CRN_August2023_Issue_1421

CRN FAST GROWTH 

Where Velocity Meets Value-Add

By Rick Whiting

M any IT solution providers have prospered during today’s challenging times, recording robust growth as they meet customers’ rapidly evolving needs and expanding the range of IT products and services they offer. The annual CRN Fast Growth 150 shines a spotlight on these companies, ranking solution providers with annual sales of at least $1 million by their average two-year revenue growth rate (this year between 2020 and 2022).The 25 solution providers with the fastest growth rates appear on the following page. Integris, a Cranbury, N.J.-based MSP and IT service provider, tops this year’s list with an astounding 3,627.54 percent two-year growth rate. Much of that growth is due to its history: Integris was formed in October 2021 through the merger of four IT companies: Integris, Domain, Compudyne and MyITpros. One month later that entity merged with IconicIT, creating a nationwide channel powerhouse in fully managed and co-managed IT support, cybersecurity, cloud solutions, network connectivity and IT consulting services. Overall, this year’s Fast Growth 150 recorded an average two- year growth rate of approximately 145 percent.That’s up from the 96 percent average for the 2022 Fast Growth 150 list and the 83 percent growth recorded by the 2021 Fast Growth 150 class. The companies also collectively generated $25.49 billion in revenue in 2022.That’s down considerably from recent years—the 2022 Fast Growth 150 collectively generated $82.40 billion the previous year—suggesting that the 2023 list includes more small and midsize solution providers. This year’s Fast Growth 150 includes some well-known names including ConvergeTechnology Solutions (No. 34), NWN Carousel (No. 41), Park PlaceTechnologies (No. 61), Evotek (No. 72), EPAM Systems (No. 75), Winslow Technology Group (No. 106), Green- Pages (No. 125 and which just changed its name to Blue Mantis) and Computer Design & Integration (No. 132). The 2023 Fast Growth 150 list also has a number of solution providers appearing for the first time, including Microsoft support services provider US Cloud (No. 5), cybersecurity and risk man- agement services provider NuHarbor Security (No. 20) and custom software development company Tech9 (No. 25). Winslow Technology Group rose from No. 149 on last year’s Fast Growth 150 to No. 106 this year with a 58 percent two-year

average revenue growth rate.The Waltham, Mass.-based company enjoyed massive growth in 2022 thanks to surging annual recurring revenue among core customers, with demand for security products leading the way. “One of the things that’s working for us is driving much more recurring revenue and having very good net retention rates on that, which takes into account people that don’t renew the subscriptions versus the people that do, and then the added seats,” founder and president Scott Winslow told CRN . While organic growth certainly plays a significant role in many solution providers’ impressive growth rates, mergers and acquisi- tions are often a major factor in boosting a company’s Fast Growth 150 ranking. EPAM Systems recorded more than 28 percent reve- nue growth in 2022 (to $4.82 billion)—about 95 percent of which was organic growth thanks to high demand for the company’s software and product development services. But EPAM also has been very active on the acquisition front. EPAM acquired Enginiety, a commerce technology delivery firm, in January 2022.That was preceded by a series of acquisitions in 2021, including professional services provider Optiva Media, digital agency Emakina Group, professional services provider Core SE, business intelligence solutions provider Just-BI, cybersecurity services com- panyWhite-Hat, and Salesforce services provider PolSource. Some solution providers are even taking their growth to the next level and expanding their international operations: Computer Design & Integration, for example, just unveiled plans to set up operations in India. CEO Rich Falcone, in an interview with CRN , described the Philadelphia-based company as “a hypergrowth technology consulting service provider.” CDI has “had record growth the last three years as we’ve tripled our revenue and tripled our employee count through phenomenal organic growth as well as eight acquisitions,” he said. O’Ryan Johnson & Joseph F. Kovar contributed to this story.

For information on purchasing the complete list with all collected firmographic data, please contact sales@thechannelcompany.com or call 508-416-1175. Scan here to see the full list.

42

AUGUST 

Made with FlippingBook flipbook maker