Deloitte Announces 2012 Technology Fast 500™ Rankings

Tesla Motors, Inc. Zooms into First Place; Innovation "Hot Spots" Continue to Sizzle

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Nov 14, 2012, 08:00 ET

SAN FRANCISCO, Nov. 14, 2012 /PRNewswire/ -- Deloitte announced the 2012 Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.

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Tesla Motors, Inc. (NASDAQ: TSLA) clinched the top spot with fiscal year 2011 revenue of $204.24 million and a growth rate of 279,684 percent from 2007 to 2011. Based in Palo Alto, Calif., the company designs and manufactures electric vehicles and electric vehicle power train components.

"The 2012 Deloitte Technology Fast 500 winners have demonstrated remarkable innovation and spectacular growth," said Eric Openshaw, vice chairman and U.S. technology, media and telecommunications leader, Deloitte LLP. "Some of the most exciting and useful developments of the future are being created by the companies on this list. We congratulate Tesla and all of the winning companies on this impressive achievement."

"Tesla took great strides as a company this past year by successfully delivering Model S, the world's first premium electric sedan to customers, and executing a steep production ramp while creating more than 2,000 jobs in the U.S. We also expanded our partnerships with Toyota and Daimler in order to increase sales of electric vehicles globally," said Deepak Ahuja, chief financial officer at Tesla Motors. "We are honored to be part of a sector that continues to achieve high growth, and are committed to building the best car in the world while setting new standards for efficiency, safety, style, technology, operating cost and performance. We thank Deloitte for this recognition."

The top ten ranked companies are as follows:

2012 Rank	Company	Sector	Revenue Growth (2007 to 2011)	City, State
1	Tesla Motors, Inc.	Clean technology	279,684 percent	Palo Alto, CA
2	Palo Alto Networks	Communications/ Networking	166,938 percent	Santa Clara, CA
3	Sagent Pharmaceuticals, Inc.	Biotechnology/ pharmaceutical	146,443 percent	Schaumburg, IL
4	FireEye, Inc.	Communications/ Networking	55,413 percent	Milpitas, CA
5	Aerohive Networks, Inc.	Communications/ Networking	44,569 percent	Sunnyvale, CA
6	Avail-TVN	Media and entertainment	38,479 percent	Reston, VA
7	NeoStem	Biotechnology/ pharmaceutical	31,721 percent	New York, NY
8	Avigilon Corporation	Software	29,917 percent	Vancouver, BC
9	Recondo Technology	Software	25,482 percent	Greenwood Village, CO
10	EcoSynthetix Inc.	Clean technology	25,327 percent	Burlington, ON

Innovation hot spots continue to sizzle

Deloitte Technology Fast 500 winners hail from cities far and wide across North America - from Portland, Maine; to Denver, Colo.; to Vancouver, British Columbia. Of the dozens of cities represented on the list, some have a particularly strong track record of consistently attracting inventive entrepreneurs and providing them with a supportive environment.

"Creative and cutting-edge cities often have several things in common including access to capital, supportive local governments, and world-class education systems," said Bill Ribaudo, national technology, media and telecommunications leader for audit and enterprise risk services, Deloitte & Touche LLP. "Many of these cities have the resources and culture that startups need to thrive, and so they have become innovation powerhouses and consistently turn out fast-growing companies year over year."

Following is a list of innovative cities with a significant concentration of winners.

Location	Percent of List	Fastest-growing Company in the Region	Company Overall Ranking
San Francisco Bay area	20 percent	Tesla Motors, Inc.	1
Boston	9 percent	HubSpot	17
New York	6 percent	NeoStem	7
Los Angeles	6 percent	EdgeCast Networks	13
Washington D.C.	6 percent	Avail-TVN	6
Philadelphia	6 percent	MeetMe, Inc.	32
San Diego	6 percent	Optimer Pharmaceuticals, Inc.	15
Toronto	5 percent	EcoSynthetix Inc.	10

Software still dominates

For the seventeenth consecutive year, software companies dominated the list, comprising 40 percent of the overall list with 200 companies. Consistent with prior rankings, the biotechnology/pharmaceutical, internet, and communications/networking sectors also had strong showings. The biotechnology/pharmaceutical sector and internet sectors were tied for second place with 13 percent of the list, and the communications/networking sector came in at a close third place with 12 percent of the list.

Sector rankings are as follows:

Sector	Sector make-up of Fast 500	Fastest-growing Company in the Sector	Company Overall Ranking	City, State
Software	40 percent	Avigilon	8	Vancouver, BC
Biotechnology/ Pharmaceutical	13 percent	Sagent Pharmaceuticals, Inc.	3	Schaumburg, IL
Internet	13 percent	EdgeCast Networks	13	Santa Monica, CA
Communications/Networking	12 percent	Palo Alto Networks	2	Santa Clara, CA
Clean Technology	7 percent	Tesla Motors, Inc.	1	Palo Alto, CA
Medical devices	5 percent	MAKO Surgical Corp.	18	Fort Lauderdale, FL
Media and entertainment	4 percent	Avail-TVN	6	Reston, VA
Semiconductor	3 percent	SiTime Corporation	38	Sunnyvale, CA
Computers/peripherals	2 percent	Layer 7 Technologies	183	Vancouver, BC
Scientific/technical instrumentation	1 percent	Obzerv	239	Quebec, QC

For additional detail on the Technology Fast 500 including the complete list and qualifying criteria, visit www.fast500.com

As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

SOURCE Deloitte