NEW YORK, Oct. 29, 2007 (PRIME NEWSWIRE) -- CashEdge today announced that it ranked number 92 on Deloitte's 2007 Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications and life sciences companies in North America. Rankings are based on percentage of fiscal year revenue growth over five years, from 2002-2006. CashEdge grew 1,858 percent during this period.
CashEdge's CEO Sanjeev Dheer credits the company's approach of leveraging the online channel to create innovative financial services solutions, an outstanding team, and forward-looking clients with the company's 1,858 percent revenue growth over the past five years.
"It is an honor to receive this national recognition and to be ranked among such an impressive group of companies," said CashEdge CEO Sanjeev Dheer. "Our team has worked very hard to deliver the most advanced and secure technology solutions to maximize the online banking channel. We expect online banking to experience even greater growth and adoption during the next five years and look forward to playing a principal role in the online banking revolution going forward," he added.
"To rank on Deloitte's Technology Fast 500, companies must achieve phenomenal revenue growth over five years," said Phil Asmundson, vice chairman, U.S. Technology, Media and Telecommunications, Deloitte & Touche USA LLP. "We applaud CashEdge for being among the fastest growing companies in North America."
In addition to ranking on Deloitte's Technology Fast 500, CashEdge ranked ninth on the New York Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in New York.
Overall, companies that ranked on the 2007 Technology Fast 500 had growth rates ranging from 253 to 79,060 percent over five years, with an average growth rate of 1,823 percent.
FAST 500 SELECTION AND QUALIFYING CRITERIA
The Fast 500 ranks the fastest growing technology, media, telecommunications and life sciences companies in North America. It is compiled from Deloitte's 16 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. Companies are selected based on percentage revenue growth from 2002 to 2006.
Entrants must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues or devote a significant proportion of revenues to research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify. Base-year operating revenues must be at least $50,000 USD or $75,000 CD, and current-year operating revenues must be at least $5 million USD or CD. Companies must be in business a minimum of five years, and they must be headquartered within North America.
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.
The CashEdge logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2019
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 140 countries. With access to the deep intellectual capital of approximately 150,000 people worldwide, Deloitte delivers services in four professional areas -- audit, tax, consulting, and financial advisory services -- and serves more than 80 percent of the world's largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global companies. Services are not provided by the Deloitte Touche Tohmatsu Verein, and, for regulatory and other reasons, certain member firms do not provide services in all four professional areas.
As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other related names.