Press releases
Software and services industry category continues to dominate list with life sciences category placing secondin 29th annual ranking of fastest-growing businesses
SAN FRANCISCO, Nov. 8, 2023 — 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 29th year.
Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2019 to 2022. Overall, the 2023 Technology Fast 500 companies achieved revenue growth ranging from 201% to 222,189% over the three-year time frame, with an average growth rate of 1,934% and a median growth rate of 497%.
“Each year, we look forward to reviewing the progress and innovations of our Technology Fast 500 winners. 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,” said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. “While software and services and life sciences continue to dominate the top 10, we are encouraged to see other categories making their mark. Congratulations to all the winners who show us how creativity, hard work and perseverance can lead to success.”
Contact:
Alexis Harrison
Public Relations
Deloitte Services LP
+1 203 556 2546
The Technology Fast 500’s top 10 includes:
| 2023 Rank | Company | Sector | Revenue Growth (2019 to 2022) | City, State |
|---|---|---|---|---|
| 1 | Vir Biotechnology, Inc. | Life sciences | 222,189% | San Francisco, California |
| 2 | Mode Mobile Inc. | Software & services | 32,481% | Chicago, Illinois |
| 3 | Revance Therapeutics Inc. | Life sciences | 31,998% | Nashville, Tennessee |
| 4 | Moderna | Life sciences | 31,894% | Cambridge, Massachusetts |
| 5 | Seer Inc. | Life sciences | 26,095% | Redwood City, California |
| 6 | Fubo | Digital content/media/entertainment | 23,517% | New York, New York |
| 7 | Fireblocks | Fintech | 21,448% | New York, New York |
| 8 | Pallet | Energy & sustainability technology | 19,208% | Everett, Washington |
| 9 | Dapper Labs Inc. | Digital content/media/entertainment | 16,910% | Vancouver, British Columbia |
| 10 | TaxBit | Software & services | 15,738% | Draper, Utah |
A deeper look
The Deloitte Technology Fast 500 winners represent 41 states and provinces across North America. California’s Bay Area continued to lead the regional pack with 18% of the Technology Fast 500 winners, followed by the Tri-State Area representing 13% of the winning companies. Software and services is the leading industry in all major markets, even New England, where historically life sciences has dominated.
Eighty-five percent (85%) of the companies listed in the 2023 Technology Fast 500 were backed by venture capital or private equity funding at some point in their company history.
Below is a summary of the 2023 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 % |
|---|---|---|---|---|
| Bay Area | 18% | Vir Biotechnology, Inc. | 1 | Software 63% |
| Tri-State Area | 13% | Fubo | 6 | Software 50% |
| New England | 7% | Moderna | 4 | Software 46%,Life sciences 41% |
| Texas | 6% | Archer Review | 33 | Software 63% |
| Greater Washington, D.C. | 5% | Novavax Inc. | 11 | Software 76% |
Software and services dominated for 28th straight year
Software and services companies once again topped this year’s Technology Fast 500 listing, representing the majority of the winners for the 28th straight year (57%). Of the software and services companies on the list, digital platforms represented the majority of winners (49%) with enterprise infrastructure and productivity following with 31% of the winners. Security (13%), consumer software (5%) and education (2%), comprised the rest of the subsectors within software and services. Life sciences and fintech rounded out the top three industry categories with 16% and 12% of total winners, respectively.
Overall median growth rate of the winners was 497%. Life sciences had the highest median revenue growth rate at 665%.
The Technology Fast 500 by industry sector:
| Sector | Percentage | Sector Leader | Median Revenue Growth (2019 to 2022) |
|---|---|---|---|
| Software & services | 57% | Mode Mobile Inc. | 489% |
| Life sciences | 16% | Vir Biotechnology Inc. | 665% |
| Fintech | 12% | Fireblocks | 647% |
| Digital content/media/entertainment | 5% | Fubo | 394% |
| Hardware & semiconductors | 4% | IonQ | 338% |
| Energy & sustainability technology | 4% | Pallet | 456% |
| Communications/networking | 1% | Liberty Broadband Corporation | 383% |
“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 are proud of all the winners for achieving this well-deserved honor.”
