For Immediate Release
NEWS RELEASE
October 21, 2004
Contact: Tracie Cayford, (801) 538-8777
Darrell Kirby, (801) 538-8812
Salt Lake City - For the second year in a row, Utah is ranked as the top entrepreneurial state in the nation per capita. That's according to the 23rd annual Inc. 500 list of America's fastest-growing private companies compiled by Inc. magazine. According to the special issue that will hit newsstands on October 26, Utah has the highest number of Inc. 500 companies per capita in the U.S with 6.8 per million residents. Virginia is a distant second with 3.9 per million residents.
"Utah has a healthy business environment and well-educated workforce and we are proud of the entrepreneurial spirit of our companies," said Utah Gov. Olene Walker.
Sixteen Utah companies made this year's list, compared to 14 companies in 2003 and four companies in 2002. The Inc. 500 ranks privately held companies according to averaged year-over-year sales growth over the past four years. Orem-based uSight, a company that sells do-it-yourself software programs to small and medium-sized businesses, ranked second on the list of the top 10 companies. It had an average annual sales growth of 3,283 percent and revenue in 2003 was $27.6 million.
"Placing second on the Inc. 500 is a great honor," said Brandt Andersen, CEO of uSight. "This could not have been achieved without hard work from everyone employed at uSight."
"We are honored to be ranked 189th on the prestigious Inc. 500 listing this year," said FatPipe Network's President and CEO, Ragula Bhaskar, Ph.D "The efforts of our talented staff, the response of our loyal, happy customers, and FatPipe's dynamic company culture have resulted in consistent growth in terms of market position, company size and revenue."
Utah companies making the list this year include: uSight, Orem, 2nd; Edge Products, Ogden, 30th; Hobbytron.com, Orem, 45th; iBoats Inc., Draper, 48th; USA Lending Group, Salt Lake City, 70th; Backcountry.com, Heber, 93rd; Summit Energy, Park City, 96th; Ibahn (STSN Inc.), Midvale, 104th; Ikano Communications, Salt Lake City, 132nd; FatPipe Networks Inc., Salt Lake City, 189th; Pro Look Sports Corp., Provo, 199th; DieCuts with a View, Provo, 228th; Back to Basics Inc., Bluffdale, 250th; Café Rio Inc., Provo, 368th; ChartLogic Inc., Salt Lake City, 445th; and Studeo, Salt Lake City, 474th.
To be eligible for this year's Inc. 500, companies had to be independent and privately held through their fiscal year 2003, have had at least $200,000 in net sales in the base year of 1999 for Inc. 500 alumni and 2000 for new applicants, and $2 million in net sales for 2003. In addition, their 2003 sales had to exceed 2002 sales.
FatPipe Networks™, MPVPN®, MPFR™, and MPSec™ are trademarks or registered trademarks of Ragula Development Company, DBA FatPipe Networks. All other trademarks and registered trademarks are property of their respective owners. FatPipe WARP and all other FatPipe products are protected by patents and have multiple patents pending.
