Modem Media, Inc., Tops List Of Connecticut 50 Fastest Growing Technology Companies

Business Wire, Oct 24, 2000

Business Editors

FAIRFIELD, Conn.--(BUSINESS WIRE)--Oct. 24, 2000

Norwalk-based Modem Media, Inc., leading Internet professional services firm, was named the fastest growing technology company in Connecticut by The Connecticut Technology Council (CTC) and Deloitte & Touche LLP. The announcement was made today at the fourth annual Connecticut Technology Fast 50 Awards. For the five-year period ending in 1999, Modem Media had revenue growth of a staggering 16,800 percent. The second-ranked Alexion Pharmaceuticals of New Haven expanded revenues with 13,690 percent, while the Darien-based Internet.com, ranked third with 12,977 percent.

Rounding out the top 10 were e-Media LLC of New Canaan with 12,262 percent; Cyberian Outpost of Kent with 10,084 percent; FitLinxx of Stamford, with 7,096 percent; ChiRex, also of Stamford with 5,237 percent; Glastonbury-based Open Solutions,with 5,143 percent; ERC Dataplus of Norwalk with 2,450 percent; and The Allied Group of Glastonbury with 1,240 percent.

For the fourth consecutive year Software dominated with 23 companies listed followed by Manufacturing, Telecommunications, BioScience, Information Services and Medical Devices. Overall, the top ten companies averaged a blistering 8,700 percent growth.

"Connecticut is a strong technology marketplace, challenging traditional high tech centers like Silicon Valley, Boston, and the greater D.C. area," said Dave Carver, partner at Deloitte & Touche. "With revenue growth rates in the thousands, these fast-paced companies are showing what it means to be agile and take advantage of rapidly changing market conditions."

Combined, the Fast 50 added $2.3 billion in revenues and 2,300 new jobs to the state's economy between 1995 and 1999. "It is the technology sector that is responsible for the transformation of the Connecticut economy - laying the foundation for a healthy and prosperous future," said Laura Kent, president of the CTC. Between 1995 and 1999, the average Connecticut company created 0.6 new jobs, while the average Fast 50 company created 46.2 jobs.

The Connecticut Fast 50 Awards Program measures the percentage revenue growth over a five-year period for Connecticut-based technology companies with minimum revenues of $50,000 in 1995. The Fast 50 is part of the Deloitte & Touche National Technology Fast 500 program.

CTC is a business association of providers and users of technology, committed to stimulating and facilitating the growth and awareness of technology-based business in Connecticut. CTC is the voice of technology companies and the state's leading advocate for issues affecting the technology sector.