Online Backup
Provider Ranks No. 1
in IT Services and
Boston-based
Businesses
NEW YORK, August
24, 2010 -- Inc.
magazine today
ranked
Carbonite No. 9 on its
29th annual Inc.
500, an exclusive
ranking of the
nation’s
fastest-growing
private companies.
The list represents
the most
comprehensive look
at the most
important segment of
the
economy—America's
independent-minded
entrepreneurs.
Companies such as
Microsoft, Zappos,
Intuit, GoDaddy,
Zipcar, Clif Bar,
American Apparel,
Oracle, and many
other well-known
names gained early
exposure as members
of the Inc. 500.
"Fast growth at
any time is a big
achievement; fast
growth during the
past few years is
just short of
miraculous," said
Inc. editor Jane
Berentson. "The Inc.
500 consists of
these just-short-of
miraculous
companies, the ones
that through
ingenuity and
ambition have
increased revenue,
hired employees, and
grown fast in
difficult economic
times."
Along with an
overall No. 9
ranking in the Inc.
500, Carbonite also
secured a No. 1
ranking in the IT
Services category
and a No. 1 ranking
among Boston-based
businesses for the
2010 Inc. 500. The
company launched its
online backup
service in 2006 and
has raised more than
$76 million in
several rounds of
venture financing.
"When my business
partner, Jeff
Flowers, and I
decided to start an
online backup
company after his
wife’s laptop was
stolen, we never
dreamt it would grow
so rapidly," said
David Friend, CEO
and co-founder of
Carbonite. "We’re
thankful for our
team and all of our
customers who
believed in our
simple and secure
online backup
service. It is an
honor to be ranked
No. 1 within the IT
services category
and Boston-based
businesses, and No.
9 amongst all
privately-held
American
businesses."
Today's Inc. 500
rankings are the
latest in a string
of accolades
Carbonite has
received in 2010,
including the Tech
Awards Circle Gold
Award for
consumer/small
office, home office
(SOHO) service
category, ranking
No. 6 in the 2010
Boston Business
Journal: Best Places
to Work and a
finalist selection
in the Red Herring
100 North America
list. Several
members of the
Carbonite executive
team have been
honored recently as
well. CEO and
Co-Founder David
Friend was named the
Ernst & Young
Entrepreneur of the
Year winner for New
England in the
Consumer and Small
Business Emerging
Technology category,
while CTO and
Co-Founder Jeff
Flowers was named
CTO of the Year by
the Massachusetts
Technology
Leadership Council.
CFO Andrew Keenan
was honored by the
Boston Business
Journal as a 2010
CFO of the Year and
Swami Kumaresan,
vice president of
marketing, was
selected as a Boston
Business Journal 40
Under 40 in 2010.
The 2010 Inc.
500, unveiled in the
September issue of
Inc. magazine
(available on
newsstands August 24
to November 16 and
on Inc.com), is a
group of companies
that are smaller but
much faster-growing
than last year’s
crop. Aggregate
revenue is $11.3
billion—down from
last year's $18.4
billion—but median
three-year growth is
1,231 percent,
substantially up
from last year’s
880.5 percent. The
companies on this
year's list employ
more than 45,000
people. Complete
results of the Inc.
500, including
company profiles and
an interactive
database that can be
sorted by industry,
region, and other
criteria, can be
found at
www.inc.com/500.
Methodology
The 2010 Inc. 500
is ranked according
to percentage
revenue growth when
comparing 2006 to
2009. To qualify,
companies must have
been founded and
generating revenue
by June 30, 2006.
Additionally, they
had to be
U.S.-based,
privately held, for
profit, and
independent—not
subsidiaries or
divisions of other
companies—as of
December 31, 2009.
(Since then, a
number of companies
on the list have
gone public or been
acquired.) The
minimum revenue
required for 2006 is
$80,000; the minimum
for 2009 is $2
million. As always,
Inc. reserves the
right to decline
applicants for
subjective reasons.
The companies of the
Inc. 500 represent
the top tier of the
Inc. 5000, which can
be found at
www.inc.com/500.
