Fewer Greater Baltimore companies made the Inc. 5000 list of fastest-growing companies this year than in any year since 2015, a drop in revenue growth that comes as investment has also plateaued in the area.
Forty nine local companies made this year’s list, down from 63 in 2022. It’s the first time the region has dipped under 50 listed companies since 45 Greater Baltimore businesses made the list in 2015. The decline matches that of Maryland as a whole, as 112 companies in the state made the list this year compared to 131 in 2022.
The Inc. 5000 list ranks U.S.-based, privately held, for-profit and independent businesses by their percentage revenue growth from 2019 to 2022.
Linthicum-based artificial intelligence firm Impact Analytics Inc. notched the most growth in Greater Baltimore, increasing its revenue 2,035% since 2019. The company helps retailers and consumer goods manufacturers improve their forecasting, planning and merchandising and counts P&G, Tommy Hilfiger, DICK’S Sporting Goods and others among its clients. Impact raised $11 million in 2021 and another $10 million in 2022 to grow its workforce and expand its services, the Baltimore Business Journal previously reported.
Impact CEO Prashant Agrawal said the addition of Victoria’s Secret, Signet Jewelers and Tapestry Inc. to its clientele contributed to the surge in revenue.
“We are finding a product-market fit at this moment,” he said. “Just as Netflix and Zoom had their moments during the pandemic, we are having a moment right now for consumer and retail goods.”
He added that as the usefulness of artificial intelligence in business has become more obvious, companies will have to change their forecasting practices, setting up Impact for continued success.
“Businesses have to adapt to AI and generative AI. This is a transformation that will take the next five to 10 years,” he said.
Baltimore City companies are also less represented on the 2023 list, falling from 13 last year to 10, with none cracking the top 500 in revenue growth.
Nashville’s CareBridge, a health services company, topped the national list with 157,144% revenue growth over the ranking period.
These 10 Baltimore companies made the list, with revenue growth over the past three years in parentheses:
- No. 638 — Mason Dixie Foods (916%)
- No. 2,119 — Apkudo (264%)
- No. 2,334 — Dominion Financial Services (237%)
- No. 2,436 — Contracting Resources Group (225%)
- No. 2,479 — Response Labs (221%)
- No. 3,006 — Think Systems (173%)
- No. 3,654 — Davis Unlimited Information Technologies (133%)
- No. 3,742 — Elite Creative (128%)
- No. 3,807 — AltaVista Strategic Partners (124%)
- No. 4,360 — Planit Advertising (99%)
These 9 Maryland companies made the top 500:
- No. 134 — 20/20 GeneSystems, Gaithersburg (3,736%)
- No. 213 — hyrUP, Potomac (2,632%)
- No. 264 — Gen3 Technology Consulting, Gaithersburg (2,123%)
- No. 275 — Impact Analytics, Linthicum (2,035%)
- No. 343 — Windsor Group, Bethesda (1,689%)
- No. 373 — Brutus Broth, Owings Mills (1,556%)
- No. 378 — myDigitalOffice, Bethesda (1,539%)
- No. 408 — Axiom Consultants, Rockville (1,416%)
- No. 452 — Yellow Tail Tech, Silver Spring (1,268%)
The full list can be found on the Inc. website.
