Boston, MA (October 9, 2002) – Boston-based Eze Castle Software has been named one of America's entrepreneurial growth leaders by Inc magazine. The 2002 Inc 500 ranking of the nation's fastest-growing private companies was released today and Eze Castle Software has been ranked #81. The ranking appears in the magazine's special Inc 500 issue, which hits newsstands on October 15.
Eze Castle Software achieved some 2,020% growth in the past five years. Eze Castle Software provides technology solutions to investment management firms. Their flagship product - Traders Console is used by over 155 buy-side investment firms in the United States and Europe. Eze Castle Software was listed on Deloitte & Touche's 2000 Fast 50 - a ranking of New England's fastest-growing technology companies and received the 2001 Greater Boston Chamber of Commerce Business Excellence Award.
"We are honored that Inc magazine has recognized our company for its high growth rate," said Sean McLaughlin, founder and CEO of Eze Castle Software. "By staying focused on our business strategy and not losing sight of our entrepreneurial spirit, we survived the technology boom and bust of the late nineties and continue to grow given today's economy. I hope our entire staff is extremely proud of their hard work and dedication that contributed to our success."
Started in 1982, the Inc 500 ranks the nation's leading entrepreneurial firms according to sales growth over the previous five years. Former Inc 500 companies that have gone on to become household names include Microsoft, Timberland, Domino's Pizza and Patagonia.
The 2002 Inc 500 reveals a surprising resiliency within the entrepreneurial sector, where leading companies are continuing to show dramatic rates of growth despite the recession.
The average five-year growth rate of this year's Inc 500 companies is 1,521%. While that is less than the 1,933% average for companies on last year's list, it is nonetheless dramatic in the current environment. Average 2001 sales for the Inc 500 dropped only slightly, from $24,976,000 to $24,706,000. More than two-thirds (73%) of 2002 Inc 500 companies are profitable. Despite the technology bust, "Computer Software & Services" remains the leading industry category, representing nearly 40% of firms on the list.
"This is the first Inc 500 ranking to reflect the full impact of the recession," said Inc editor John Koten. "Yet these entrepreneurs are managing to confound the naysayers and move ahead despite the obstacles. They're showing that smart strategies can succeed even in the toughest of times."
To be eligible for this year's Inc 500, companies had to be independent and privately held through their fiscal year 2001, have at least $200,000 in sales in the base year of 1997, and their 2001 sales had to have exceeded 2000 sales. Holding companies, regulated banks and utilities are not eligible. Inc verifies all information using tax forms and financial statements from certified public accountants and by conducting interviews with company officials.
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