Deloitte released on Thursday its annual North America Technology Fast 500, a ranking of the fastest-growing North American companies in technology sectors, and nine New Jersey companies landed on the list with three in the Top 100.
New York, New York-based UiPath, a robotics firm, was ranked No. 1 on the list due to its growth rate of 37,458% over three years.
The New Jersey companies, their ranking and growth rate include:
31. Vislink Technologies Inc., Hackettstown, 4,009%;
70. Fusion Recruiting Labs Inc., Red Bank, 1,852%;
100. Azure Knowledge Corp., Piscataway, 1,288%;
166. PTC Therapeutics Inc., South Plainfield, 681%;
175. Vydia Inc., Holmdel, 636%;
262. Palatin Technologies Inc., Cranbury, 418%;
276. CytoSorbents Corp., Monmouth Junction, 399%;
412. Eagle Pharmaceuticals Inc., Woodcliff Lake, 222%;
456. Nephros Inc., South Orange, 193%.
To be a part of the Technology Fast 500, companies were selected based on percentage fiscal year revenue growth from 2015 to 2018. Overall, revenue growth of all the companies ranged from 166% to more than 37,000% with a median growth rate of 439%. A total of 125 companies had a growth rate 1,000% or higher.
“New Jersey is increasingly a home for innovation and advancements in the technology,” Paul Krieger, managing partner, New Jersey, Deloitte & Touche LLP, said. “This year’s Fast 500 winners demonstrate that the state is competitive in attracting and retaining some of the brightest minds across industries, particularly in software, biotechnology and pharmaceuticals.”
Companies throughout the Tri-State area claimed three of the Top 10 spots this year, including UiPath (No. 1, New York), Wibbitz (No. 8, New York) and Fortress Biotech Inc. (No. 10, New York.) Overall, 12% of firms on the list are based in the Tri-State area.
The Top 5 companies on the list included:
“This year marks the 25th anniversary of Deloitte’s Technology Fast 500, so we are especially pleased to announce and congratulate the 2019 winners,” Sandra Shirai, vice chairman, Deloitte LLP, and U.S. technology, media and telecommunications leader, said. “Once again, we saw innovation across the board, with software companies continuing their dominance of the top 10. It’s always inspiring to see how the Fast 500 companies are transforming business and the world we live and work in.”
Among the Top 25 companies, 76% were private (21) and 24% were public (4) companies.
Among sectors, software was the leading industry with 343 companies on the list. Biotechnology/pharmaceutical was second with 11%, and digital content/media entertainment was third with 10%.