November 15, 2018

Software Companies Dominated Deloitte’s 2018 North America Technology Fast 500

By 
David Cohen

The Deloitte North America Technology Fast 500 list debuted in 1995 and, for the 23rd straight year, software dominated the list, with the 2018 crown going to SwanLeap, an end-to-end transportation technology provider for logistics managers and supply chain decision-makers.

Deloitte said the list was compiled by analyzing percentage fiscal year revenue growth from 2014 through 2017, adding that the 500 companies on this year’s edition posted a median growth rate of 412 percent over the three-year period, with individual numbers ranging from 143 percent to 77,260 percent.

Software companies made up 64 percent of the 2018 North America Technology Fast 500 and accounted for six of the overall top 10, and Deloitte said that of the private companies on the list, 34 percent identified themselves as part of the software-as-a-service subsector, 17 percent as enterprise software and 9 percent as financial technology.

The next-largest category on the list was digital content, media and entertainment companies, which accounted for 12 percent of this year’s group and a median growth rate of 385 percent from 2014 through 2017.

Biotechnology and pharmaceutical companies were the No. 3 category, representing 11 percent of the list and posting a median growth rate of 411 percent over the three-year period.

When examined by geographical area, 18 percent of the 2018 North America Technology Fast 500 are based in Silicon Valley, followed by: the New York metropolitan area (14 percent); New England (7 percent); the Greater Washington, D.C., area (7 percent); and Greater Los Angeles (6 percent).

As far as funding, 80 percent of the companies on this year’s list were backed by venture capital at some point in their history, including 25 of the top 30.

The top 10 companies on the 2018 North America Technology Fast 500 list are:

  1. SwanLeap, software, revenue growth of 77,260 percent from 2014 through 2017, based in Madison, Wis.
  2. Justworks, software, 27,150 percent, New York
  3. Shape Security, software, 23,576 percent, Mountain View, Calif.
  4. Periscope Data, software, 23,227 percent, San Francisco
  5. Arrowhead Pharmaceuticals, biotechnology/pharmaceutical, 17,847 percent, Pasadena, Calif.
  6. Viveve Medical, medical devices, 16,887 percent, Englewood, Colo.
  7. iLearningEngines, software, 14,848 percent, Bethesda, Md.
  8. Exact Sciences, biotechnology/pharmaceutical, 14,694 percent, Madison, Wis.
  9. Podium, software, 13,381 percent, Lehi, Utah
  10. Markforged, electronic devices/hardware, 12,687 percent, Watertown, Mass.

Other companies covered by Adweek in the past that made the list include Snaps (No. 34), Untappd (53), YouAppi (62), Rumble (75), Whistle Sports (107), iSpot.tv (171), AppLovin (205), Kabbage (209), ZipRecruiter (240), GumGum (268), Fuze (290), Cision (301), Malwarebytes (313), Zendesk (338), JW Player (340), Facebook (350), HubSpot (354), 360insights (368), Foursquare (373), Clio (377), Palo Alto Networks (401), Izea (404), Vox Media (415), Square (466), InfoTrust (480) and Zoom Telephonics (489).

Mohana Dissanayake, Deloitte & Touche partner and industry leader for the technology, media and telecommunications industry within its audit and assurance practice, said, “Software, which accounts for nearly two of every three companies on the list, continues to produce the most exciting technologies of the 21st century, including innovations in artificial intelligence, predictive analytics and robotics. This year’s ranking demonstrates what is likely a national phenomenon, where many companies from all parts of America are transforming the way we do business by combining breakthrough research and development, entrepreneurship and rapid growth.”

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