BURLINGTON, MA, November 15 â Charles River Development today announced that it ranked Number 290 on the 2004 Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America. Rankings are based on percentage revenue growth over five years, from 1999â2003. Charles River grew 691 percent during this period and moved up seven spots in the rankings since last year. Charles River previously ranked 297 on the 2003 Deloitte Technology Fast 500.
"Making the Deloitte Technology Fast 500 is a testament to a companyâs commitment to technology," said Mark A. Evans, national managing partner of Deloitteâs Technology, Media & Telecommunications Group. "In addition, attracting enough customers to maintain triple digit growth over five years makes a strong statement about the quality of a companyâs product and its leadership. With its 691% growth rate over five years, Charles River has proven that its leadership has the vision and determination to grow in difficult conditions."
In addition to ranking on the Deloitte Technology Fast 500, Charles River ranked 24th on the 2004 New England Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in New England.
Overall, companies that ranked on the 2004 Technology Fast 500 had growth rates ranging from 329 to 437,115 percent over five years, with an average growth rate of 4,109 percent.
Fast 500 Selection and Qualifications
The Fast 500 list is compiled from Deloitteâs 19 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 1999 operating revenues of at least $50,000 USD and $75,000 CD for the United States and Canada, respectively; and 2003 operating revenues must be at least $1 million USD or CD.
Entrants must also be public or private companies headquartered in North America and must be a "technology company," defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify.