2 Of Forbes’ “Most Promising Companies” Are From MN

Magnet 360 ranked 34th and Code42 ranked 44th on a list of “most promising” private companies with under $250 million in annual revenue.

Minneapolis-based Magnet 360 and Code42 were both among the top 50 companies on the latest edition of Forbes’ annual “America’s Most Promising Companies” list.
Only privately-held companies that have under $250 million in annual revenue are eligible for the list. Forbes ranks the top 100 companies based on sales and hiring growth, quality of management team and investors, margins, market size, and key partnerships.
Magnet 360, which bills itself as a Salesforce.com consulting and implementation partner, was ranked 34th on the list. The company said it focuses on four marketing segments: relationship management, branded apps and sites, marketing automation, and social campaign management.
According to Forbes, Magnet 360 has $26 million in annual revenue and 95 employees. In November, Magnet opened new offices in Chicago and San Francisco and announced plans to increase hiring and expand its existing offices.
Code42, meanwhile, is a software firm best known for “CrashPlan,” a data backup and storage solution. Code42 ranked 44th on Forbes’ list, and the magazine said the company has $40 million in annual revenue and 328 employees. Code42 made Forbes’ list last year as well, ranking 53rd.
Code42 made headlines recently when it announced it would launch its own file-sharing software, called SharePlan, to compete with the widely used Dropbox. Code42 was able to expand its product line, in part because of a $52.5 million investment it received in January 2012, which was reportedly among the largest venture capital deals in Minnesota’s history.
Four out of the top five companies on the list are based in California. The first, called Fuhu, has $175 million in revenue and sells an Android-based tablet for kids called Nabi. According to Forbes, the device features educational games that line up with national curriculum requirements from kindergarten through sixth grade.
Following Fuhu in the top five, respectively, are Airpush, a $98 million mobile-ad agency; Suja Juice, an $18 million organic, cold-pressed juice retailer; Evolent Health, a $40 million software and consulting firm for the health care industry based in Virginia; and Lending Club, a $98 million lending website for personal loans.