New entrepreneurial ventures in technology field start on a daily basis somewhere around the world but only a few of them could make it big with new innovations and customer satisfaction. Let’s take a look at 7 tech companies which experienced phenomenal growth in 2012, as compiled by Fortune Magazine.
1. Cirrus Logic
The company was started in 1984 by Dr. Suhas Patil in Fremont, California. The company supplies high-precision digital & analog signal processing components and supplies to companies such as Sony, Samsung, Philips etc.
The company’s revenues climbed 67% to nearly $370 million in 2011. Company also increased its expenditure on research & development for the third year and to match the same, increased its engineering staff by 26%.
CEO: Jason Rhode
2012 Fastest-Growing rank: 2
Previous rank: 11
Baidu is the largest search engine portal in China with a market share of nearly 80% even after 12 years of its foundation by Robin Li & Eric Xu. The company has also expanded its services to include revenue generating online & e-commerce marketing tools like ‘pay for placement’ (P4P) platform, that let companies create text based ads on their own that appear in search listings.
Company’s earnings rose by 77% to $326 million in 2011.
CEO: Jason Rhode
2012 Fastest-Growing rank: 3
Previous rank: 4
Apple continued to impress its customers with innovative products despite of the passing of Steve Jobs last October. The company launched more innovative products under CEO Tim Cook. Apple’s latest iPhone with voice recognition has sold 5 million units in just 7 days of its launch. Apple is the world’s third-largest mobile phone maker after Samsung and Nokia.
Earnings for 2011 hit $38.6 billion on revenues of $142 billion. Apple became the most valuable company of all time recently, when its market capitalization hit $623 billion in August, 2012.
CEO: Tim Cook
2012 Fastest-Growing rank: 8
Previous rank: 21
4. IPG Photonics
The company was started by Dr. Valentin Gapontsev in Russia in 1990. IPG has manufacturing facilities in the United States, Germany, Russia and Italy. It provides high power fiber lasers and fiber amplifiers that are revolutionizing performance and utility in a remarkable array of materials processing, telecommunications, medical and other advanced applications.
Sales grew 59% year-over-year to $474.5 million in 2011. Indeed, sales of the company’s lasers for materials processing applications accounted for nearly 88% of last year’s sales, and the company expects that trend to continue in the years to come.
CEO: Valentin Gapontsev
2012 Fastest-Growing rank: 9
Previous rank: N.R.
5. 3D Systems
The company was founded in 1986 by Chuck Hull. Its headquartered are in Rock Hill, South Carolina. 3D Systems is a global company that develops and sells systems, materials, and software for solid imaging. 3D Systems manufactures technologies that enable 3D printing, a process where three-dimensional data is used to create real-world 3D parts, from smartphone covers to prosthetics Its products are meant to make manufacturing processes more efficient, without requiring tooling.
Sales of 3D Systems jumped 44% year-over-year to $230 million in 2012, with half those sales coming from the U.S., and profits grew to $35 million, even as the company increased spending in global research and development.
CEO: Abe Reichental
2012 Fastest-Growing rank: 12
Previous rank: N.R.
Priceline was founded in 1997 and is the brainchild of digital entrepreneur Jay S. Walker. Priceline.com is an Internet-based transactional service that offers products in two categories: a personal finance service that markets home mortgages, refinancing and home equity loans through an independent licensee and other is travel service that offers leisure airline tickets, hotel rooms, rental cars, packaged vacations and cruises.
Due to large international sales, net income nearly doubled to $1.05 billion last in 2011 compared with the year before.
CEO: Jeffery H. Boyd
2012 Fastest-Growing rank: 14
Previous rank: 12
7. Acme Packet
Founded by Patrick J. MeLampy and Andrew D. Ory in 2000, Acme Packet is a Bedford, Massachusetts based company. The company provides session delivery network solutions, which enable the trusted, first-class delivery of next-generation voice, data and unified communications services and applications across IP networks.
Revenues grew by more than double to $307 million from 2009 to 2011, while profits also leapfrogged to $44 million. And as more companies transition away from older legacy technologies with IP-based solutions, Acme Packet expects to capitalize even more in what it in envisions as a $4.5 billion dollar market by 2015.
CEO: Andrew Ory
2012 Fastest-Growing rank: 37
Previous rank: 25