Deloitte Unveils 2021 North America Technology Fast 500 Rankings has been saved
Deloitte Unveils 2021 North America Technology Fast 500 Rankings
California-based global medical technology company claims top spot in 27th annual ranking of fastest-growing businesses
SAN FRANCISCO, Nov. 17, 2021 — Deloitte today released its “North America Technology Fast 500,” an annual ranking of the fastest-growing North American companies in the technology, media, telecommunications, life sciences, fintech, and energy tech sectors, now in its 27th year.
Axonics, Inc. claimed the top spot with a growth rate of 87,037% from 2017 to 2020. Based in Irvine, Calif., Axonics (Nasdaq: AXNX) is a global medical technology company focused on the development and commercialization of novel therapies for patients with incontinence. The Axonics® implantable rechargeable sacral neuromodulation system provides patients suffering from overactive bladder and/or fecal incontinence with long-lived, easy to use, safe, and clinically effective therapy. Axonics’ next-generation urethral bulking agent, Bulkamid®, provides women suffering from stress urinary incontinence with safe and durable symptom relief. Axonics is one of six California-based companies ranked in the top 20 this year.
“Axonics is proud to be recognized as the fastest growing company on the Deloitte Technology Fast 500 list,” said Raymond W. Cohen, chief executive officer of Axonics. “The strong growth of Axonics is a testament to the mission-driven culture of the company, the dedication of our employees, and our commitment to innovation and developing best-in-class incontinence solutions that improve the lives of patients. We are grateful for the trust physicians, patients and shareholders have placed in Axonics.”
Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2017 to 2020. Overall, the 2021 Technology Fast 500 companies achieved revenue growth ranging from 212% to 87,037% over the three-year time frame, with a median growth rate of 521%.
“Each year the Technology Fast 500 shines a light on leading innovators in technology and this year is no exception,” said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. “In the face of innumerable challenges resulting from the pandemic, the best and brightest were able to pivot, reinvent and transform and grow. We celebrate the winning organizations and especially the talented employees driving their success.”
The Technology Fast 500’s top 10 include:
|2021 Rank||Company||Sector||Revenue Growth (2017 to 2020)||City, State|
|1||Axonics, inc.||Medical devices||87,037%||Irvine, CA|
|2||GetUpside||Software and SaaS||60,259%||Washington, DC|
|3||Attentive||Software and SaaS||49,155%||Hoboken, NJ|
|4||Shipwell||Software and SaaS||32,670%||Austin, TX|
|5||Snapcommerce||Software and SaaS||32,526%||Toronto, ON|
|6||Coherus BioSciences, Inc.||Biotechnology/pharmaceutical||30,480%||Redwood City, CA|
|7||Drift||Software and SaaS||29,400%||Boston, MA|
|9||VirnetX Holding Corp.||Software and SaaS||19,463%||Zephyr Cove, NV|
|10||Banyan Software||Software and SaaS||18,309%||Atlanta, GA|
Silicon Valley region home to most winners
The Deloitte Technology Fast 500 winners represent more than 37 states and provinces across North America. California’s Silicon Valley continues to nurture fast-growing companies, leading the regional representation with 21% of this year’s Fast 500. The New York metro area was represented by 12% of the winning companies; New England by 8%; Greater Los Angeles by 6%; and Greater Washington, DC, Washington State, and Texas accounted for 5% each of the winning companies.
Below is a summary of the 2021 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||21%||Coherus BioSciences, Inc.||6||Software 81%|
|New York Metro Area||12%||Attentive||3||Software 77%; Biotechnology/pharmaceutical 15%|
|New England||8%||Drift||7||Software 54%; Biotechnology/pharmaceutical 43%|
|Greater Los Angeles Area||6%||Axonics, Inc.||1||Software 81%|
|Greater Washington, DC||5%||GetUpside||2||Software 85%|
|Washington State||5%||Coinme||78||Software 83%|
Software industry shows impressive representation for 26th straight year
Software companies continue to shine in the Technology Fast 500 listing, representing the majority of the winners for the 26th straight year (73%), beating last year’s record-breaking percentage in the history of the rankings. Of the software companies on the list, enterprise infrastructure and productivity (26%), fintech companies (19%), and digital platforms (18%) comprise the leading subsectors. Since the creation of the rankings, software companies have consistently made up the majority of the winners, with a median growth rate of 520% in 2021.
Biotechnology/pharmaceutical companies make up the second most prevalent sector in this year’s rankings, accounting for 14% of the Fast 500 companies and achieving a median growth rate of 642% in 2021. Electronic devices/hardware companies had a median growth rate of 564% and digital content/media/entertainment had a median growth rate of 455%.
The Technology Fast 500 by industry sector:
|Sector||Percentage||Sector Leader||Median Revenue Growth (2017 to 2020)|
|Software & SaaS||73%||GetUpside||520%|
|Biotechnology/pharmaceutical||14%||Coherus BioSciences, Inc.||642%|
|Medical devices||2%||Axonics, Inc.||357%|
Venture backing/private equity fuels majority of winners
In the 2021 Fast 500 rankings, 81% of the companies were backed by venture capital at some point in their company history. Notably, 27 of the top 30 companies on the Technology Fast 500 in 2021 received venture funding or private equity in their history.
“The pandemic has underscored the urgent need for tech solutions in a variety of areas across health care, fintech, energy tech, entertainment, to name a few, so reliance on innovators like the winners of the Technology Fast 500 is more important than ever,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s audit & assurance practice. “These companies are not only at the cutting edge, transforming the way we do business, but most importantly, recognize the strategic importance of ongoing innovation, especially in the ever-changing world of technology.”
For additional details on the Technology Fast 500, including the complete list and qualifying criteria, visit www.fast500.com. Connect with us on Twitter: @DeloitteTMT; #Fast500 or on LinkedIn at: @PaulSilverglate; @ChristieSimons.
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