43,327 Percent Growth Attributed to Meeting the Demands of SMEs Worldwide
SAN MATEO, Calif. — October 28, 2005 — NetSuite, Inc., the leader in on-demand business management software for growing businesses, today announced that it ranked Number One on the 2005 Silicon Valley Technology Fast 50, which recognizes the fastest growing technology companies in Silicon Valley. In addition, NetSuite is Number Two on the 2005 Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America. Both rankings are based on percentage sales growth over five years, from 2000–2004. NetSuite grew 43,327 percent during this period. This is another accolade added to the growing list of NetSuite awards this year. For more information about this, please visit www.netsuite.com/500awards.
"Making the Deloitte Technology Fast 500 is commendable in today's highly competitive technology industry," said Tony Kern, deputy national managing principal of Deloitte's Technology, Media & Telecommunications industry practice. "We congratulate NetSuite on being the second fastest growing technology companies in North America."
Overall, companies that ranked on the 2005 Technology Fast 500 had growth rates ranging from 240 to 73,752 percent over five years, with an average growth rate of 2,408 percent.
Fast 500 Selection and Qualifications
The Fast 500 list is compiled from Deloitte's 15 regional North American Fast 50 lists, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, entrants must have had 2000 operating revenues of at least $50,000 USD or $75,000 CD for the United States and Canada, respectively, and 2004 operating revenues of at least $1 million USD or CD.
Entrants must be headquartered in North America and must be a "technology company," defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify.
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