Ninety-four Minnesota companies made the latest “Inc. 5000” list, an annual ranking of the nation’s fastest-growing privately held businesses.
And five of them ranked among the top 500, earning a spot on the prestigious “Inc. 500.”
Inc. magazine has been producing the lists for 33 years. The rankings are based on the companies’ three-year revenue growth rate, from 2010 to 2013.
PerformTel, a Ramsey-based provider of outsourced call center and other customer service to niche marketers, ranked 209th, the highest among Minnesota businesses. The company reported a 2,121 percent revenue growth rate, climbing from $102,387 in 2010 to $2.2 million in 2013. The company, which was founded in 2010, added 116 jobs during that period.
United Credit Consultants, a Burnsville-based business that helps consumers and small businesses settle their debts and rebuild their credit, ranked 293rd. The company grew from $123,124 in 2010 revenue to $2 million in 2013—a 1,556 percent growth rate.
Golden Valley-based Morning Star Financial Services—which provides financial and social services to people with disabilities, chronic illness, traumatic brain injuries, and seniors—grew its revenue 1,373 percent over the course of three years, reaching $21.9 million in 2013. The rapid growth earned the company the 340th spot on Inc.'s list.
Field Nation, a Minneapolis-based firm whose online contracting portal connects employers and independent contractors, ranked 445th. Its sales grew from $3.6 million to $43.3 million, or 1,073 percent. (Twin Cities Business profiled Field Nation last year.)
And Golden Valley-based All Around, a full-service general contractor, earned the 466th spot with a 1,020 percent growth rate. The company had $1.1 million in 2010 revenue; in 2013: $12.4 million.
The Inc. 5000
Meanwhile, another 89 Minnesota businesses made the larger Inc. 5000 list. They include some businesses that have recently generated headlines, including MentorMate—which ranked 833rd and was recently sold to Taylor Corporation—and Magnet 360, which ranked 1,086th and has been on an acquisition spree.
Matthew Dornquast—cofounder and CEO of Minneapolis-based tech company Code42, which ranked 1,306th on the Inc. list—said in a statement: “Our continued growth is fueled by the ever-growing need of organizations to reliably protect corporate information that leaves their buildings—and moves beyond their firewalls—every day.”
“Making The Inc. 5000 in our first seven years of eligibility is a good run but the best is yet to come,” Mike Derheim, CEO of Bloomington-based The Nerdery, said in a statement. (His firm ranked 1,600th.) “Our sustained, strategic growth will only create more leadership opportunities for our Nerds in the Twin Cities, Chicago, Kansas City, and beyond.”
Fuhu—an El Segundo, California-based maker of an Android tablet for kids and an application that allows parents to control their children's Internet access—topped the list for the second consecutive year. The company saw a mind-boggling 158,957 percent three-year growth rate, going from $123,000 in 2010 revenue to $195.6 million in 2013. The company added 178 jobs during that period.
See the full Inc. 5000 list here.
Of the 94 Minnesota companies that made the cut, 85 of them hail from the Twin Cities. See more stats about the Inc. 5000 companies, including everything from geographic breakdowns to the ethnic diversity of their leaders, here.
There were also 94 Minnesota businesses on last year's Inc. 5000 list, although eight of them appeared in the top 500, outnumbering this year's five.