Deloitte Unveils 2020 North America Technology Fast 500 Rankings

SAN FRANCISCO, Nov. 18, 2020 /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 26^th year.

Arrowhead Pharmaceuticals Inc. claimed the top spot with a growth rate of 106,508% from 2016 to 2019. Based out of Pasadena, California, Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep and durable knockdown of target genes.

"For more than 25 years, we've been honoring companies that define the cutting edge and this year's Technology Fast 500 list is proof positive that technology — from software and digital media platforms, to biotech — truly does permeate so many facets of our lives," said Paul Silverglate, vice chairman, Deloitte LLP and U.S. technology sector leader. "We congratulate this year's winners, especially during a time when innovation is needed more than ever to address the monumental challenges posed by the pandemic."

Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2016 to 2019. Overall, the 2020 Technology Fast 500 companies achieved revenue growth ranging from 175% to 106,508% over the three-year time frame, with a median growth rate of 450%.

The Technology Fast 500's top 10 include:

Silicon Valley has largest share of winners
Deloitte's Technology Fast 500 winners represent more than 36 states and provinces across North America. California's Silicon Valley continues to produce fast-growing companies, leading regional representation with 20% of this year's Fast 500. The New York metro area featured 13% of the winning companies; New England had 7%; Greater Washington, D.C. and Greater Los Angeles each accounted for 6%.

Following is a summary of the 2020 ranking by regions with a significant concentration of winners:

Software continues to dominate for the 25th straight year
Software companies continue to deliver the highest growth rates for the 25th straight year, representing 71% of the entire list, the highest-ever percentage in the history of the rankings. Of the software companies on the list, digital platforms (33%) and enterprise infrastructure and productivity (23%) companies comprise the leading sub-sectors, followed by the fintech sub-sector at 15%. Since the creation of the rankings, software companies have consistently made up the majority of the winners, with a median growth rate of 465% in 2020.

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 426% in 2020. Digital content/media/entertainment companies rank third at 5% of the list with a median growth rate of 292%.  

The Technology Fast 500 by industry sector:

Four out of five companies received venture backing
In the 2020 Fast 500 rankings, 81% of the companies were backed by venture capital at some point in their company history. Notably, 26 of the top 30 companies on the Technology Fast 500 in 2020 received venture funding.

"Each year the Technology Fast 500 listing validates how important technology innovation is to our daily lives. It was interesting to see this year that while software companies continued to dominate, biotech companies rose to the top of the winners list for the first time, demonstrating that new categories of innovation are accelerating in the pursuit of making life easier, safer and more productive," said Mohana Dissanayake, partner, Deloitte & Touche LLP, and industry leader for technology, media and telecommunications, within Deloitte's audit and assurance practice. "We extend our congratulations to these well-deserved winners — who all embody a spirit of curiosity, and a never-ending commitment to making technology advancements possible."

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.

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. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's more than 330,000 people worldwide connect for impact at www.deloitte.com.

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