Growth of Technology Fast 50 Mirrors Positive Trends in New England

SEPTEMBER 20, 2007, BOSTON, MA.  — iTech US, Inc., of South Burlington, Vermont, tops the list of the fastest-growing companies in New England as recognized by Deloitte LLP and WilmerHale at an awards event held last night at F1 in Boston. The New England Technology Fast 50, now in its 11th year, ranks technology, media, telecommunications and life sciences companies by percentage revenue growth over five years.

iTech US, a 500-person firm headquartered in Vermont with offices in India, provides a range of information technology (IT) products and services, including its InTegrated Enterprise Resource Management Software (iTERMS) application. The company’s Business Process Outsourcing division offers services in accounting, processing and billing.

“Deloitte’s New England Technology Fast 50 companies have shown the strength, vision and tenacity to succeed in today’s very competitive technology environment,” said Steve DiPietro, partner, Deloitte & Touche LLP, and chairman of the New England Technology Fast 50 Program. “We applaud the successes of iTech US and acknowledge it as one of the very few to accomplish such a high growth rate over the past five years.”

The results also mirror some of the positive trends experienced by technology and life sciences firms throughout New England. For example, 15 of the 2007 Technology Fast 50 companies have gone public within the past three years, reflecting the rebound from the post-dotcom bust and a stabilization seen throughout the industries. Eight of the Top 10 Technology Fast 50 companies are private, showing strong organic growth is achievable, and eight of the Top 10 make their first appearance, perhaps indicating continued initial public offering activity in the coming years. While technology companies are still the leading Technology Fast 50 category, with 35, the trend over three years shows an increase in life sciences companies, from 10 in 2005 to 15 life sciences companies in 2007.

“The 2007 New England Technology Fast 50 have experienced remarkable growth while competing with technology and life sciences companies in this global marketplace. Today, we congratulate the winning companies on their noteworthy accomplishments,” said Jay Westcott, assistant managing partner of WilmerHale.

Thirty-one companies return to the Technology Fast 50 this year, including Network Engines, of Canton (Massachusetts), making its seventh appearance.

The Lowell, Massachusetts, area continues to be an emerging technology hub, with four of the top five companies headquartered north of Boston. The Metrowest area continues to be a vibrant technology hub as well.

Companies are selected based on percentage revenue growth over five years from 2002 to 2006. To be considered, Technology Fast 50 entrants must: have operating revenues of at least $50,000 in 2002 and at least $5 million in 2006; be headquartered in Maine, Massachusetts, New Hampshire, Rhode Island or Vermont; 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 Technology Fast 50 company ranking is as follows:

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Richard Shippee
Senior Manager, Public Relations, Deloitte Services LP
212-436-3347
rshippee@deloitte.com