4 Houston companies make fastest-growing tech biz list
In a newly released annual ranking, four Houston-based technology companies scored spots.
Deloitte's 26th annual North America Technology Fast 500 is an annual ranking of the fastest-growing North American companies across tech sectors. The companies on the list were selected based on percentage fiscal year revenue growth from 2016 to 2019. The Houston companies that made the top 500 were:
- No. 37 (5,881 percent growth): Enercross — An oil and gas logistics software company.
- No. 190 (641 percent growth): Onit — A B2B software company that designs streamlining solutions.
- No. 328 (306 percent growth): Lexicon Pharmaceuticals Inc. — A biopharmaceutical company developing treatments for diseases.
- No. 426 (221 percent growth): Vendor Credentialing Services — A tech platform that simplifies vendor services, compliance, and more for health professionals.
"The varied industries represented in this year's local Fast 500 winners is evidence of Houston's positive momentum in diversifying its core competencies beyond the energy sector," says Amy Chronis, Houston managing partner at Deloitte, in the release. "Innovation continues to be the driving force behind our city's evolution, and the Fast 500 winners are helping spur its progress. They inspire and provide a glimpse into our future."
According to the release, the 2020 Technology Fast 500 companies achieved revenue growth ranging from 175 percent to 106,508 percent over the three-year time frame, with a median growth rate of 450 percent.
Silicon Valley-based companies dominated the list, accounting for the top three companies as well as 20 percent of the entire list. The second largest region represented was New York, with 13 percent of the list.
In terms of sector, software has the biggest hold on the ranking with 71 percent of the companies being categorized in that realm, which is the highest percentage Deloitte has ever seen in this study.
The report also looked ate venture backing and found that this year 81 percent of the 500 fastest-growing tech companies received venture funding, which includes, according to the release, 26 of the top 30 companies.
"Each year the Technology Fast 500 listing validates how important technology innovation is to our daily lives. It was interesting to see this year that while software companies continued to dominate, biotech companies rose to the top of the winners list for the first time, demonstrating that new categories of innovation are accelerating in the pursuit of making life easier, safer and more productive," says Mohana Dissanayake, partner at Deloitte, in the release. "We extend our congratulations to these well-deserved winners — who all embody a spirit of curiosity, and a never-ending commitment to making technology advancements possible."