For additional details on the Technology Fast 500, including the complete list and qualifying criteria, visit www.fast500.com. Connect with us on X: @DeloitteTMT; #Fast500 or on LinkedIn at: @PaulSilverglate; @ChristieSimons.
About Deloitte
Deloitte 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 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. 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. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide connect for impact at www.deloitte.com.
Get in touch
Paul H. Silverglate
Partner | US Executive Accelerators | Deloitte & Touche LLP
psilverglate@deloitte.com
+1 408 704 2475
Paul is a partner with Deloitte & Touche LLP and leads Deloitte’s US Executive Accelerators (XA) in Client & Market Growth (CMG), and also serves as Vice Chair and Deloitte US Technology Sector Leader... More
Christie Simons
US TMT Industry Leader | Audit & Assurance Partner
csimons@deloitte.com
+1 415 783 4777
As the Audit & Assurance Technology, Media & Telecommunications (TMT) industry leader with Deloitte & Touche LLP, Christie has almost 30 years of experience serving global technology clients. She is a... More
Gavin Graves
Fast 500 Program Leader | Deloitte Services LP
ggraves@deloitte.com
+1 206 716 6004
Gavin is responsible for the North America Technology Fast 500 program and its overall strategic direction and execution. As a strategic marketing planner and marketing manager, he provides program ma... More
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I'm an industry expert with a deep understanding of the technology, media, telecommunications, life sciences, fintech, and energy tech sectors. My expertise is backed by a comprehensive knowledge of the latest developments and trends in these industries up to my last knowledge update in January 2022. Now, let's delve into the information related to the concepts used in the provided article about Deloitte's "North America Technology Fast 500™" ranking.
Press Releases: Press releases are official statements issued by companies or organizations to announce news, events, or important information to the media and the public. In the context of the article, the information is likely sourced from a press release by Deloitte, presenting the annual ranking of the fastest-growing North American companies.
Software and Services Industry: The software and services industry encompasses businesses involved in developing, selling, and maintaining software applications and providing various services related to software. In the Deloitte ranking, the software and services industry is highlighted as dominating the list for the 29th consecutive year.
Life Sciences Category: The life sciences category includes companies engaged in fields such as biotechnology, pharmaceuticals, healthcare, and medical research. In the provided ranking, life sciences companies, such as Vir Biotechnology Inc., Revance Therapeutics Inc., Moderna, and Seer Inc., have demonstrated significant growth.
Deloitte's North America Technology Fast 500™: This is an annual ranking compiled by Deloitte, featuring the fastest-growing companies in North America in various technology-related sectors. The selection criteria are based on the percentage fiscal year revenue growth from 2019 to 2022. The 2023 ranking includes companies with impressive revenue growth, ranging from 201% to 222,189%.
Fast-Growing Companies Criteria: The criteria for selecting fast-growing companies involve assessing their percentage fiscal year revenue growth over a specified period. In this case, the evaluation spans from 2019 to 2022. The companies listed in the Technology Fast 500 achieved remarkable growth rates, with an average growth rate of 1,934% and a median growth rate of 497%.
Industry Sectors and Dominance: The article highlights the dominance of software and services companies for the 28th straight year, representing 57% of the winners. The software and services sector includes digital platforms, enterprise infrastructure, productivity, security, consumer software, and education. Other dominant sectors include life sciences (16%) and fintech (12%).
Geographical Distribution: The geographical distribution of the Technology Fast 500 winners is provided, with California's Bay Area leading the regional pack with 18% of the winners. Software and services remain the leading industry in major markets, including New England, historically dominated by life sciences.
Venture Capital and Private Equity Backing: The article notes that 85% of the companies listed in the 2023 Technology Fast 500 received backing from venture capital or private equity funding at some point in their company history.
Median Growth Rate: The overall median growth rate of the winners is highlighted, with life sciences having the highest median revenue growth rate at 665%.
In conclusion, Deloitte's North America Technology Fast 500™ ranking provides valuable insights into the rapid growth of companies in various technology sectors, showcasing the dynamism and innovation within the industry. The dominance of software and services, along with the growth of life sciences and fintech, reflects the evolving landscape of the technology business.
