Three local companies have been ranked among the fastest growing companies in the country, according to Inc. Magazine’s recently released 500/5000 rankings.
The three businesses are Kurgo, a Salisbury-based manufacturer of pet travel and safety products that came in at No. 3,184; and Crystal Engineering, a Newburyport firm that provides engineering and manufacturing services for various industries that ranked No. 3,615; and Wireless Analytics, LCC, a wireless mobility management firm based in Danvers, ranked No. 2,147.
“It is a real honor to be recognized as one of the fastest-growing private companies in America, and ranked the 50th fastest growing company in the telecommunications sector,” said Wireless Analytics CEO Erik Eames of West Newbury. “We’re particularly proud to have created 21 new jobs during difficult economic times.”
Inc. Magazine, a publication geared toward helping business owners start, run and grow their companies, annually issues its 500/5000 rankings to show the fastest-growing private companies in the nation, while also offering a comprehensive look at the country’s independent entrepreneurs.
In addition to cracking the overall rankings, the three companies also ranked highly within Massachusetts and their respective fields. Kurgo, for instance, was also recognized as the fastest-growing pet product manufacturer in America and the fifth-fastest growing consumer products company in the state.
Michael Trotta, CEO of Crystal Engineering, said breaking into Inc. Magazine’s rankings is exciting, especially given that his company isn’t what most people would think of when they think of a high-growth operation.
“We’re what many people would call an old-school manufacturing company,” Trotta said. “But just because we’re old-school doesn’t mean we can’t use modern technology to grow.”
The magazine started the Inc. 500 list of fastest-growing companies in 1982 and expanded the rankings to 5,000 in 2007. The rankings are based on revenue growth from 2009 to 2012, and earning a spot on the list is considered by many to be an important hallmark of entrepreneurial success.
To earn its place on the rankings, Wireless Analytics experienced 173 percent growth, boosting their revenue from $976,345 in 2009 to $2.7 million in 2012. The company also expanded its workforce from nine employees to 30 over that same period of time.
While Kurgo’s three-year growth of 102 percent wasn’t quite as impressive as Wireless Analytics’ growth, the company’s revenue increase of $2.9 million in 2009 to $5.8 million in 2012 was certainly reason to celebrate. Both Kurgo and Wireless Analytics were founded in 2003 and are celebrating their 10th year in business this year.
Crystal Engineering, on the other hand, has been around since 1956, yet the company still experienced 83 percent growth between 2009 and 2012 and saw its revenue increase from $3.5 million to $6.4 million.
Trotta indicated that the company has continued to grow since then and revenues are now up over $7 million. He added that since taking over in 2011, he has hired 15 new employees and plans to add even more in the near future.