USA Technologies makes list of fastest growing tech companies
October 24, 2011, Malvern, PA – For the second year running, USA Technologies has been named to Deloitte's 2011 Technology FAST 500 list of the fastest growing technology companies in North America.
USA Technologies ranked 22 in the Greater Philadelphia area and 480 in North America based on percentage fiscal-year revenue growth during the period from 2006 to 2010.
"We believe that our recognition as one of the fastest growing technology companies in North America is a testament to our leadership in the small-ticket, unattended retail market and highlights the growth that we have experienced as a company," said Stephen P. Herbert, interim chairman and CEO of USA Technologies. “And we are pleased that the growth trends continue. For example, during the past fiscal year, we saw a 45 per cent increase in connections, 45 per cent increase in revenues and a 59 per cent increase in gross profit while our selling, general and administrative expenses decreased by 23 per cent.”
The Deloitte Technology Fast 500 is the pre-eminent technology awards program in North America. In order to be eligible, companies must own proprietary intellectual property or proprietary technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base year operating revenues of at least $50,000 and current year operating revenues of at least $5 million, be headquartered in North America, and have been in business for a minimum of five years.
“USA Technologies, like all 2011 Technology Fast 500™ companies, has excelled in fostering innovation and channeling it into spectacular growth – against the backdrop of one of the most a challenging economies in history,” said Eric Openshaw, vice chairman and U.S. technology, media and telecommunications leader with Deloitte. "Deloitte recognizes USA Technologies for its remarkable accomplishment.”
USA Technologies recently announced that it had improved its ranking among the world's leading shippers of point-of-sale (POS) terminals, according to The Nilson Report, a leading source of research on consumer payment systems worldwide. USA Technologies ranked 5th among the leading POS shippers in the United States and 19th in the world in 2010.