4 MN Firms Make 500 Fastest-Growing Tech Cos. List
Four Minnesota-based businesses are among North America’s 500 fastest-growing technology companies, according to a recently released list from Deloitte, LLP.
Digital marketing software and service provider Outsell, LLC, ranked 199th, and supply-chain data software provider Quantum Retail Technology, Inc., ranked 262nd on the “Technology Fast 500” list. Meanwhile, medical device developer Cardiovascular Systems, Inc., ranked 309th and supply-chain management software provider SPS Commerce, Inc., ranked 472nd.
To compile its list, Deloitte, a New York-based accounting and professional services firm, considered nominations of technology, media, telecommunications, life sciences, and clean technology companies in North America that were submitted through the “Technology Fast 500” website. The firm also considered public companies that trade on the New York Stock Exchange, NASDAQ, and AMEX stock exchanges.
Eligible companies must have been in business for a minimum of five years (in other words, founded on, or prior to, December 31, 2007), have their headquarters in North America, had a 2008 operating revenue of at least $50,000 and a 2012 operating revenue of at least $5 million, and own proprietary intellectual property or proprietary technology that is sold to customers via products that contribute to the majority of the company's operating revenue.
Deloitte then ranked the companies based on their percentage of revenue growth from 2008 to 2012. Click here for the list’s full methodology.
Minneapolis-based Outsell reported a four-year revenue growth rate of 527 percent. The company provides data and marketing platform services for its clients, which include Automatic Data Processing, Inc., Omnicom Group, Inc., and Saatchi & Saatchi. Last year, Outsell ranked 467th on Deloitte’s “Technology Fast 500” list.
Minneapolis-based Quantum Retail Technology provides supply-chain data software for the retail industry. It reported a four-year revenue growth rate of 345 percent. To facilitate its recent, rapid growth, Quantum Retail Technology moved into an office in the Campbell Mithun Tower that is twice the size of its original space.
St. Paul-based Cardiovascular Systems reported a four-year revenue growth rate of 272 percent. The publicly traded medical device company, which develops and commercializes interventional treatment systems for vascular disease, reported $103.9 million in revenue for the fiscal year that ended June 30—a 26 percent increase over the prior year.
Minneapolis-based SPS Commerce, a public company that provides e-commerce software and analytics for the retail industry, reported a four-year revenue growth rate of 151 percent. SPS Commerce reported 2012 revenue of $77.1 million—a 33 percent increase over the prior year. Last year, Outsell ranked 497th on Deloitte’s list.
Click here to view the full “Technology Fast 500” list.
Recently, two other Minnesota-based companies—Northern Oil and Gas, Inc., and Polaris Industries, Inc.—made Fortune magazine’s list of the 100 fastest-growing businesses based on their annual growth rates for revenue, earnings per share, and average total return over a three-year period.