NEW YORK, Aug. 28, 2007 (PRIME NEWSWIRE) -- CashEdge, a provider of online financial applications, today announced that for the second year in a row it has been recognized by Inc. magazine as one of the 500 fastest growing private companies in the United States. CashEdge ranked 382nd in the 2007 annual Inc. 500 ranking, enjoying sales growth of 745.1% during the past three years. The company is placed 27th among financial services companies.
The 2007 Inc. 500, as revealed in the September issue of Inc. magazine (on newsstands today), reported aggregate revenue of $16 billion and median three-year growth of 939 percent. The 2007 Inc. 500 companies were engines of job growth, having created more than 64,064 jobs since those companies were founded. Complete information on this year's Inc. 500, including company profiles and a list of the fastest-growing companies that can be sorted by industry and region can be found at www.inc.com/inc5000.
"We are delighted to be included among such a noteworthy group of growing companies on the Inc. 500 list for a second year in a row. Our company's financial service client relationships and dominant market position in both online account opening and funds transfer, have played a critical role in our ongoing success and company growth," said Sanjeev Dheer, CEO of CashEdge. "The online banking market is expanding rapidly and we believe that we are at the very beginning of a steep growth curve that will continue for many years to come," he added.
"If you want to find out which companies are going to change the world, look at the Inc. 500," said Inc. Editor Jane Berentson. "These are the most innovative, dynamic, fast-growth companies in the nation, the ones coming up with solutions to some of our most intractable ills, creating systems that let us conduct business faster and easier, and manufacturing products we soon discover we can't live without. The Inc. 500 list is Inc. magazine's tribute to American business ingenuity and ambition."
Methodology
The 2007 Inc. 500 list measures revenue growth from 2003 through 2006. To qualify, companies had to be U.S.-based and privately held, independent -- not subsidiaries or divisions of other companies -- as of December 31, 2006, and have had at least $200,000 in revenue in 2003, and $2 million in 2006.
About CashEdge
CashEdge(r) provides innovative, online financial applications for banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities. Working with CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs.
Recognized by Inc. magazine as one of the 500 fastest growing private companies in the United States, CashEdge currently serves more than 600 leading financial institutions, including five of the top ten banks. CashEdge has offices in New York and Silicon Valley. For more information, please visit www.cashedge.com.
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About Inc. magazine:
Founded in 1979 and acquired in 2005 by Mansueto Ventures, LLC., Inc. magazine (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today's innovative company builders. With a total paid circulation of 681,421, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology.