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Carbonite Ranks No. 9 on the 2010 Inc. 500 with Three-Year Sales Growth of 11,207%
Aug 24, 2010 (03:08 PM EDT)
Online Backup Provider Ranks No. 1 in IT Services and Boston-based Businesses
NEW YORK, Aug. 24 /PRNewswire/ -- Inc. magazine today ranked Carbonite No. 9 on its 29th annual Inc. 500, an exclusive ranking of the nation's fastest-growing private companies. The list represents the most comprehensive look at the most important segment of the economy—America's independent-minded entrepreneurs. Companies such as Microsoft, Zappos, Intuit, GoDaddy, Zipcar, Clif Bar, American Apparel, Oracle, and many other well-known names gained early exposure as members of the Inc. 500.
"Fast growth at any time is a big achievement; fast growth during the past few years is just short of miraculous," said Inc. editor Jane Berentson. "The Inc. 500 consists of these just-short-of miraculous companies, the ones that through ingenuity and ambition have increased revenue, hired employees, and grown fast in difficult economic times."
Along with an overall No. 9 ranking in the Inc. 500, Carbonite also secured a No. 1 ranking in the IT Services category and a No. 1 ranking among Boston-based businesses for the 2010 Inc. 500. The company launched its online backup service in 2006 and has raised more than $76 million in several rounds of venture financing.
"When my business partner, Jeff Flowers, and I decided to start an online backup company after his wife's laptop was stolen, we never dreamt it would grow so rapidly," said David Friend, CEO and co-founder of Carbonite. "We're thankful for our team and all of our customers who believed in our simple and secure online backup service. It is an honor to be ranked No. 1 within the IT services category and Boston-based businesses, and No. 9 amongst all privately-held American businesses."
Today's Inc. 500 rankings are the latest in a string of accolades Carbonite has received in 2010, including the Tech Awards Circle Gold Award for consumer/small office, home office (SOHO) service category, ranking No. 6 in the 2010 Boston Business Journal: Best Places to Work and a finalist selection in the Red Herring 100 North America list. Several members of the Carbonite executive team have been honored recently as well. CEO and Co-Founder David Friend was named the Ernst & Young Entrepreneur of the Year winner for New England in the Consumer and Small Business Emerging Technology category, while CTO and Co-Founder Jeff Flowers was named CTO of the Year by the Massachusetts Technology Leadership Council. CFO Andrew Keenan was honored by the Boston Business Journal as a 2010 CFO of the Year and Swami Kumaresan, vice president of marketing, was selected as a Boston Business Journal 40 Under 40 in 2010.
The 2010 Inc. 500, unveiled in the September issue of Inc. magazine (available on newsstands August 24 to November 16 and on Inc.com), is a group of companies that are smaller but much faster-growing than last year's crop. Aggregate revenue is $11.3 billion—down from last year's $18.4 billion—but median three-year growth is 1,231 percent, substantially up from last year's 880.5 percent. The companies on this year's list employ more than 45,000 people. Complete results of the Inc. 500, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at Inc.com/500.
The 2010 Inc. 500 is ranked according to percentage revenue growth when comparing 2006 to 2009. To qualify, companies must have been founded and generating revenue by June 30, 2006. Additionally, they had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2009. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2006 is $80,000; the minimum for 2009 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. The companies of the Inc. 500 represent the top tier of the Inc. 5000, which can be found at www.inc.com/500.
The Carbonite industry-first offer of unlimited online backup service for a flat, low price revolutionized the market for consumer and small business backup services. Since 2006, the company has backed up more than 69 billion files and has restored more than 6.1 billion lost files for its customers. Carbonite, which was ranked No. 9 overall and No. 1 in IT Services in the Inc. magazine 2010 Inc. 500 listing, backs up more than 150 million files every day to high-redundancy storage servers in its Boston and Somerville, Mass. data centers.
The Carbonite mission is to provide a simple, affordable, and secure backup solution for the mainstream computer user. Carbonite supports both the Windows and Mac platforms. Carbonite is available directly at www.carbonite.com, and through international distributors. For more information, please visit www.carbonite.com, or follow us at twitter.com/carbonite and facebook.com/CarboniteOnlineBackup.
About Inc. Magazine
Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today's innovative company builders. With a total paid circulation of 712,647, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology. Visit us online at www.inc.com.
About the Inc. 500|5000 Conference
Each year, Inc. and Inc.com celebrate the remarkable achievements of today's entrepreneurial superstars—the privately held small businesses that drive our economy. The Inc. 500|5000 Conference & Awards Ceremony brings together members of the Inc. community, both a new class of Inc. 500|5000 honorees and the list's alumni, for three days of powerful networking, inspired learning, and momentous celebration. Please join us September 30–October 2, 2010, at the Gaylord National Resort and Convention Center in National Harbor, Maryland, located minutes from downtown Washington, D.C. For more information about the 2010 Inc. 500|5000 Conference & Awards Ceremony and to register, visit www.inc500conference.com or call 866-901-3205.