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Deloitte Celebrates 25th Year of Technology Fast 500™; Unveils 2019 North America Rankings

Photo source: forbes.com
Vlad Poptamas

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Deloitte today celebrated the 25th anniversary and release of its “North America Technology Fast 500,” an annual ranking of the fastest-growing North American companies in the technology, media, telecommunications, life sciences and energy tech sectors.

UiPath claimed the top spot with a growth rate of 37,458% from 2015 to 2018. Founded in 2005, UiPath’s vision is a robot for every person — freeing people of burdensome, repetitive labor so they can focus on more valuable, satisfying work. UiPath has automated millions of repetitive, rule-based tasks for organizations worldwide. UiPath is one of three New York-based companies ranked in the top 10 this year.

Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2015 to 2018. Over the past quarter century, the Fast 500 program has honored nearly 6,000 companies across North America.

Overall, the 2019 Technology Fast 500 companies achieved revenue growth ranging from 166% to 37,458% over the three-year time frame, with a median growth rate of 439%. Results also show a shift to more private companies making the list (76%) versus public companies (24%) — a 7% change from last year’s rankings.

“This year marks the 25th anniversary of Deloitte’s Technology Fast 500, so we are especially pleased to announce and congratulate the 2019 winners,” said Sandra Shirai, vice chairman, Deloitte LLP, and U.S. technology, media and telecommunications leader. “Once again, we saw innovation across the board, with software companies continuing their dominance of the top 10. It’s always inspiring to see how the Fast 500 companies are transforming business and the world we live and work in.”

“Being recognized by Deloitte as the fastest growing technology company on the Fast 500 List is nothing short of incredible,” said Daniel Dines, co-founder and CEO of UiPath. “What we’ve achieved over the last decade could not have been done without the hard work of our employees and the amazing support of our customers, partners and investors. They humble us and inspire us to work harder to evolve RPA as the technology that not only unlocks the true potential of AI, but also other emerging solutions. This achievement is for all of them.”

The Technology Fast 500’s top 10 include:

2019 
Rank

Company

Sector

Revenue
Growth (2015
to 2018)

City, State

1

UiPath

Software

37,458%

New York, New
York

2

Sarepta Therapeutics,
Inc.

Biotechnology/

pharmaceuticals

23,925%

Cambridge,
Massachusetts

3

AuditBoard

Software

16,682%

Los Angeles,
California

4

Outreach

Software

16,069%

Seattle,
Washington

5

iLearningEngines Inc.

Software

15,846%

Bethesda,
Maryland

6

Urgently

Software

11,624%

Vienna, Virginia

7

SentinelOne

Software

10,275%

Mountain View,
California

8

Wibbitz

Software

9,083%

New York, New
York

9

LendingPoint

Software

8,813%

Kennesaw,
Georgia

10

Fortress Biotech, Inc.

Biotechnology/

pharmaceuticals

8,463%

New York, New
York

Silicon Valley has largest share of winners
Deloitte’s Technology Fast 500 winners represent more than 41 states and provinces across North AmericaCalifornia’s Silicon Valley continues to produce fast-growing companies, leading regional representation with 19% of this year’s Fast 500. The New York metro area also fared well with 12% of the companies; New England with 8% and Greater Washington, D.C., with 7%, and Greater Los Angeles accounted for 5%.

Following is a summary of the 2019 ranking by regions with a significant concentration of winners:

Location

Percentage
of List

Fastest-Growing
Company in the
Region

Overall
Company
Ranking

Dominant Sectors in
Location & Relevant %

Silicon
Valley

19%

SentinelOne

7

Software 75%

New York
Metro Area

12%

UiPath

1

Software 61%; Digital
content/
media/entertainment
18%

New England

8%

Sarepta
Therapeutics, Inc.

2

Software 55%; 
Biotechnology/
pharmaceuticals 29%

Greater
Washington,
D.C.

7%

iLearningEngines
Inc.

5

Software 80%

Greater Los
Angeles
Area

5%

AuditBoard

3

Software 63%

Software continues to dominate for the 24th straight year
Software companies continue to deliver the highest growth rates for the 24th straight year, representing 68% of the entire list and eight of the top 10 overall winners. Of the private companies on the list, 48% identify themselves as part of the software as a service (SaaS) or enterprise software subsector and 12% of companies are software with a financial services orientation (fintech). Since the creation of the ranking, software companies have consistently made up the majority of the winners, with a median growth rate of 449% in 2019.

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. Digital content/media/entertainment companies rank third at 10% of the list with a median growth rate of 439%.

The Technology Fast 500 by industry sector:

Sector

Percentage

Sector Leader

Median Revenue
Growth (2015 to
2018) 

Software 

68%

UiPath

449%

Biotechnology/
pharmaceutical

11%

Sarepta Therapeutics
Inc.

402%

Digital content/

media/entertainment

10%

Vislink Technologies
Inc.

439%

Medical devices

4%

Accelerate
Diagnostics Inc.

432%

Communications/
networking

3%

Ridgeline
International

305%

Electronic devices/
hardware 

3%

Fitness Cubed Inc.

337%

Semiconductor

1%

Phononic

278%

Energy tech

1%

GreenPrint

920%

Four out of five companies received venture backing
In the 2019 Fast 500 rankings, 85% of the companies were backed by venture capital at some point in their company history. Notably, 28 of the top 30 companies on the Technology Fast 500 in 2019 received venture funding.

