Deloitte Unveils 2022 North America Technology Fast 500 Rankings has been saved
Deloitte Unveils 2022 North America Technology Fast 500 Rankings
Software and services industry category continues to dominate list, but growing life sciences category makes impressive showing in 28th annual ranking of fastest-growing businesses
SAN FRANCISCO, Nov. 16, 2022 — 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 28th year.
Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2018 to 2021. Overall, the 2022 Technology Fast 500 companies achieved revenue growth ranging from 241% to 125,138% over the three-year time frame, with a median growth rate of 611%.
“As the past year has shown us, innovation in important areas such as life sciences is critical to addressing infectious disease and other global health issues,” said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. “In addition, technology must keep pace with ever-changing consumer and corporate demands for faster, safer and more efficient solutions to new societal challenges. Each year I am in awe of the immense talent the Technology Fast 500 rankings reveal, confirming the winners’ relentless pursuit of creativity and their ability to solve real-world problems that benefit us all.”
The Technology Fast 500’s top 10 include:
|2022 Rank||Company||Sector||Revenue Growth
(2018 to 2021)
|1||Vir Biotechnology, Inc.||Life sciences||125,138%||San Francisco, CA|
|2||Takeoff Technologies, Inc.||Software & services||53,250%||Waltham, MA|
|3||Axonius||Software & services||46,270%||New York, NY|
|4||Axonics, Inc.||Life sciences||25,401%||Irvine, CA|
|5||VAST Data||Software & services||14,985%||New York, NY|
|6||Moderna||Life sciences||13,575%||Cambridge, MA|
|7||Flock Safety||Software & services||13,117%||Atlanta, GA|
|8||Corvus Insurance||Fintech||12,394%||Boston, MA|
|9||Fluid Truck||Energy & sustainability technology||9,899%||Denver, CO|
California Bay Area tops regional representation
The Deloitte Technology Fast 500 winners represent more than 38 states and provinces across North America. California’s Bay Area had an impressive showing in this year’s list leading the regional representation with 20% of the Technology Fast 500 winners, of which 64% were from the software and services category. The Tri-State Area was represented by 12% of the winning companies; New England by 6%, with 62% of the region’s winners representing the new category of life sciences; Greater Washington, D.C., Washington State, and Texas accounted for 5% each of the winning companies.
Below is a summary of the 2022 ranking by regions with a significant concentration of winners:
|Location||Percentage of List||Fastest-Growing Company
in the Region
|Overall Company Ranking||Dominant
|Bay Area||20%||Vir Biotechnology, Inc.||1||Software 64%|
|Tri-State Area||12%||Axonius||3||Software 66%|
|New England||6%||Takeoff Technologies, Inc.||2||Life sciences 62%|
|Greater Washington, D.C.||5%||Upside||88||Software 71%|
|Washington State||5%||Vontive||10||Software 62%|
|Texas||5%||OJO Labs||93||Software 86%|
Software and services dominated for 27th straight year
Software and services companies once again topped this year’s Technology Fast 500 listing, representing the majority of the winners for the 27th straight year (61%).Of the software and services companies on the list, digital platforms represented the majority of winners (49%) with enterprise infrastructure and productivity following with 30% of the winners. Security (13%), consumer software (6%) and education (2%, and a new subsector category for this year), comprised the rest of the subsectors within software and services. Life sciences and fintech rounded out the top three industry categories with 19% and 9% of total winners, respectively.
Venture capital backing continued to be a winning strategy in the 2022 Technology Fast 500 rankings, with 84% of the companies listed backed by venture capital or private equity funding at some point in their company history, up from 81% last year.
The Technology Fast 500 by industry sector:
|Sector||Percentage||Sector Leader||Median Revenue Growth
(2018 to 2021)
|Software & services||61%||Takeoff Technologies, Inc. (#2)||611%|
|Life sciences||19%||Vir Biotechnology, Inc. (#1)||613%|
|Fintech||9%||Corvus Insurance (#8)||611%|
|Digital content/media/entertainment||4%||PrizePicks (#48)||557%|
|Hardware & semiconductors||4%||Syntiant Corp. (#46)||563%|
|Energy & sustainability technology||2%||Fluid Truck (#9)||745%|
“This year’s Technology Fast 500 list is a true reflection of some of today’s most determined and inspiring pioneers who have prospered by anticipating what’s next, understanding what’s needed to succeed and driving creativity forward,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s audit & assurance practice. “Representing all facets of technology, the winners have shown they not only have the vision but can also expertly manage their companies through rapid growth. We congratulate each winner on their and impressive achievements.”
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.
About DeloitteDeloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 people worldwide connect for impact at www.deloitte.com.
Apply Now – 2023 Technology Fast 500 Awards
The Technology Fast 500 is a ranking of the fastest-growing companies in technology, media, telecom, life sciences, and energy tech in North America.
Trends in venture capital
The state of the industry and the impact on startups