Deloitte Unveils 2021 North America Technology Fast 500 Rankings 1

California-based global medical technology company claims top spot in 27th annual ranking of fastest-growing businesses

Deloitte 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 27th year.

Axonics, Inc. claimed the top spot with a growth rate of 87,037% from 2017 to 2020. Based in Irvine, Calif., Axonics is a global medical technology company focused on the development and commercialization of novel therapies for patients with incontinence. The Axonics® implantable rechargeable sacral neuromodulation system provides patients suffering from overactive bladder and/or fecal incontinence with long-lived, easy to use, safe, and clinically effective therapy. Axonics’ next-generation urethral bulking agent, Bulkamid®, provides women suffering from stress urinary incontinence with safe and durable symptom relief. Axonics is one of six California-based companies ranked in the top 20 this year.

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“Axonics is proud to be recognized as the fastest growing company on the Deloitte Technology Fast 500 list,” said Raymond W. Cohen, chief executive officer of Axonics. “The strong growth of Axonics is a testament to the mission-driven culture of the company, the dedication of our employees, and our commitment to innovation and developing best-in-class incontinence solutions that improve the lives of patients. We are grateful for the trust physicians, patients and shareholders have placed in Axonics.”

Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2017 to 2020. Overall, the 2021 Technology Fast 500 companies achieved revenue growth ranging from 212% to 87,037% over the three-year time frame, with a median growth rate of 521%.

“Each year the Technology Fast 500 shines a light on leading innovators in technology and this year is no exception,” said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. “In the face of innumerable challenges resulting from the pandemic, the best and brightest were able to pivot, reinvent and transform and grow. We celebrate the winning organizations and especially the talented employees driving their success.”

The Technology Fast 500’s top 10 include:

2021 Rank

Company

Sector

Revenue Growth (2017 to 2020)

City, State

1

Axonics, Inc.

Medical devices

87,037%

Irvine, CA

2

GetUpside

Software and SaaS

60,259%

Washington, DC

3

Attentive

Software and SaaS

49,155%

Hoboken, NJ

4

Shipwell

Software and SaaS

32,670%

Austin, TX

5

Snapcommerce

Software and SaaS

32,526%

Toronto, ON

6

Coherus BioSciences, Inc.

Biotechnology/pharmaceutical

30,480%

Redwood City, CA

7

Drift

Software and SaaS

29,400%

Boston, MA

8

Nufabrx

Biotechnology/pharmaceutical

22,957%

Conover, NC

9

VirnetX Holding Corp.

Software and SaaS

19,463%

Zephyr Cove, NV

10

Banyan Software

Software and SaaS

18,309%

Atlanta, GA

Silicon Valley region home to most winners

The Deloitte Technology Fast 500 winners represent more than 37 st ates and provinces across North AmericaCalifornia’s Silicon Valley continues to nurture fast-growing companies, leading the regional representation with 21% of this year’s Fast 500. The New York metro area was represented by 12% of the winning companies; New England by 8%; Greater Los Angeles by 6%; and Greater Washington, DCWashington State, and Texas accounted for 5% each of the winning companies.

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Below is a summary of the 2021 ranking by regions with a significant concentration of winners:

Location

Percentage of List

Fastest-Growing
Company in the Region

Overall Company Ranking

Dominant Sectors in Location &
Relevant %

Silicon Valley

21%

Coherus BioSciences, Inc.

6

Software 81%

New York Metro Area

12%

Attentive

3

Software 77%; Biotechnology/pharmaceutical 15%

New England

8%

Drift

7

Software 54%; Biotechnology/pharmaceutical 43%

Greater Los Angeles Area

6%

Axonics, Inc.

1

Software 81%

Greater Washington, DC

5%

GetUpside

2

Software 85%

Washington State

5%

Coinme

78

Software 83%

Texas

5%

Shipwell

4

Software 77%

Software industry shows impressive representation for 26th straight year

Software companies continue to shine in the Technology Fast 500 listing, representing the majority of the winners for the 26th straight year (73%), beating last year’s record-breaking percentage in the history of the rankings. Of the software companies on the list, enterprise infrastructure and productivity (26%), fintech companies (19%), and digital platforms (18%) comprise the leading subsectors. Since the creation of the rankings, software companies have consistently made up the majority of the winners, with a median growth rate of 520% in 2021.

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 642% in 2021. Electronic devices/hardware companies had a median growth rate of 564% and digital content/media/entertainment had a median growth rate of 455%.

The Technology Fast 500 by industry sector:

Sector

Percentage

Sector Leader

Median Revenue Growth
(2017 to 2020) 

Software & SaaS 

73%

GetUpside

520%

Biotechnology/pharmaceutical

14%

Coherus BioSciences, Inc.

642%

Electronic devices/hardware 

3%

Pela

564%

Digital
content/media/entertainment

3%

SolarLeadFactory

455%

Communications/networking

2%

Discord

440%

Energy tech

2%

Enercross

750%

Medical devices

2%

Axonics, Inc.

357%

Semiconductor

1%

GaN Systems

485%

Venture backing/private equity fuels majority of winners

In the 2021 Fast 500 rankings, 81% of the companies were backed by venture capital at some point in their company history. Notably, 27 of the top 30 companies on the Technology Fast 500 in 2021 received venture funding or private equity in their history.

“The pandemic has underscored the urgent need for tech solutions in a variety of areas across health care, fintech, energy tech, entertainment, to name a few, so reliance on innovators like the winners of the Technology Fast 500 is more important than ever,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s audit & assurance practice. “These companies are not only at the cutting edge, transforming the way we do business, but most importantly, recognize the strategic importance of ongoing innovation, especially in the ever-changing world of technology.”

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