Deloitte has released its 2023 North America Technology Fast 500 list, 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 29th year, the list features 10 North Texas companies—with two locals cracking the Top 50.
The highest-ranked company in Texas is Dallas-based Archer Review, which provides medical and nursing students with affordable, high-quality test prep to face high-stakes exams. Founded in 2009, Archer Review snagged the No. 33 spot on this year’s list with 5,291% growth.
Texas’ second-highest ranked company, at No. 47, is Dallas-based HighLevel—a 29-year-old company that uses AI for its all-in-one sales, marketing, and customer relationship management platform. HighLevel achieved a growth rate of 3,362%.
Overall, Texas accounted for about 6% of the companies on Deloitte’s list, with 30 making the cut.
541 companies: Software and services, life sciences dominate
“Each year, we look forward to reviewing the progress and innovations of our Technology Fast 500 winners,” Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader, said in a statement. “This year is especially celebratory as we expand the number of winners to better represent just how many companies are developing new ideas to progress our society and the world, especially during a slow economy.”
The list was expanded to 541 companies. In North Texas, Wichita Falls entertainment company benefited from the move, landing on the list at No. 510.
The Tech Fast 500 awardees were selected based on percentage fiscal year revenue growth from 2019 to 2022.
Overall, the 500 companies achieved revenue growth ranging from 201% (Docusign, No. 541) all the way up to a staggering 222,189% (Vir Biotechnology, No. 1) over the three-year time frame. The average growth rate was 1,934%, while median growth rate was 497%.
The 10 North Texas companies on the 2023 Tech Fast 500 List
Here are the North Texas companies that made Deloitte’s 2023 Tech Fast 500 list, along with their rankings:
|Rank||Company name||Primary industry||% Growth||City||St./Prov.||CEO name|
|33||Archer Review||Software & services||5,291%||Dallas||TX||Karthik Koduru|
|47||HighLevel||Software & services||3,362%||Dallas||TX||Shaun Clark|
|150||Brainvire Infotech, Inc.||Software & services||944%||Plano||TX||Chintan Shah|
|249||Cariloop||Software & services||558%||Richardson||TX||Michael Walsh|
|298||Aligned Data Centers||Communications/networking||449%||Plano||TX||Andrew Schaap|
|310||ACCELQ||Software & services||428%||Dallas||TX||Mahendra Alladi|
|405||o9 Solutions||Software & services||304%||Dallas||TX||Chakri Gottemukkala|
|489||Newline Interactive||Hardware & semiconductors||238%||Allen||TX||Kevin Wang|
|510||InMarket||Digital content/media/entertainment||223%||Wichita Falls||TX||Todd Morris|
Some of the companies began releasing statements Wednesday after the rankings were released.
Michael Walsh, co-Founder and CEO ofCariloop, a caregiver support platform that combines cloud-based tools and personalized, professional coaching services, said he was “extremely proud and impressed with the innovative thinking and creativity of our teams over the last few years in developing new technology enhancements for our members and identifying strategic partnerships to help us reach more caregivers.”
“We’re honored to reach this milestone recognition and join the other Deloitte Technology Fast 500 companies who are truly transforming their respective industries,” Walsh added.
DataBank’s CEO, Raul Martynek, credits increased demand from his company’s enterprise, hyperscale, and AI data center customers for its Tech Fast 500 ranking.
“Over the past year, DataBank delivered exceptional results and consistently surpassed expectations,” Martynek said in a statement. “The investments we’ve made to expand our geographic footprint to more than 27 markets and develop a more flexible data hall design have allowed us to match the increased demand for data centers over the past three years.”
Winning companies based in 41 states and provinces
San Francisco life sciences company Vir Biotechnology topped this year’s Deloitte Tech Fast 500 list with 222,189% growth.
The Tech Fast 500 winners are based in 41 states and provinces across North America. California’s San Francisco Bay Area continued to lead the regional pack with 18% of the Tech Fast 500 winners, followed by the Tri-State Area in the Northeast, which represents 13% of the winning companies.
Software and services is the leading industry in all major markets, Deloitte noted, achieving that feat for the 28th straight year—even in New England, which has historically been known for life sciences.
Deloitte’s Silverglate said while software and services and life sciences continued to dominate the top 10, but the company is “encouraged to see other categories making their mark.”
The Technology Fast 500 by sector
‘Software and Services’ companies comprise 57% list with Chicago’s Mode Mobile Inc. as the sector leader at a median revenue growth of 489%. ‘Life Sciences’ follows at 16%, led by the aforementioned San Francisco’s Vir Biotechnology Inc. boasting the highest median revenue growth on the list at 665%.
Close behind, ‘Fintech’ represents 12% of the list with New York’s Fireblocks leading the sector showing a 647% median revenue growth.
‘Digital Content/Media/Entertainment’ accounts for 5%, with another New York company, Fubo, at the helm experiencing 394% median revenue growth. ‘Hardware and Semiconductors’ make up 4% of the list, with Maryland’s IonQ leading and a 338% median revenue growth. Similarly, ‘Energy and Sustainability Technology’ comprises 4%, led by Washington’s Pallet with a 456% median revenue growth.
‘Communications/Networking’ is the smallest sector on the list at 1%, with Colorado’s Liberty Broadband Corporation leading and posting a 383% median revenue growth.
85% of the companies were backed by VCs or private equity
Deloitte noted that 85% of the companies on the 2023 Tech Fast 500 list were backed by venture capital or private equity funding at some point in their company history.
“As for growing companies, it’s always rewarding to be recognized for the ongoing commitment it takes to navigate obstacles, transform when necessary and ultimately create a thriving business,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “Over the nearly 30 years we’ve been compiling the Technology Fast 500, we’ve seen new categories emerge, growth rates explode, and certain regional markets shine from the bright talent they attract. We’re proud of all the winners for achieving this well-deserved honor.”
You can see Deloitte’s full list of 500 winners by going here.
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