Deloitte Unveils 2023 North America Technology Fast 500(TM) Rankings
Thursday, November 16, 2023
Software and services industry category continues to dominate list with life sciences category placing second in 29(th) annual ranking of fastest-growing businesses
SAN FRANCISCO, Nov. 8, 2023 /PRNewswire/ -- Deloitte today released its "North America Technology Fast 500(TM)," an annual ranking of the fastest-growing North American companies in the technology, media, telecommunications, life sciences, fintech, and energy tech sectors, now in its 29(th) year.
Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2019 to 2022. Overall, the 2023 Technology Fast 500 companies achieved revenue growth ranging from 201% to 222,189% over the three-year time frame, with an average growth rate of 1,934% and a median growth rate of 497%.
"Each year, we look forward to reviewing the progress and innovations of our Technology Fast 500 winners. This year is especially celebratory as we expand the number of winners to better represent just how many companies are developing new ideas to progress our society and the world, especially during a slow economy," said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. "While software and services and life sciences continue to dominate the top 10, we are encouraged to see other categories making their mark. Congratulations to all the winners who show us how creativity, hard work and perseverance can lead to success."
The Technology Fast 500's top 10 includes:
2023 Rank Company
Sector Revenue Growth City, State
(2019 to 2022)
1 Vir Biotechnology Inc.
Life sciences 222,189 % San Francisco,
California
2 Mode Mobile Inc.
Software & services 32,481 % Chicago, Illinois
3 Revance Therapeutics
Inc.
Life sciences 31,998 % Nashville, Tennessee
4
Moderna
Life sciences 31,894 % Cambridge, Massachusetts
5
Seer Inc.
Life sciences 26,095 % Redwood City, California
6
Fubo Digital content/media/
entertainment 23,517 % New York, New York
7
Fireblocks
Fintech 21,448 % New York, New York
8
Pallet Energy & sustainability
technology 19,208 % Everett, Washington
9 Dapper Labs Inc. Digital content/media/ 16,910 % Vancouver, British
entertainment Columbia
10
TaxBit
Software & services 15,738 %
Draper, Utah
A deeper look
The Deloitte Technology Fast 500 winners represent 41 states and provinces across North America. California's Bay Area continued to lead the regional pack with 18% of the Technology Fast 500 winners, followed by the Tri-State Area representing 13% of the winning companies. Software and services is the leading industry in all major markets, even New England, where historically life sciences has dominated.
Eighty-five percent (85%) of the companies listed in the 2023 Technology Fast 500 were backed by venture capital or private equity funding at some point in their company history.
Below is a summary of the 2023 ranking by regions with a significant concentration of winners:
Location Percentage of Fastest-Growing Company Overall Company Dominant Sectors
List Ranking
in the Region in Location
Bay Area 18 % Vir Biotechnology Inc. 1 Software 63%
Tri-State Area 13 %
Fubo 6 Software 50%
New England 7 %
Moderna 4 Software 46%,
Life sciences 41%
Texas 6 %
Archer Review 33 Software 63%
Greater Washington, D.C. 5 %
Novavax Inc. 11 Software 76%
Software and services dominate for 28(th) straight year
Software and services companies once again topped this year's Technology Fast 500 listing, representing the majority of the winners for the 28(th) straight year (57%). Of the software and services companies on the list, digital platforms represented the majority of winners (49%) with enterprise infrastructure and productivity following with 31% of the winners. Security (13%), consumer software (5%) and education (2%), comprised the rest of the subsectors within software and services. Life sciences and fintech rounded out the top three industry categories with 16% and 12% of total winners, respectively.
Overall median growth rate of the winners was 497%. Life sciences had the highest median revenue growth rate at 665%.
The Technology Fast 500 by industry sector:
Sector Percentage Sector Leader Median Revenue Growth
of List (2019 to 2022)
Software and services 57 % Mode Mobile Inc. 489 %
Life sciences 16 % Vir Biotechnology Inc. 665 %
Fintech 12 %
Fireblocks 647 %
Digital content/media/entertainment 5 %
Fubo 394 %
Hardware and semiconductors 4 %
IonQ 338 %
Energy and sustainability technology 4 %
Pallet 456 %
Communications/networking 1 % Liberty Broadband
Corporation 383 %
"As for growing companies, it's always rewarding to be recognized for the ongoing commitment it takes to navigate obstacles, transform when necessary and ultimately create a thriving business," said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte's Audit & Assurance practice. "Over the nearly 30 years we've been compiling the Technology Fast 500, we've seen new categories emerge, growth rates explode, and certain regional markets shine from the bright talent they attract. We are proud of all the winners for achieving this well-deserved honor."
For additional details on the Technology Fast 500, including the complete list and qualifying criteria, visit www.fast500.com. Connect with us on X: @DeloitteTMT; #Fast500 or on LinkedIn at: @PaulSilverglate; @ChristieSimons.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 457,000 people worldwide connect for impact at www.deloitte.com.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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SOURCE Deloitte
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