Three N.H. firms on ‘Fast 50’
Massachusetts companies may dominate Deloitte & Touche’s list of the 50 fastest-growing technology firms in New England, but three New Hampshire companies are on the list as well.
Nashua’s iCAD placed 42nd on the “Fast 50,” growing at 315 percent over the past five years. Bentley Pharmaceuticals, an Exeter generic drug company, was close behind at 47th, with a 270 percent growth rate. And eCopy, also in Nashua was listed 49th, with a 260 percent growth rate over the five-year period.
It was eCopy’s sixth straight year on the list.
All of the other firms on the list are from Massachusetts, even though the firms headquartered in Rhode Island, Vermont and Maine also were surveyed. To qualify, a firm has to own its proprietary technology or devote a significant proportion of revenues to R&D and have operating revenues of at least $50,000 in 2001 and $5 million in 2005.
Heading this year’s list is Litle & Co, a Lowell payment processing business that grew at an incredible 33,682 percent over the period, according to Deloitte.
While the companies may be growing, not all of them are making money. For instance, iCAD, despite making $19.7 million in revenue last year lost more than $4.75 million after expenses. The company develops and markets computer-aided medical detection devices.
Bentley, which sells generic drugs and develops alternative drug delivery systems, mainly markets its products through its Spanish office, though it attributes its rapid expansion to other European sales. The company nearly raked in $97 million in revenue last year, making about $10 million in profit.
As a private company that helps companies manage their paper and electronic documentation, eCopy does not disclose its profits, but the company does claim on its Web site that it had $42 million in revenues in the last fiscal year.
Those that earn a spot on the New England 50 are considered for Deloitte’s Technology Fast 500, which covers all of North America. – BOB SANDERS