Funmo speeds to Deloitte's Technology Fast 50

2 Nov 2008 at 13:32 GMT Timo Poropudas

FunMobility, a leading provider of innovative wireless community and media services, Friday announced that it has been named as 9th overall among companies nominated to Deloitte's Technology Fast 50 Program for Silicon Valley Internet, Media, Entertainment and Communications companies.

FunMobility's increase in revenues of 3,311 percent resulted in the ranking, which is based on the percentage revenue growth over five years from fiscal year 2003–2007.

"Deloitte's Silicon Valley Technology Fast 50 recognizes companies that have shown the strength to succeed in today's very competitive environment and FunMobility is one of the select companies to have been bestowed with this honor for two consecutive years," said Mark Jensen, Managing Partner, National Venture Capital Services, Deloitte & Touche LLP, in Silicon Valley.

"The company is truly one of the fast-growth success stories in Silicon Valley and we applaud their vision and tenacity to achieve such a fast rate of growth over the past five years."

To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in fiscal year 2003 and $5,000,000 in fiscal year 2007, be headquartered in the San Francisco Bay Area, and be a company that owns proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify.

Press release, pdf

Companies from the regional Technology Fast 50 programs in the United States and Canada are automatically entered in Deloitte's Technology Fast 500 program, which ranks North America's top 500 fastest growing technology, media, telecommunications and life sciences companies.