CEO and Chairman Jim Walker of Octagon Research Solutions, Inc., a pioneer and leader in the electronic transformation of clinical R&D in the life sciences industry, today announced that it ranked Number 19 on Deloitte’s 2007 Greater Philadelphia Technology Fast 50. The Technology Fast 50 is an annual awards program that ranks technology, media, telecommunications, and life sciences companies located in the region by percentage revenue growth over five years. Octagon Research Solutions, Inc. grew 318% percent during this period.
“It is very satisfying to be named a third time to the Deloitte Technology Fast 50,” stated Jim Walker. “When I reflect on all of our accomplishments since Octagon was founded, I am extremely proud of our ability to sustain this significant growth. This is a testament to all of Octagon’s employees whose entrepreneurial spirit, creativity and dedication have made this growth possible. I am amazed on a daily basis by our team’s ability to continuously innovate and surpass customer expectations. We are still growing exponentially and will continue to strive to provide our clients with superior technologies and services.”
“Deloitte’s Greater Philadelphia Technology Fast 50 companies have shown the strength, vision and tenacity to succeed in today’s very competitive technology environment,” said Mike Purcell, Partner, Deloitte & Touche LLP and co-leader of the Greater Philadelphia Technology Fast 50 Program. “We applaud the successes of the 2007 Fast 50 companies and acknowledge them as the few to accomplish such a high growth rate over the past five years.”
This year’s list is dominated by 72% technology companies and 28% life sciences versus last year’s almost equal split of technology and life sciences companies with 54% technology and 46% life sciences. However, of the 36 technology companies, 25% or 9 of these companies serve the life sciences and health care industries as their primary focus.
Results Reveal the Gathering Strength of the Greater Philadelphia Technology Marketplace: Innovation, Access to Financing and Technology Transfer Lead the Way
· The Greater Philadelphia Fast 50 results this year also mirror a national Fast 50 trend with a marked increase in the number of private companies. The 2007 rankings show an almost even split with 27 public and 23 private companies compared to 35 public and just 15 private companies last year. This offers an indication that the region is becoming an attractive home to entrepreneurs who are staking the futures of their companies in an environment that promotes and rewards technology growth and innovation. A strong private sector also bodes well for a vibrant IPO market as these companies seek local financing and enter the capital markets.
· 18 companies are backed by local venture capitalists, which is a visible demonstration of the region’s commitment to supporting local entrepreneurship
· Serving as a testament to the idea that technology transfer activities are integral to a successful and growing economy, this year’s Fast 50 list shows further proof that technology transfer activities can help to grow companies and sustain growth over time. 16 ranked companies are beneficiaries of technology transfer activities from universities or research
· Another repeat trend from last year is the existence of a strong technology cluster in and around King of Prussia home to 21 companies on the 2007 Fast 50.
Selection Criteria: Companies are selected based on percentage revenue growth over five years from 2002 to 2006. To be considered, Technology Fast 50 entrants must: have operating revenues of at least $50,000 in 2002 and at least $5,000,000 in 2006; be headquartered in Greater Philadelphia; own proprietary technology or proprietary intellectual property that contributes to a significant portion of its operating revenues, or devote a significant proportion of revenues to the research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify. Subsidiaries and divisions are not eligible, unless they have some public ownership and are separately traded.
About Octagon Research Solutions, Inc.
Octagon (octagonresearch.com) is a pioneer and leading process-centric solutions provider that offers a suite of regulatory, clinical, process, and IT solutions to the life sciences industry. Octagon synchronizes processes and increases automation to reduce island-to-island inefficiencies within the clinical research and development process. We leverage the power of electronic submissions through deep domain knowledge, cross-functional electronic submission expertise, a holistic process approach, and integrated solutions. Octagon is headquartered in Wayne, PA, with European headquarters in Berkhamsted, UK. Octagon’s EDC Operations are located in Mountain View, CA.
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