Inc. MAGAZINE UNVEILS ITS FOURTH ANNUAL LIST OF FASTEST GROWING PRIVATE COMPANIES IN AMERICA
New York, August 24, 2010 – Inc. magazine today included Advanced Processing & Imaging (API) on its fourth annual Inc. 5000, an exclusive ranking of the nation's fastest-growing private companies. The list represents the most comprehensive look at the most important segment of the economy—America’s independent-minded entrepreneurs.
“The leaders of the companies on this year’s Inc. 5000 have figured out how to grow their businesses during the longest recession since the Great Depression,” said Inc. president Bob LaPointe. “The 2010 Inc. 5000 showcases a particularly hardy group of entrepreneurs.”
“API is pleased to be recognized by Inc. for the third consecutive year as one of the fastest growing private companies in America,” said Juan Rodriguez, CEO at Advanced Processing & Imaging. “Placing in the top 10, by rank, for the state of Florida is amazing considering the economy we’ve all faced. API remains committed to providing our customers with innovative and cutting-edge enterprise content management solutions with customer service practices that are unrivaled.”
The 2010 Inc. 5000, unveiled today on Inc.com, serves as a unique illustration of the profound changes taking place in the U.S. economy. The Government Services sector showed the biggest gain in terms of the number of companies on the list, up 33 percent from last year to 335 companies. Government Services was also the second-fastest-growing sector in terms of median revenue growth, posting a 202 percent gain over the 2006-2009 measuring period. More than half of these companies are based in Maryland, Virginia, and Washington, D.C. The fastest-growing sector by median revenue growth was Real Estate, now just a tiny group of 38 young, small companies, which showed 231 percent median growth over the period. (There were 121 Real Estate firms on the inaugural Inc. 5000 in 2007.) Business Products & Services is the top industry by number of companies on the list (640) and total revenue ($80.7 billion), while Health is the biggest by total employment (287,726 jobs).
Despite the fact that most of this year’s measuring period of 2006-2009 took place during the latest recession, aggregate revenue among the companies on the list actually increased to $321.6 billion, up more than 50 percent from last year. The effects of the recession are seen, however, in the median three-year growth rate, which dropped to 96 percent from last year’s 126 percent. This year’s Inc. 5000 employ a record 1.4 million people, up from one million on last year’s list. With unemployment remaining stubbornly high, policymakers and business leaders will do well to look to the Inc. 5000 companies for fresh ideas on achieving growth and creating jobs.
Methodology
The Inc. 5000 is ranked according to percentage revenue growth from 2005 through 2008. To qualify, companies must have been founded and generating revenue by the first week of 2005, and therefore able to show four full calendar years of sales. Additionally, they have to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2008. Revenue in 2005 must have been at least $200,000, and revenue in 2008 must have been at least $2 million. The top 10 percent of companies on the list comprise the Inc. 500, now in its 28th year.
About Inc. Magazine
Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today’s innovative company builders. With a total paid circulation of 712,961, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology.
About Advanced Processing & Imaging
Founded in 1996, Advanced Processing & Imaging, Inc. (API) provides innovative electronic document and content management solutions for public and private organizations across a range of industries. The API electronic document management portfolio includes records management, imaging, a parliamentary agenda system and report management systems. The company is a certified IBM Business Partner and Microsoft Gold Partner, and maintains relationships with other leading technology companies to provide customers with complete solutions. For more information, please visit www.apimg.com or call 800.430.7011.