Adaptik Corporation today announced that it ranked number nine on the 2009 Greater Philadelphia Fast 50, Deloitte’s ranking of 50 of the fastest growing technology, life sciences and cleantech companies in the Greater Philadelphia Region. Rankings are based on percentage of fiscal year revenue growth during the five year period from 2004–2008. Adaptik grew 671 percent during this period.
Adaptik’s president, John Pettit, credits employee commitment and PolicyWriter’s market leading capabilities with the company’s 671% revenue growth over the past five years. He said, "We are honored to be recognized by Deloitte as a Greater Philadelphia Fast 50 company for the second year in a row and proud to have ranked in the top ten. We started Adaptik with the goal of developing software that addressed the long standing challenges of P&C policy administration. By listening to our customers and staying focused, we have achieved our goal. We look forward to continued future growth and product innovation over the coming years.”
“With its impressive five-year growth, Adaptik has earned its position among the fastest growing technology, life sciences and clean technology companies in the Greater Philadelphia region,” said Michael Purcell, partner, Deloitte & Touche LLP. “Deloitte is proud to honor Adaptik for its achievement.”
Adaptik Corporation previously ranked 11 as a Greater Philadelphia Fast 50 award winner for 2008.
Overall, the 2009 Greater Philadelphia Fast 50 award winners had growth rates ranging from 80 to 4,984 percent over five years, with an average growth rate of 458 percent.
Greater Philadelphia Fast 50 Selection and Qualifying Criteria
The 2009 Greater Philadelphia Fast 50 provides a ranking of the fastest growing technology, life sciences and cleantech companies in the Greater Philadelphia Region. This ranking is compiled from nominations submitted directly to the Fast 50 website, and public company database research conducted by Deloitte. Greater Philadelphia Fast 50 award winners for 2009 are selected based on percentage fiscal year revenue growth during the five year period from 2004 to 2008.
In order to be eligible for Greater Philadelphia Fast 50 recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues. Greater Philadelphia Fast 50 award eligibility requirements also include base year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of five years, and be headquartered in the Greater Philadelphia Region.
About Adaptik Corporation
Adaptik (Adaptik.com), the creator of PolicyWriter, develops highly adaptive policy administration software solutions that are designed to improve speed-to-market for new products and scale to support large numbers of users and high transaction volumes. They are committed to providing P&C insurers with advanced business functionality while substantially lowering the risks and costs associated with system replacement and maintenance.
As used in this document, “Deloitte” means Deloitte LLP. Please see Deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.