NEW YORK, Sept. 20, 2007 (PRIME NEWSWIRE) -- CashEdge, a provider of online financial applications, has been named to Deloitte's prestigious Technology Fast 50 Program for the New York Region, a ranking of the 50 fastest growing technology, media, telecommunications, and life sciences companies in the area by Deloitte & Touche USA LLP, one of the nation's leading professional services organizations. Rankings are based on the percentage revenue growth over five years from 2002-2006.
CashEdge's CEO Sanjeev Dheer credits the company's innovative approach of leveraging the online channel to create cutting edge financial services solutions, an outstanding team, and forward-looking clients with the company's 1,858 percent revenue growth from 2002-2006. In receiving the award Dheer said, "We are honored to be recognized among such an impressive group of companies in such a competitive, fast-moving region as New York. This ranking is a validation of the hard work our team has dedicated to our product design, implementation and execution. We believe the online banking market is at the tipping point of an even greater period of expansion, and are pleased to be so well poised to deliver the next five years of innovations to this market," he concluded.
CashEdge's increase in revenues of 1,858 percent from 2002 to 2006 resulted in a ranking of ninth among the fifty companies included in the Technology Fast 50 for the New York area. The average increase in revenues among companies who made the Technology Fast 50 for this region was 3,044 percent.
To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 2002 and $5,000,000 in 2006, be headquartered in North America, 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.
Companies from the 16 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. For more information on Deloitte's Technology Fast 50 or Technology Fast 500 programs, visit www.fast500.com.
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.
CashEdge has been ranked by Inc. Magazine as one of the 500 fastest growing private companies in the United States for two years in a row and recognized by the 2007 Deloitte Technology Fast 50 as one of the fifty fastest growing companies in the New York area. The company 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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Deloitte & Touche USA LLP is the US member firm of Deloitte Touche Tohmatsu. In the US, services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and their subsidiaries), and not by Deloitte & Touche USA LLP.