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News Releases
New Edge Networks Hits Inc. 500 List as America’s 4th Fastest Growing Telecom Company
VANCOUVER, Wash. – (Oct. 19, 2004) – New Edge Networks was named the fourth fastest growing telecommunications company in the country on Inc. Magazine’s 23rd annual ranking of the 500 fastest-growing private businesses in the United States.
New Edge Networks posted four-year average annual revenue growth of 762.6 percent to make its debut on the 2004 Inc. 500 list announced today. New Edge Networks ranks 28 overall among the country’s fastest growing companies and 23 in total 2003 revenue. The telecom sector had more companies among the top 25 by revenue than any other on the list.
New Edge Networks was among 21 privately owned companies from Washington and Oregon on the Inc. 500.
New Edge Networks grew from $3.1 million in 2000 – its first full year of operations – to $96.6 million, or 3,050 percent, in 2003 on the sale of multi-location broadband networks to business and carrier customers. The company was formed in June 1999. Its principal investors include Goldman Sachs & Co., Accel Partners, Crosspoint Ventures, and Greylock.
“This prestigious accomplishment is a testament to the trust and confidence that our customers, selling partners, and investors place on New Edge Networks,” said Dan Moffat, president and CEO of New Edge Networks. “The phenomenal growth we’ve experienced is a result of our team’s focus, dedication, passion, and teamwork for building a truly great company that we intend to operate and grow.
“New Edge Networks has continued to grow and thrive because we provide something that all successful businesses need to stay competitive in the digital business environment: high-speed broadband networks to move distributed business intelligence and remain competitive,” Moffat said.
New Edge Networks has reported 19 consecutive quarters of revenue growth. The company began producing positive cash flow in May 2003.
To be eligible for this year’s Inc. 500, companies had to be independent and privately held with an operating history of four years. Companies had to have minimum revenue of $200,000 in fiscal 2000 and at least $2 million in sales in 2003. In addition, 2003 sales had to exceed 2002 revenue. Inc. verifies all information using tax forms and financial statements from certified public accountants and by conducting interviews with company officials.
“The best thing you can say about this year’s crop of Inc. 500 entrepreneurs is that they didn’t buy into the hype,” said Inc. editor-in-chief John Koten, in a prepared statement. “When people were practically giving away funding in the late 1990s, these companies didn’t overextend, and when everyone hit the panic button a few years later, they stayed calm and seized opportunity.”
The companies that made the 2004 list, posted an average year-over-year sales growth of 265 percent. Inc. 500 companies posted aggregate 2003 revenue of $12.6 billion and 82 percent of them were profitable. Inc. companies provided employment for more than 70,000 persons.
Over the years, the Inc. 500 has identified the next generation of world-class companies. Former Inc. 500 companies include Microsoft, Oracle, CompUSA, Gateway, Timberland, E*Trade, Intuit, and Domino’s Pizza, all appearing on the list before they became industry powerhouses.
The Inc. 500 special issue will appear on newsstands Oct. 26. From Oct. 20 to 31, only 50 of the Inc. 500 will be available for viewing at www.inc.com. The complete list will be available online beginning Nov. 1.
Last week, the Puget Sound (Seattle) Business Journal newspaper named New Edge Networks the fastest growing private telecom company in the state on its list of 100 fastest growing private businesses. New Edge Networks ranked No. 1 and 5 on the Portland Business Journal’s list of fastest growing private companies in Oregon and SW Washington for 2003 and 2004, respectively. Washington CEO magazine listed New Edge Networks number 91 among the 150 largest private companies in Washington, based on total 2003 revenue. Frost & Sullivan named New Edge Networks as its 2004 Telecom Company of the Year.
About New Edge Networks
New Edge Networks is a single-source national provider of secure multi-site managed data networks and dedicated Internet access for businesses and communications carriers. New Edge Networks seamlessly integrates a wide variety of last-mile broadband access services available through multiple carriers, technologies, and geographic regions worldwide. Its customers include telecom carriers, small to midsize businesses, large corporations, and their telecommuters anywhere. New Edge Networks owns a nationwide multi-services network with more than 850 carrier-class switches and Internet routers. It has one of the country’s largest coverage footprints with a strong presence in small and midsize markets. Frost and Sullivan selected New Edge Networks as its 2004 Telecom Company of the Year. The company’s Web site is www.newedgenetworks.com. Telephone: 1-360-693-9009.
Contact:
Sal Cinquegrani
(360) 906-9723
ATTN: New Edge Networks news releases contain information that is accurate as of the date they are issued. Information contained in past news releases may become out of date and the company does not assume responsibility for updating information contained in past news releases.