Four companies in Greater Philadelphia had revenue increases over the past few years that placed them on Deloitte's new list of the 500 fastest-growing tech firms in North America. But the number of local firms to make the Tech Fast 500 list has shrunk since 2020.
The four local firms on the list is a drop from the seven to make it in 2020 and the six that placed in 2021.
Deloitte's 2022 Technology Fast 500 list, released Wednesday, ranks firms based on revenue growth percentage during the period from 2018 to 2021. Qualifying companies had to have operating revenue of at least $50,000 in fiscal 2018 and a minimum of $5 million in operating revenue for fiscal 2021. Companies had to be in business at least four years. Deloitte did not include specific revenue figures for the businesses.
In this year's rankings, the top half of the list saw two local companies land back to back. Philadelphia-based dbt Labs grew revenue 642% from 2018 to 2021, while Berwyn-based AscellaHealth posted growth of 641%. The two companies placed No. 237 and 238, respectively.
AscellaHealth landed on the list for the second year in a row and has seen substantial growth over the past year. From 2017 to 2020, it reported revenue growth of 417%, enough for No. 299 on last year's list. The health care technology company is a three-time Philadelphia Business Journal Soaring 76 awardee and reported revenue of $372 million in 2021.
Dbt Labs finds itself on Deloitte's list for the first time. Formerly Fishtown Analytics, the firm raised a $222 million Series D round in February, increasing its valuation to $4.2 billion.
The two other local companies to crack the list are Boomi at No. 466 and Clinical Ink at No. 497, both of which have been acquired.
Chesterbrook-based Boomi, an integrator of apps and data in the cloud, has long been growing. The platform was founded in 2000 and bought by Dell in 2010. It's grown revenue to the tune of 267% in the past three years alone.
Clinical Ink's revenue has increased 241% from 2018 to 2021. The Horsham clinical trials technology company was acquired by San Francisco private investment firm GI Partners in 2020. The company placed on last year's list at No. 393 with a revenue jump of 293%.
The four Philadelphia-area companies are the only Pennsylvania businesses to make Deloitte's list. The area encompassing Pennsylvania, New Jersey and New York made up 12% of the 500 firms on the list. That was the second most well-represented region to the Bay Area, where 20% of the companies hail from.
The three North America tech companies that posted the largest revenue increases are San Francisco-based Vir Biotechnology Inc. (125,138%), Waltham, Massachusetts-headquartered Takeoff Technologies Inc. (53,250%) and New York-based Axonius (46,270%).
