BURLINGTON, MA, October 15, 2003 — Charles River Development today announced that it ranked Number 297 on the 2003 Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America. Rankings are based on average percentage revenue growth over five years, from 1998 – 2002. Charles River grew 971% during this period.
Charles River's president and CEO, Peter Lambertus, attributes the company's 971% growth over the past five years to exceptional employees and superior products. He said, "This accomplishment is a testament to the innovation, dedication, and talent of our employees and our ability to attract and retain clients over the long-term through the delivery of a technology platform that evolves and scales with our clients’ business needs."
"Attracting enough customers to maintain triple digit growth over five years makes a strong statement about the quality of a company’s product and its leadership," said Mark Evans, national managing partner of Deloitte’s Technology, Media & Telecommunications Group. "Charles River Development has shown the right stuff for growth."
In addition to ranking on the Deloitte Technology Fast 500, Charles River ranked 23 on the New England Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in New England.
Fast 500 Selection and Qualifications
The Fast 500 list is compiled from Deloitte’s 20 regional North American Fast 50 programs, nominations submitted directly to the fast 500, and public company database research. To qualify for the Fast 500, entrants must have had operating revenues of at least USD$50,000 and CAD$75,000 for the United States and Canada, respectively; and 2002 operating revenues must be at least $1 million USD or CD. Deloitte researchers examined financial statements to validate operating revenues.