Kingland Systems Corp., based in Clear Lake, Iowa, has been named one of America's entrepreneurial growth leaders by Inc magazine, which released its 2002 Inc 500 ranking of the nation's fastest-growing private companies on October 9th. The ranking appeared in the magazine’s special Inc 500 issue, which hit newsstands October 15.
Kingland Systems Corp. achieved some 456 percent growth in the past five years. This recognition complements Kingland Systems other recent awards, including Iowa's da Vinci award for innovation success with its SEC Independence software solution for auditing companies worldwide. Kingland Systems Corporation develops software and is a leading provider of front and middle-office automated browser-based institutional and retail compliance and transaction solutions (Financial Network System, FNS), including equities and options Straight Through Processing. AccountPro, Kingland Systems' latest broker dealer command and control tool, provides compliance and suitability, electronic principal review, account opening and update, paperwork tracking, management/compliance reporting, data-mining and back-office interfaces for medium-to-large financial services companies. A sophisticated Software Development Environment (FNS/Framework) utilizing and enhancing use of JAVA, Options Black Box (OBB) which provides electronic routing of options orders, SEC Independence Compliance (FNS/Independence), Integrated Brokerage Financials (IBF) providing automated integration of transactions from multiple sources for Broker Dealers. Data Center Services, Disaster Recovery and Business Continuance complete the KSC offerings.
"It is exciting and gratifying to be included in Inc magazine's extremely prestigious ranking and amongst those stellar companies that have preceded Kingland Systems Corporation in the Inc 500 list," said company CEO David J. Kingland. "It shows the spectacular results that can be achieved through focus and teamwork. Our solution teams and employees are deserving of this recognition for the effort, enthusiasm and innovation they bring to Kingland Systems."
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 years 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 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 Hon 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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