8X8, Inc., a popular voice, video, mobile, and web conferencing service provider was named one of the fastest growing tech companies in North America.
SUNNYVALE, Calif., Oct 20, 2009 (GlobeNewswire via COMTEX News Network) -- 8x8, Inc. (Nasdaq:EGHT), provider of innovative communications solutions to small businesses, today announced that it was named one of the fastest growing companies in North America on Technology Fast 500(TM), Deloitte LLP's ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies. Rankings are based on percentage of fiscal year revenue growth during the five year period from 2004-2008. 8x8 grew 562% percent during this period.
8x8's Chairman and Chief Executive Officer Bryan Martin credits the company's proprietary technology, early entrance in the Internet Protocol (IP) communications arena and focus on the underserved small business market with the company's significant revenue growth over the past five years.
"We are pleased to receive this recognition from Deloitte LLP for the success and growth 8x8 has experienced as an independent IP communications service provider," said Martin. "Over the past five years, we have dedicated significant resources to building an enterprise-class communications service that today provides more than 18,000 business customers with a robust, money-saving alternative to traditional landline solutions. It is our focus on technological innovation, quality of service and customer support combined with sound financial management that has enabled us to build a profitable and sustainable business model in the IP communications industry."
"Technology Fast 500(TM) recognizes innovative companies that have broken down barriers to success and defied the odds with their remarkable five-year revenue growth," said Phil Asmundson, Vice Chairman and U.S. Technology, Media and Telecommunications leader, Deloitte LLP. "We congratulate 8x8 on this accomplishment."
"With its impressive five-year growth, 8x8 has earned its position among the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America," said Mark Jensen, Managing Partner, Technology and Venture Capital Services, Deloitte & Touche LLP. "Deloitte is proud to honor 8x8 for its achievement."
Technology Fast 500(TM) Selection and Qualifying Criteria
Technology Fast 500(TM) provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500(TM) website, and public company database research conducted by Deloitte. Technology Fast 500(TM) award winners for 2009 are selected based on percentage fiscal year revenue growth during the five year period from 2004 to 2008.
In order to be eligible for Technology Fast 500(TM) recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues.
Technology Fast 500(TM) award eligibility requirements also include base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. These revenues must have more than doubled between 2004 and 2008. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.