Deloitte Unveils 2021 North America Technology Fast 500 Rankings

Rhea-AI Summary

On November 17, 2021, Deloitte announced the North America Technology Fast 500, highlighting the fastest-growing tech companies from 2017 to 2020. Axonics, Inc. topped the list with an extraordinary growth rate of 87,037%. This ranking showcases a diverse array of sectors, with medical devices and software leading the charge. Overall, the Fast 500 companies exhibited impressive revenue growth, with a median increase of 521%. California's Silicon Valley remains a hub, contributing significantly to the rankings.

Positive

• Axonics reported an impressive growth rate of 87,037% from 2017 to 2020, making it the fastest-growing company on the Technology Fast 500 list.
• The company is recognized for its innovation in medical technology, particularly in solutions for incontinence.

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• None.

SAN FRANCISCO, Nov. 17, 2021 /PRNewswire/ -- Deloitte today released its "North America Technology Fast 500," 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 27^th year.

Axonics, Inc. claimed the top spot with a growth rate of 87,037% from 2017 to 2020. Based in Irvine, Calif., Axonics (Nasdaq: AXNX) is a global medical technology company focused on the development and commercialization of novel therapies for patients with incontinence. The Axonics® implantable rechargeable sacral neuromodulation system provides patients suffering from overactive bladder and/or fecal incontinence with long-lived, easy to use, safe, and clinically effective therapy. Axonics' next-generation urethral bulking agent, Bulkamid®, provides women suffering from stress urinary incontinence with safe and durable symptom relief. Axonics is one of six California-based companies ranked in the top 20 this year.

"Axonics is proud to be recognized as the fastest growing company on the Deloitte Technology Fast 500 list," said Raymond W. Cohen, chief executive officer of Axonics. "The strong growth of Axonics is a testament to the mission-driven culture of the company, the dedication of our employees, and our commitment to innovation and developing best-in-class incontinence solutions that improve the lives of patients. We are grateful for the trust physicians, patients and shareholders have placed in Axonics."

Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2017 to 2020. Overall, the 2021 Technology Fast 500 companies achieved revenue growth ranging from 212% to 87,037% over the three-year time frame, with a median growth rate of 521%.

"Each year the Technology Fast 500 shines a light on leading innovators in technology and this year is no exception," said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. "In the face of innumerable challenges resulting from the pandemic, the best and brightest were able to pivot, reinvent and transform and grow. We celebrate the winning organizations and especially the talented employees driving their success."

The Technology Fast 500's top 10 include:

2021 Rank	Company	Sector	Revenue Growth (2017 to 2020)	City, State
1	Axonics, Inc.	Medical devices	87,037%	Irvine, CA
2	GetUpside	Software and SaaS	60,259%	Washington, DC
3	Attentive	Software and SaaS	49,155%	Hoboken, NJ
4	Shipwell	Software and SaaS	32,670%	Austin, TX
5	Snapcommerce	Software and SaaS	32,526%	Toronto, ON
6	Coherus BioSciences, Inc.	Biotechnology/pharmaceutical	30,480%	Redwood City, CA
7	Drift	Software and SaaS	29,400%	Boston, MA
8	Nufabrx	Biotechnology/pharmaceutical	22,957%	Conover, NC
9	VirnetX Holding Corp.	Software and SaaS	19,463%	Zephyr Cove, NV
10	Banyan Software	Software and SaaS	18,309%	Atlanta, GA

Silicon Valley region home to most winners
The Deloitte Technology Fast 500 winners represent more than 37 states and provinces across North America. California's Silicon Valley continues to nurture fast-growing companies, leading the regional representation with 21% of this year's Fast 500. The New York metro area was represented by 12% of the winning companies; New England by 8%; Greater Los Angeles by 6%; and Greater Washington, DC, Washington State, and Texas accounted for 5% each of the winning companies.

Below is a summary of the 2021 ranking by regions with a significant concentration of winners:

Location	Percentage of List	Fastest-Growing Company in the Region	Overall Company Ranking	Dominant Sectors in Location & Relevant %
Silicon Valley	21%	Coherus BioSciences, Inc.	6	Software 81%
New York Metro Area	12%	Attentive	3	Software 77%; Biotechnology/pharmaceutical 15%
New England	8%	Drift	7	Software 54%; Biotechnology/pharmaceutical 43%
Greater Los Angeles Area	6%	Axonics, Inc.	1	Software 81%
Greater Washington, DC	5%	GetUpside	2	Software 85%
Washington State	5%	Coinme	78	Software 83%
Texas	5%	Shipwell	4	Software 77%

Software industry shows impressive representation for 26^th straight year
Software companies continue to shine in the Technology Fast 500 listing, representing the majority of the winners for the 26^th straight year (73%), beating last year's record-breaking percentage in the history of the rankings. Of the software companies on the list, enterprise infrastructure and productivity (26%), fintech companies (19%), and digital platforms (18%) comprise the leading subsectors. Since the creation of the rankings, software companies have consistently made up the majority of the winners, with a median growth rate of 520% in 2021.

Biotechnology/pharmaceutical companies make up the second most prevalent sector in this year's rankings, accounting for 14% of the Fast 500 companies and achieving a median growth rate of 642% in 2021. Electronic devices/hardware companies had a median growth rate of 564% and digital content/media/entertainment had a median growth rate of 455%.  

The Technology Fast 500 by industry sector:

Sector	Percentage	Sector Leader	Median Revenue Growth (2017 to 2020)
Software & SaaS	73%	GetUpside	520%
Biotechnology/pharmaceutical	14%	Coherus BioSciences, Inc.	642%
Electronic devices/hardware	3%	Pela	564%
Digital content/media/entertainment	3%	SolarLeadFactory	455%
Communications/networking	2%	Discord	440%
Energy tech	2%	Enercross	750%
Medical devices	2%	Axonics, Inc.	357%
Semiconductor	1%	GaN Systems	485%

Venture backing/private equity fuels majority of winners
In the 2021 Fast 500 rankings, 81% of the companies were backed by venture capital at some point in their company history. Notably, 27 of the top 30 companies on the Technology Fast 500 in 2021 received venture funding or private equity in their history.

"The pandemic has underscored the urgent need for tech solutions in a variety of areas across health care, fintech, energy tech, entertainment, to name a few, so reliance on innovators like the winners of the Technology Fast 500 is more important than ever," said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte's audit & assurance practice. "These companies are not only at the cutting edge, transforming the way we do business, but most importantly, recognize the strategic importance of ongoing innovation, especially in the ever-changing world of technology."

For additional details on the Technology Fast 500, including the complete list and qualifying criteria, visit www.fast500.com. Connect with us on Twitter: @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 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. 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. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's more than 345,000 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

FAQ

What is Axonics' growth rate according to the 2021 Technology Fast 500?

Axonics reported a remarkable growth rate of 87,037% from 2017 to 2020.

What sector does Axonics operate in?

Axonics operates in the medical devices sector, focusing on therapies for patients with incontinence.

When were the 2021 Technology Fast 500 rankings announced?

The 2021 Technology Fast 500 rankings were announced on November 17, 2021.

How does Axonics rank in the 2021 Technology Fast 500?

Axonics ranked first in the 2021 Technology Fast 500.

What was the median growth rate of the companies in the 2021 Technology Fast 500?

The median growth rate for the companies in the 2021 Technology Fast 500 was 521%.