“As technology innovation trends toward ‘everything as a service,’ it’s no surprise that software companies dominate the winners list yet again this year,” said Mohana Dissanayake, partner, Deloitte & Touche LLP, and industry leader for technology, media and telecommunications, within Deloitte’s audit and assurance practice. “What’s exciting about celebrating 25 years of the Tech Fast 500 is we now have a quarter century of innovation stories to draw and reflect upon. These are the companies that push boundaries, help organizations become more efficient and productive, and ultimately enable businesses to drive growth and revenue. We congratulate all the well-deserving winners.”

 

SOURCE Deloitte

Fintech

WORBLI, the Compliance Driven Public Blockchain, to Enter APA with AmaZix Capital

Vlad Poptamas

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WORBLI is pleased to announce that the WORBLI Foundation (“Foundation”) has entered into an Asset Purchase Agreement (the “APA”) concerning the proposed acquisition of 100%  of its assets by AmaZix Capital Limited (“AmaZix Capital”) and 0rigin Ventures (“0rigin”) in return for ongoing funding and development capital.

The acquisition will be completed upon satisfaction of conditions precedents. The transaction will allow WORBLI to accelerate the deployment of its proprietary Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) offering to the FinTech and Digital Asset sectors, concurrently with the commercialisation of the tokenised security technology native to the WORBLI blockchain.

Transaction Highlights

  • The transaction encompasses 100% of WORBLI’s assets including 10% of WORBLI Utility tokens (“WBI”) in circulation which will be subject to a lock-up period spanning 6 years
  • The transaction will secure funding and resources for the WORBLI Foundation to uphold administrative and customer support for the blockchain and for the promotion of WORBLI’s institutional product offering
  • This expanded and accelerated roll out of WORBLI technology will allow for faster commercial adoption of the chain

 

SOURCE WORBLI

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Fintech

AllocateRite’s AI-Powered Autonomous Wealth Management Strategies Are Now Available Via iOS and Android Mobile Apps

Vlad Poptamas

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AllocateRite, the New York FinTech and data science company that provides wealth managers with ETF-based dynamic asset allocation strategies and risk analytics, is excited to announce that its proprietary portfolio management and asset allocation strategies are now available to iOS and Android mobile devices via our mobile app.

AllocateRite’s AI-powered strategies use sophisticated portfolio construction and risk management techniques to offer superior risk-adjusted returns over time.

Additionally, our strategies are highly diversified and liquid, utilizing benchmark ETFs that represent the most liquid sectors of the stock market. Until now, these strategies were previously available only to institutional clients.

Using our mobile app, you can easily link your brokerage account to use one of our strategies. Also, you have the flexibility to allocate either a partial amount or the entire amount of your account to our strategies while maintaining full custody and control of your account at your brokerage firm.

Our strategies are suitable for retirement accounts, as they are focused on capital preservation, capital appreciation and income, enabling you to reduce your management fees by having your money flow out of pricey mutual funds into low cost ETFs.

AllocateRite’s strategies are automatically rebalanced monthly to maintain an optimal risk / reward ratio. Furthermore, they are GIPS-verified and have a confirmed track record of success stretching back four years.

 

SOURCE AllocateRite, LLC

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Fintech

TONIK Selects Finastra’s Core Banking Solution to Power Southeast Asia’s First Pure-play Licensed Digital Bank

Vlad Poptamas

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Greg Krasnov, Founder & CEO at TONIK

 

Finastra announced today that TONIK, the first licensed digital-only bank in Southeast Asia, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities. The move will support TONIK as it launches its retail deposit and customer loans services in the Philippines, giving it agility and the ability to scale quickly.

Greg Krasnov, Founder & CEO at TONIK, said, “The banking sector in the Philippines is ripe for digital disruption. The country has high internet usage, the majority of Filipinos are unbanked and research shows half of the people who do have bank accounts would be interested in switching to a neobank.

“We want to create a hyper-compelling consumer proposition that will revolutionize the way money works in the region. Finastra’s Fusion Essence Cloud – powered by Microsoft Azure – will give us the agility to get these services to market quickly and efficiently. We are also impressed by the modern, open and scalable capabilities of the solution, particularly the in-built analytics, which will help us to better understand our customers’ smart digital banking needs.”

The key proposition for digital banks is providing a customer experience that traditional banks struggle to offer. This requires modern, cloud-native technology that facilitates innovation whilst future-proofing investment. For TONIK, Fusion Essence Cloud will be deployed out of the Microsoft Azure Southeast Asia Region (Singapore Data Center), which will allow for both low latency and data residency. TONIK will benefit from a low cost of entry into the market, ease and speed of deployment, and the ability to increase business volumes and diversify its product set cost-effectively. It will also benefit from ongoing software updates and, in time, access to further innovation via FusionFabric.cloud, Finastra’s platform for open innovation and the development of applications.

European neobanks, including revverbank and Gravity, are already being powered by Fusion Essence Cloud, and this deployment in Southeast Asia will help bring the benefits of innovative digital banking to the Philippines.

Anand Subbaraman, General Manager, Retail Banking at Finastra, said, “TONIK is well positioned to replicate the disruption that has taken place in Europe, where digital banks have quickly attracted millions of customers and billions of dollars in investor funding. Using digital technologies and a lower-cost operating model, TONIK will be able to offer customers the products and services they need, delivered in a convenient way, as well as increasing opportunities for financial inclusion in Asia. Fusion Essence Cloud is ideally suited to help TONIK achieve these goals, as well as see a fast return on its investment. We are extremely proud to be TONIK’s partner in bringing digital banking to the Philippines for the first time.”

 

SOURCE Finastra

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