With Three-Year Revenue Growth of 615 Percent, Electric Receives Ranking No. 1059 Among America's Fastest-Growing Private Companies
NEW YORK, Aug. 16, 2022 /PRNewswire/ -- Today, Inc. revealed that Electric is No. 1059 on its annual Inc. 5000 list, the most prestigious ranking of the fastest-growing private companies in America. The list represents a one-of-a-kind look at the most successful companies within the economy's most dynamic segment—its independent businesses. Facebook, Chobani, Under Armour, Microsoft, Patagonia, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.
"It is an honor to see Electric represented among the fastest growing companies in the United States," said Electric CEO, Ryan Denehy.
"Electric's rapid growth represents a major transition within the small business community. Small businesses need a flexible, fast, and affordable way to handle their IT because their teams must stay connected to be productive. We're proud to lead that change with our powerful IT platform and lightning-fast service."
The companies on the 2022 Inc. 5000 have not only been successful, but have also demonstrated resilience amid supply chain woes, labor shortages, and the ongoing impact of Covid-19. Among the top 500, the average median three-year revenue growth rate soared to 2,144 percent. Together, those companies added more than 68,394 jobs over the past three years.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, which will be available on August 23.
"The accomplishment of building one of the fastest-growing companies in the U.S., in light of recent economic roadblocks, cannot be overstated," says Scott Omelianuk, editor-in-chief of Inc. "Inc. is thrilled to honor the companies that have established themselves through innovation, hard work, and rising to the challenges of today."
Electric is one of the fastest growing providers of IT solutions for SMBs in the United States and makes IT easy for SMBs by centralizing the four core pillars of IT management: employee onboarding and offboarding, real-time IT support, hardware management, and security at the device, application and network levels. Since its founding in 2016, Electric has grown to become one of the largest IT providers in the country serving close to 1,000 customers and 55,000 end users across clients including: TrustRadius, Otter.ai, Boxed and TULA Skincare. The company recently announced Unicorn status in March 2022, following its $20M Series D-1 announcement.
More about Inc. and the Inc. 5000Methodology
Companies on the 2022 Inc. 5000 are ranked according to percentage revenue growth from 2018 to 2021. To qualify, companies must have been founded and generating revenue by March 31, 2018. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2021. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2018 is $100,000; the minimum for 2021 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places. The top 500 companies on the Inc. 5000 are featured in Inc. magazine's September issue. The entire Inc. 5000 can be found at http://www.inc.com/inc5000.
The world's most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference & Gala is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.
For more information on the Inc. 5000 Conference & Gala, visit http://conference.inc.com/.
Electric is the industry leader in providing world-class IT technology and real-time support for small and mid-sized businesses. With close to 1,000 customers and more than 55,000 employee end-users, Electric's IT platform includes: real-time support powered by 150+ IT technicians, security, device & inventory management, network & server management, application & cloud management, employee on-boarding and off-boarding, procurement & provisioning, and data monitoring & insights. Electric is funded by an all-star team of investors including: Bessemer Venture Partners, GGV Capital, 01 Advisors, Primary Venture Partners, Bowery Capital, Slack, Atreides Management, Vintage Investment Partners, Greenspring Associates, and Harmonic Growth Partners. For more information, visit www.electric.ai.
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