Deloitte Unveils 2023 North America Technology Fast 500 Rankings

Software and services industry category continues to dominate list with life sciences category placing second in 29^th annual ranking of fastest-growing businesses

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 29^th 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.”

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The Technology Fast 500’s top 10 includes:

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:

Software and services dominate for 28^th straight year

Software and services companies once again topped this year’s Technology Fast 500 listing, representing the majority of the winners for the 28^th 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:

“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.”

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