Two MN Cos. Make Forbes’ “Most Promising Cos.” List

Anytime Fitness and Code 42 Software were recognized as two of the top 100 privately held, high-growth businesses.

Forbes recently released its annual list of “America’s Most Promising Companies”, and Hastings-based Anytime Fitness, LLC, and Minneapolis-based Code 42 Software, Inc., ranked 14th and 53rd, respectively. Thousands of nominated companies were considered for the list, which included 100 companies and was based on several metrics: growth (both in sales and hiring), quality of management team and investors, margins, market size, and key partnerships.

“We’ve opened at least 250 clubs in each of the last five years, despite a challenging global economy, and I don’t see our growth rate slowing down,” Gerry Thomas, CFO of Anytime Fitness, said in a statement.  “In fact, six years from now, I expect that we will have at least 4,000 clubs in the U.S. and another 4,000 clubs worldwide, essentially quadrupling the number of clubs we have today.”

Anytime Fitness, which employs 166 people, brought in $484 million in revenue last year. Forbes cited Anytime’s “steady growth even as sales climbed to nine digits,” as well as the company’s scope—franchised gyms can be found in 14 countries—as factors.

While Anytime Fitness is proof that companies in more traditional industries continue to find ways to expand, 48 of the top 100 companies, including Code 42 Software, were in the software and services industry category. Code 42, a software development and backup solutions company with seven international data centers, reported $26 million in revenue last year and has 175 employees. Clients of the company, founded in 2001, include Google, Apple, and Adobe.

Topping this year’s list is 3Cinteractive, a mobile platform company based in Boca Raton, Florida. The company, whose clients include Walgreens and Richfield-based Best Buy, reported $29 million in 2012 sales.

For the complete Forbes list, click here.