., with 2007 revenues of $3.2 billion. It was ranked Number 270 in 2007; Number 150 In 2005; and Number 380 in 2004.
• Number 98 mValent Inc., a privately held software company based in Waltham, Mass., with 2007 revenues of $3.0 billion. This is its first appearance on the Fast 500 ranking.
• Number 429 Juniper Networks Inc. (NASDAQ: JNPR), a communications/networking based in Sunnyvale, Calif., with 2007 revenues of $2.8 billion. It was ranked Number 420 in 2007; Number 65 in 2004; and Number 31 in 2003.
• Number 349 MetroPCS Communications Inc. (NASDAQ: PCS), a communications/networking company based in Dallas, with 2007 revenues of $2.2 billion. It was ranked Number 150 in 2007.
• Number 30 VIZIO Inc., a privately held media/entertainment company based in Irvine, Calif., with 2007 revenues of $1.9 billion.  This is its first appearance on the Fast 500 ranking.
• Number 375 Itron Inc. (NASDAQ: ITRI), a communications/networking company based in Liberty Lake, Wash., with 2007 revenues $1.5 billion. This is its first appearance on the Fast 500 ranking.
• Number 120 VMware Inc. (NYSE: VMW), a software company based in Palo Alto, Calif., with 2007 revenues of $1.3 billion. This is its first appearance on the Fast 500 ranking.
• Number 471 Sepracor Inc. (NASDAQ: SEPR), a biotechnology/pharmaceutical company based in Marlborough, Mass., with 2007 revenues of $1.2 billion. It was ranked Number 364 in 2007; Number 314 in 2006; Number 380 in 2005; Number 157 in 2004; Number 158 in 2003, and Number 380 in 2002.
• Number 398 Netflix Inc. (NASDAQ: NFLX), a media/entertainment company based in Los Gatos, Calif., with 2007 revenues of $1.2 billion. This is its first appearance on the Fast 500 ranking.
• Number 164 XM Satellite Radio Holding Inc. (NASDAQ: XMSR), a media/entertainment company based in Washington, D.C., with 2007 revenues of $1.1 billion. It ranked Number 38 in 2007.

Public or Privately Held

• 52 percent (261 companies) of the Fast 500 companies are publicly held, up slightly from 52 percent (259 companies) in 2007 and 49 percent in 2006; similar to 53 percent (266 companies) in 2005; and down from 59 percent (296 companies) in 2004.
• Six of the Top 10 companies are publicly traded. 

Rising Stars

As an accompaniment to the Fast 500, Deloitte also honors 10 “Rising Star” companies. Eligibility is the same for “Rising Star” companies, except that they must have been in business a minimum of three years but less than five years; they are selected based on percentage revenue growth over three years, fiscal years 2005–2007.

Deloitte’s Top 3 “Rising Stars” for 2008 are:

• Criterion Systems (www.criterion-sys.com), a privately held software company based in Vienna, Va., with 6,232 percent growth over three years
• Synoptek (www.synoptek.com), a privately held software company based in Santa Ana, Calif., with 1,657 percent growth over three years
• MED Trends Inc. (www.medtrends.net), a privately held software company based in Rockvilla, Md., with 1,607 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 2003 to 2007. 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 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 nominations to complete their eligibility.
• Be in business a minimum of five years.
• Be headquartered within North America. Subsidiaries or divisions are not eligible (unless they have some public ownership and are separately traded).

Related Content:
Program: Technology Fast 500 
Industries: Technology,  Media & Entertainment and Telecom