America’s 5,000 Fastest-Growing Private Companies Revealed
Livonia, Mich., August 26, 2008 – Inc. today ranked WorkForce Software No. 3756 on its annual ranking of the 5,000 fastest-growing private companies in the country. The list is the most comprehensive look at the most important segment of the economy – America’s independent-minded entrepreneurs. Taken as a whole, these companies represent the backbone of the U.S. economy.
“Our second annual Inc. 5000 continues the most ambitious project in business journalism,” said Inc. 5000 Project Manager Jim Melloan. “The Inc. 5000 gives an unrivalled portrait of young, underreported companies across all industries doing fascinating things with cutting-edge business models, as well as older companies that are still showing impressive growth.”
A provider of workforce management software, WorkForce Software’s EmpCenter® suite helps mid- to large-sized organizations collect worked time, control schedules, and calculate pay information. Unlike competing products, EmpCenter streamlines complex business rules without reprogramming.
Because new government regulations, labor contracts, and other factors rapidly change, most organizations began turning to software vendors for help. Recognizing this trend, payroll expert Kevin Choksi made his vision a reality. In 1999, Mr. Choksi, president and CEO, funded the start-up of WorkForce Software to develop an automated method for collecting and processing time and labor information to solve these complex issues.
Mr. Choksi credits the company’s continued revenue growth over the past 9 years to the flexibility of its EmpCenter software solution and its highly experienced team. “We are honored to be recognized on the Inc. 5,000 list for the second year as one of the fastest-growing private companies in the country,” said Choksi. “I believe our success is due to our dedicated, experienced team, and our business values. We continue to re-invest a large
portion of revenue back into research and development to strengthen our product and provide our customers with the right solution.”
The 5000 companies that made the list reported aggregate revenue of $185 billion and median three-year growth of 147-percent. Most important, the 2008 Inc. 5000 companies were engines of job growth, having created more than 826,033 jobs since those companies were founded. Complete results of the Inc. 5000, including company profiles and a list of the fastest-growing companies that can be sorted by industry and region can be found at www.inc5000.com.
Hottest Regions for Fastest-Growing Companies
The New York metro area tops the Inc. 5000 list with the most companies of any city with 355. Washington, D.C. comes in a close second with 300 companies on the list; Los Angeles comes in third with 244 companies, and Atlanta (194 companies) and Chicago (189 companies) round out the top five. Interestingly, only 62 companies on the Inc. 5000 are not based in metropolitan areas.
Grand Rapids, Mich. leads the list with the highest median revenue of any metro area ($26.2 million, 16 companies), followed by San Antonio, Texas ($21.3 million, 25 companies), Baton Rouge, La. ($18.8 million, 14 companies), Houston ($17.1 million, 97 companies), and Kansas City, Mo.-Kan. ($16.5 million, 39 companies).
Hottest Industries for Fastest-Growing Businesses
The most notable median growth categories among the Inc. 5000 fastest-growing businesses are in the Energy category (which grew by 298%), followed by Government Services (which grew by 220%), Security (200% growth), IT Services and Software (both grew by 187%), and Consulting (which grew by 182% on average).
The largest business category is IT Services, with 579 Inc. 5000 companies. Business Services (532 companies), Construction (459), Manufacturing (405), and Advertising & Marketing (361) complete the top five industries ranked on the 2008 Inc. 5000.
Industries reporting the highest median revenue are Travel ($38.8 million), Financial Services ($16.3 million), Logistics ($15.4 million) Government Services ($14.2 million), and Energy ($14.2 million).
The 2008 Inc. 5000 list measures revenue growth from 2004 through 2007. To qualify, companies must be U.S.-based and privately held, for profit, independent – not subsidiaries or divisions of other companies – as of December 31, 2007, and have had at least $200,000 in revenue in 2004, and $2 million in 2007.
Companies can apply for next year’s Inc. 5000 by registering with “IncBizNet, Business Network for Private Companies,” at www.incbiznet.com.
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