Solid Softheon spares Long Island from Fast 500 flop

Afternoon Deloitte: The Big Four global accounting giant has released its 2018 Technology Fast 500, tracking the fastest-growing North American tech firms.
By GREGORY ZELLER //

A Stony Brook-based software developer salvaged a weak Long Island showing among the 2018 Technology Fast 500, Deloitte’s annual review of the continent’s quickest-growing tech firms.

Softheon, CEO Eugene Sayan’s healthcare-focused business-information specialist, recorded a 4,904 percent growth rate to finish a very respectable 23rd on Deloitte’s yearly list.

Unfortunately, the software innovator was one of only three Long Island firms in Deloitte’s rundown. Bohemia-based digital microphone pioneer Andrea Electronics Corp. grew by 468 percent and finished 207th.  Cemtrex, a Farmingdale-based diversified-electronics manufacturer, recorded 153 percent growth and finished 483rd.

The other 497 speedsters came from virtually every corner of the lower 48 and a few Canadian hotspots. The highest-ranked New York firm was New York City software agency Justworks, which grew by an astounding 27,150 percent rate to finish second overall.

Manhattan-based behavioral-biometrics ace BioCatch (10,451 percent, 12th overall) and user engagement-focused email enterprise PowerInbox (7,544 percent, 14th overall) were among six Empire State companies in Deloitte’s top 25.

The growth percentages reflect fiscal-year revenue increases over three years, with companies submitting their numbers to Technology Fast 500 judges and Deloitte – officially Deloitte Touche Tohmatsu Ltd., a multinational professional services network and one of the “Big Four” accounting organizations – a conducting database research.

California paced New York State with six firms among the list’s top 25. The inter-coastal rivalry is woven throughout the list, with the Silicon Valley region producing 18 percent of all Technology Fast 500 winners and New York Metro – including Long Island’s three contributions – generating 14 percent.

No other region boasted more than 7 percent of the total list. Washington D.C. and the New England region both hit that mark, while Greater Los Angeles produced 6 percent of the fastest growers.

All told, the Technology Fast 500 finishers represent regions in 38 different states and provinces.

Mohana Dissanayake: Rapid developments.

The fastest-growing company on the list – which limits itself to North American public or private technology, media, telecommunications, life sciences and energy-tech firms – is SwanLeap, a Wisconsin-based software developer that grew by 77,260 percent over three years.

SwanLeap, which applies AI-driven solutions to global supply-chain issues, also ranked as Inc. Magazine’s fastest-growing company for 2018.

From an industry perspective, software development continued to rule Deloitte’s roost in 2018, accounting for 64 percent of all Technology Fast 500 qualifiers. A broad category combining digital content, media and entertainment followed (12 percent), with biotechnology/pharma (11 percent) and medical devices (5 percent) also growing fast.

But software, which “accounts for nearly two of every three companies on the list, continues to produce the most exciting technologies of the 21st century,” according to Deloitte & Touche Partner Mohana Dissanayake, a tech/media/telecommunications leader who specifically trumpeted progress in the artificial intelligence, predictive analytics and robotics realms.

“This year’s ranking demonstrates what is likely a national phenomenon,” Dissanayake said in a statement. “Many companies from all parts of America are transforming the way we do business by combining breakthrough research and development, entrepreneurship and rapid growth.”