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Inc. Magazine Unveils Its Fourth Annual Exclusive List of America's Fastest-Growing Private Companies—the Inc. 5000
Sep 10, 2010 (02:09 PM EDT)
IT Solutions Ranks on the 2010 Inc. 5000 for Fourth Consecutive Year
FORT WASHINGTON, Pa., Sept. 10 /PRNewswire/ -- Inc. magazine ranked IT Solutions No. 3634 on its fourth annual Inc. 5000, 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. Music web site Pandora, convenience store chain 7-Eleven, Brooklyn Brewery, and Radio Flyer, maker of the iconic children's red wagon, are among the prominent brands featured on this year's list. Of the companies that made the list, only a small number of honorees, including IT Solutions, were able to achieve the competitive distinction four years in a row.
IT Solutions (ITS) is a full-service IT consulting firm serving the Mid-Atlantic region. Founded in 1994 by CEO Ted Swanson, IT Solutions provides managed network support, cloud computing services, and custom application development for businesses of all sizes and industries. ITS maintains partnerships with today's top technology brands -- including Microsoft, Apple, HP, Cisco, VMware, FileMaker, and Salesforce.com -- to provide clients with a variety of options for effective network and database management.
"It is a tremendous honor to be recognized in the Inc. 5000 for the fourth year in a row," said Ted Swanson. "It's a reflection of our staff's consistent hard work and commitment to our clients' success through a combination of dedicated, day-to-day customer service and long-term strategic management. We look forward to similar, steady growth in the years ahead," he added.
In 2008, IT Solutions further distinguished itself by becoming an employee-owned company. "Our employee-owners understand how a business operates, what's important to an organization's success, and how to control costs," Swanson said. "And they apply those principles every day when it comes to our clients' technology."
The 2010 Inc. 5000, unveiled on Inc.com, serves as a unique illustration of the profound changes taking place in the U.S. economy. The Government Services sector showed the biggest gain in terms of the number of companies on the list, up 33 percent from last year to 335 companies. Government Services was also the second-fastest-growing sector in terms of median revenue growth, posting a 202 percent gain over the 2006-2009 measuring period. More than half of these companies are based in Maryland, Virginia, and Washington, D.C. The fastest-growing sector by median revenue growth was Real Estate, now just a tiny group of 38 young, small companies, which showed 231 percent median growth over the period. (There were 121 Real Estate firms on the inaugural Inc. 5000 in 2007.) Business Products & Services is the top industry by number of companies on the list (640) and total revenue ($80.7 billion), while Health is the biggest by total employment (287,726 jobs).
Despite the fact that most of this year's measuring period of 2006-2009 took place during the latest recession, aggregate revenue among the companies on the list actually increased to $321.6 billion, up more than 50 percent from last year. The effects of the recession are seen, however, in the median three-year growth rate, which dropped to 96 percent from last year's 126 percent. This year's Inc. 5000 employ a record 1.4 million people, up from one million on last year's list. With unemployment remaining stubbornly high, policymakers and business leaders will do well to look to the Inc. 5000 companies for fresh ideas on achieving growth and creating jobs.
"The leaders of the companies on this year's Inc. 5000 have figured out how to grow their businesses during the longest recession since the Great Depression," said Inc. president Bob LaPointe. "The 2010 Inc. 5000 showcases a particularly hardy group of entrepreneurs."
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found on www.inc.com/5000.
The 2010 Inc. 500|5000 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 based in the United States, 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 top 10 percent of companies on the list constitute the Inc. 500, now in its 29th year.
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 deliver 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.
SOURCE IT Solutions