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Technology Fast Track
Software dominates state's fastest-growing tech firms
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Business New Haven
11/2/1998
By: BNH
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The Connecticut Technology Council (CTC) last month released its “Fast 50” list of the 50 most rapidly growing technology companies in Connecticut.
Topping that list is a local firm: the Shelton-based FlexiInternational Software, which develops and markets financial applications for the accounting departments of multi-national companies. Over the last five years, FlexiInternational has experienced revenue growth of 13,851 percent.
Other area companies making the Fast 50: American Technology Inc. of Shelton; Bassett Computer Systems of North Haven; Fast Mathematical Algorithms of Hamden; Haydon Switch & Instrument in Waterbury; Information Management Associates in Shelton; Neurogen Corp. of Branford; Orbit Design & Tool in Bethany; New Haven's Precision Combustion; SAI Systems International of Shelton; TransAct Technologies of Wallingford; and TransSwitch Corp. of Shelton.
In the aggregate, the Fast 50 added $1.4 billion in revenues and more than 2,200 new jobs to the state's economy between 1993 and 1997. “These 50 companies are indicative of technology's impact on the economy,” says CTC Executive Director Laura Kent.
“There are over 110,000 companies in Connecticut, and between 1993 and 1997 each of them added an average of 0.8 jobs,” Kent explains. “Over that same period the Fast 50 companies added an average of 45 jobs each, representing three percent of the total jobs created in the economic recovery in the state.”
Connecticut's burgeoning software industry dominates the Fast 50, representing half (25) of the companies. Smaller concentrations are found in the manufacturing (nine companies), electronics (six), telecommunications (four) and biomedical (four) sectors.
In addition to the 100-percent average job growth at the Fast 50 companies, average payroll per employee for winners grew 41 percent over the five-year period and averaged $58,412 in 1997. The software-heavy ten fastest-growing firms averaged in excess of $63,000 per employee.
Thirty of the Fast 50 winners are private companies and 20 are public. Half of the public firms completed their IPOs only since 1993. The combined market capitalization of the Fast 50 firms exceeds $6.2 billion.
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