October 9, 2014

Connecticut's Fastest Growing Technology Companies Bullish on the Future

Connecticut's Fastest Growing Technology Companies Bullish on the Future

New York City, NY – Connecticut’s fastest growing technology companies are bullish on the future. So found an annual survey of CEO’s from this year’s Marcum Tech Top 40 companies, by the Connecticut Technology Council and Marcum LLP. Results were revealed at the 2014 awards ceremony at the Oakdale Theatre in Wallingford.

More than three out of four companies (77%) expect to keep growing at their current fast pace. They credit their success to (1) workforce, (2) products, (3) intellectual property and (4) business strategy.

Thirty-one of the 40 finalists (78%) point to quality of life as Connecticut’s key attraction as a business domicile, while nine companies (23%) say location is what they most appreciate.

When asked their key worries about the future, finalists named:

  1. Availability of talent
  2. Government regulations
  3. The possibility of another economic slowdown
  4. Geographic limitations
  5. Foreign competition

Given the opportunity, finalist CEOs would ask Governor Dannel Malloy to reduce the corporate tax burden and to provide more direct incentives to technology companies.

“This year’s survey findings underscore the great success Connecticut’s technology sector is experiencing and the challenges facing the state’s fastest growing tech companies,” said Bruce Carlson, CTC’s President & CEO.

The Marcum Tech Top 40, now in its 7th year, recognizes technology leaders with at least $3 million in annual revenue and a four-year record of growth, in six industry sectors. Both privately held and publicly traded companies are eligible.

At the 2014 event on October 2, Norwalk -based Datto Incorporated took top honors as the overall winner for the second consecutive year, with revenue growth of 1,436 percent since 2010, and also won in the IT Services category. Other category winners included:

  • Revolution Lighting Technologies Inc., Stamford (Advanced Manufacturing)
  • FuelCell Energy, Inc., Danbury (Energy/Environmental Technologies)
  • Alexion Pharmaceuticals, Inc., Cheshire (Life Sciences)
  • iSend, LLC, Middlebury (New Media/Internet/Telecom)
  • Square 9 Softworks, New Haven (Software)

About The Connecticut Technology Council
The Connecticut Technology Council is a statewide association of technology oriented companies and institutions, providing leadership in areas of policy advocacy, community building and assistance for growing companies. Speaking for over 2,000 companies that employ some 200,000 residents, the Connecticut Technology Council seeks to provide a strong and urgent voice in support of the creation of a culture of innovation. This includes working to position Connecticut as a leader in idea creation, workforce preparation, entrepreneurial aptitude, early stage risk capital availability and providing on-going support and mentoring to high potential firms. For more information, visit www.ct.org.

About Marcum LLP
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as select international locations. Headquartered in New York City, Marcum provides a full spectrum of traditional tax, accounting, and assurance services; advisory, valuation, and litigation support; managed accounting services; and an extensive portfolio of specialty and niche industry practices. The Firm serves both privately held and publicly traded companies, as well as nonprofit and social sector entities, high net worth individuals, private equity funds, and hedge funds, with a focus on middle-market companies and closely held family businesses. Marcum is a member of the Marcum Group, an organization providing a comprehensive array of professional services.