Attributes 372% Revenue Growth to a new FinTech Model for an outdated industry
NASHVILLE, Tenn., Nov. 19, 2020 (GLOBE NEWSWIRE) -- VendEngine, a cloud-based FinTech provider focused on the corrections industry, has been ranked 291 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and energy tech companies in North America now in its 26th year.
The company finished second overall across the state of Tennessee. Deloitte noted VendEngine’s incredible 372% over a three-year period.
“For more than 25 years, we’ve been honoring companies that define the cutting edge and this year’s Technology Fast 500 list is proof positive that technology — from software and digital media platforms, to biotech — truly does permeate so many facets of our lives,” said Paul Silverglate, vice chairman, Deloitte LLP and U.S. technology sector leader. “We congratulate this year’s winners, especially during a time when innovation is needed more than ever to address the monumental challenges posed by the pandemic.”
Overall, 2020 Technology Fast 500™ companies achieved revenue growth ranging from 175% to 106,508% from 2016 to 2019, with median growth of 450%.
“This is a significant accomplishment for VendEngine as we continue our rapid growth in the midst of a challenging coronavirus economy,” said Silas Deane, president and CEO of VendEngine. “Deloitte’s fastest-growing technology rankings is the gold standard of tech growth lists, and we are honored by the recognition as we chart our future in a rapidly evolving FinTech marketplace.”
VendEngine’s core suite of business applications include financial accounting, trust fund management, commissary, communications, and electronic payment solutions to the government sector and across the corrections industry.
"Each year the Technology Fast 500 listing validates how important technology innovation is to our daily lives. It was interesting to see this year that while software companies continued to dominate, biotech companies rose to the top of the winners list for the first time, demonstrating that new categories of innovation are accelerating in the pursuit of making life easier, safer and more productive,” said Mohana Dissanayake, partner, Deloitte & Touche LLP, and industry leader for technology, media and telecommunications, within Deloitte’s audit and assurance practice. “We extend sincere congratulations to these well-deserved winners — who all embody a spirit of curiosity, and a never-ending commitment to making technology advancements possible.”
VendEngine is a cloud-based technology provider specifically focused on the government payments and corrections industry. The Nashville, Tenn.—based company provides a suite of financial and communications applications ranging from deposit technologies for commissary, ordering and warehouse technology to a host of informational, electronic communications, security, accounting and financial trust management components for more than 300 correctional facilities across 32 states and the Caribbean. For more information, visit www.VendEngine.com or download the free VendEngine JailFunds app in the Apple or Android app stores.
About Deloitte’s 2020 Technology Fast 500™
Now in its 26th year, Deloitte’s Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2016 to 2019.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or 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 $US50,000, and current-year operating revenues of at least $US5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the USmember firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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