Tech firms hold 343 spots with SaaS and enterprise software leading the way while biotech/pharma firms make up the second most prevalent sector.
On the 25th anniversary of Deloitte's Fast 500 list, software companies are still eating the world but their diet has expanded to include roadside assistance, personal loans, and online video creation. The top company--UiPath--is all about technology, robotic process automation to be precise. UiPath has all the tools to build, manage, and run processes that can take tedious tasks off a human's to-do list. The company racked up a growth rate of 37,458% over the last four years.
Forrester named UiPath as a leader in Robotic Process Automation for Q4 2019, winning the highest possible scores in the strategy and market presence categories, and the highest position of all evaluated vendors in the currently on the market.
The top 10 companies on the Fast 500 list are:
- UiPath - Robotic process automation, New York, NY
- Sarepta Therapeutics - RNA, gene therapy and gene editing, Cambridge, MA
- AuditBoard - SOX compliance and audit management software, Los Angeles, CA >
- Outreach - Sales engagement platform and sales automation, Seattle, WA
- iLearningEngines - AI platform for outcomes-based engagement, Bethesda, MD
- Urgently - Digital global roadside assistance platform, Vienna, VA
- SentinelOne - Endpoint security software, Mountain View, CA
- Wibbitz - Online video creation platform, New York, NY
- LendingPoint - Personal loan platform, Kennesaw, GA <
- Fortress Biotech - Drug development, New York, NY
Software companies represent 343 companies on the list, up 4% from 2018.
Biotechnology/pharmaceutical companies make up the second most prevalent sector in this year's rankings, accounting for 11% of the Fast 500 companies and achieving a median growth rate of 402% in 2019.
Fortress Biotech is the parent company of nine subsidiaries and each one is developing a different drug to treat an unmet medical need. The company is a combination of drug development company and venture investment firm. The executives look for promising research that has been shelved for various reasons and funds a new company to resume development of the treatment. Fortress makes money by charging each company an annual consulting fee.
Sarepta Therupeutics is developing treatments for people with rare diseases, including Duchenne muscular dystrophy, 6 Limb-girdle muscular dystrophy diseases, Charcot-Marie-Tooth (CMT), MPS IIIA, Pompe and other central nervous system disorders.
Digital content/media/entertainment companies rank third at 10% of the list with a median growth rate of 439%.
"Once again, we saw innovation across the board, with software companies continuing their dominance of the top 10," Sandra Shirai, vice chairman, Deloitte LLP, and U.S. technology, media and telecommunications leader, said in a press release.
Deloitte's Technology Fast 500 winners represent more than 41 states and provinces
across North America. Companies from Silicon Valley represent 19% of this year's Fast 500. The New York metro area produced 12% of the companies.
Technology Fast 500 winners are selected based on percentage fiscal year revenue
growth from 2015 to 2018. Companies apply to win and must meet these criteria:
- Be in business for at least four years
- Be headquartered within North America
- Have fiscal year 2015 operating revenues of at least $50,000
- Have fiscal year 2018 operating revenues of at least $5 million
- Have a growth rate of at least 75%
- Own proprietary intellectual property or proprietary technology
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