October 2005
CTC Recognizes Fast 50 Winners

Webloyalty.com Tops Connecticut Technology Fast 50 Ranking of Fastest-Growing Technology Companies, with More Than 25,000% Percent Growth Over Five Years

The Connecticut Technology Fast 50 always holds a few surprises and this year Webloyalty,com, a first time winner, grabbed the gold for revenue growth, finishing first in the ninth annual CTC/Deloitte competition that highlights revenue growth among the state’s technology companies. Webloyalty.com, an online marketing and subscription services provider founded in 1999, was named the fastest-growing technology company in Connecticut with 25,556 percent revenue growth over five years. The company was honored on October 6, along with 49 other tech companies and four “Rising Star” winners at a gala event attended by nearly four hundred attendees at Fairfield University’s Quick Center for the Arts. Greg Powers, Carrier Corporation’s (a division of United Technologies Corporation), Vice President of Engineering delivered this year’s keynote address.

This year's winners contributed more than $11 billion in revenues to the state's economy in 2004, with an average growth rate of 852 percent during the 2000 to 2004 time period. Webloyalty.com was only one of nine companies making the Fast 50 list for the first time.

Winners are selected based on percentage revenue growth over five years from 2000 to 2004. To be considered, Technology Fast 50 entrants must: have operating revenues of at least $50,000 in 2000 and at least $1,000,000 in 2004; be headquartered in the state; be a “technology company,” defined as a company that o wns proprietary technology that contributes to a significant portion of its operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify. Subsidiaries and divisions are not eligible, unless they have some public ownership and are separately traded.

Trends among this year’s list include:

• More than two-fifths of the companies (21 companies, 42%) are based in Fairfield County. New Haven County comes in second with 12 companies represented and Hartford County is home to 10.
• By a slight margin, private companies (26) edge out public companies (24).
• Software companies again are the most-represented of the industries, making the list with 15 companies, with communications/networking companies holding 10 positions.

A special category called “Rising Stars” recognized the four fastest growing technology companies based on revenue growth over three or four years (2001–2004). These companies include: Flight Safety Technologies, Inc. (Mystic, 633 percent growth); Tangoe, Inc. ( Orange, 595 percent); Glacier Computer, LLC (New Milford, 152 percent) and Cervalis ( Stamford, 61 percent).

CTC President and CEO Matthew Nemerson noted that the Fast 50 companies are the “economic heroes of the Connecticut economy. They are creating jobs and wealth for the state and these companies are further proof of the depth and vitality of the state’s technology sector.”

The Fast 50 program is presented by Deloitte and the Connecticut Technology Council, in association with The Litchfield Insurance Group, NASDAQ, Pullman & Comley, LLC , UK Trade & Investment, Connecticut Innovations, Regan Technologies Corporation and Bank of New York.

For more information, please call CTC at 860-289-0878 or email: info@ct.org