Faro Technologies Inc., the world leader in portable computer-aided measurement hardware and software, has been named to Forbes magazine’s list of “America’s 25 Fastest-Growing Tech Companies.” The company now claims more than 7,000 customers globally, and says that in excess of 14,000 installations of its systems are currently being used for part and assembly inspection, factory planning and asset documentation, and many other applications requiring highly detailed 3D measurements.
In order to make the Forbes list, a company must have had annualized sales gains of at least 10% over the past five years, must have shown profitability over the past 12 months, must have booked at least $25 million in sales over the past four quarters, and must have Thomson IBES consensus earnings forecasts of at least 10% annualized earnings growth over the next three to five years.
And since companies with significant legal problems or with possible accounting or corporate governance issues—as determined by Audit Integrity, a Los Angeles firm that provides accounting and governance risk analysis of public companies—are disqualified from inclusion in the list, being listed carries the additional distinction of public confirmation of corporate and executive rectitude.
“It is truly an honour to be listed among industry powerhouses like Google, Red Hat, and Adobe,” says Faro president and CEO Jay Freeland. “The credit goes to all of our employees around the world. It’s their hard work and never-ending passion for Faro that drives our results and, ultimately, the opportunity to be recognized like this.”
Freeland emphasizes that the company intends to continue hiring the best and brightest employees as it grows revenues and expands operations, in order to maintain a leadership position in the market. “Faro’s global teams give us our competitive edge,” he concludes.