CHICAGO (June 4, 2009) – Initiate Systems, Inc., a leader in data management solutions that enable information sharing and improve data quality, has been named to the 2009 Crain’s Chicago Business “Fast 50” list of the region’s fastest-growing companies. A 5-year growth rate of 470 percent ranks Initiate® 24th on the annual list published by Chicago’s leading business journal.
“During the last five years, Initiate has posted tremendous growth and success, culminating last year as we achieved profitability, a positive cash flow and increased annual revenue more than 50 percent compared to the year prior,” said Bill Conroy, chief executive officer and president of Initiate.
“The close of last year provides an excellent snapshot of our success,” Conroy added. “We gained 36 new customers in 2008, which will help spur our continuing growth.” In recent years, Initiate has flourished financially in the face of tough economic times while earning a worldwide leadership position in Health Information Technology (HIT) with its patient registry solution, a vital element in the nation's 21st century healthcare reform. The company also has won awards and recognition for its innovative technology and exceptional customer service. In addition to performance, Initiate receives continual recognition by prominent industry analysts for the strength of the company’s management team.
Initiate’s 2008 revenues of $74.4 million also place the company on Crain’s list of Chicago’s Largest Privately Held Companies. In April, Conroy was recognized for his contributions to Initiate’s achievements when the Illinois Technology Association (ITA) honored him with its CEO of the Year Award. The ITA CEO of the Year Award is presented to an individual contributing to the extraordinary business development of his or her technology company over the past year.
For the “Fast 50” list, Crain’s reviewed companies with headquarters in the six-county area (Cook, DuPage, Kane, Lake, McHenry and Will) with 2008 revenue of at least $20 million. Eligible companies had to have revenue growth in the last year and no more than one year of declining revenue during the period of 2003 to 2008. Certain types of companies were excluded, such as banks, utilities, holding companies, real estate developers, subsidiaries, divisions and franchises. Crain’s required financial statements or tax returns from 2003 and 2008 for all of the private companies. The business journal enlisted independent professional services firm Deloitte & Touche LLP to assist in verifying the financial information. Find more detail on the Crain’s “Fast 50” methodology.
About Initiate Systems
Initiate Systems enables organizations to confidently share critical data assets. Multinational corporations, healthcare organizations and government agencies rely on Initiate software and services to deliver complete, accurate and real-time views of data spread across multiple systems, domains or databases. Initiate’s master data management (MDM) solutions facilitate interoperability, information sharing, entity resolution and data quality to increase revenues, reduce costs and mitigate risks. Initiate operates globally through its subsidiaries, with corporate headquarters in Chicago and offices across the U.S., and in Toronto, London and Sydney. For more information, visit www.Initiate.com