From the Wires
SNAP Interactive Ranked the 36th Fastest Growing Company in North America on Deloitte's 2012 Technology Fast 500™
By: PR Newswire
Nov. 14, 2012 06:16 PM
NEW YORK, Nov. 14, 2012 /PRNewswire/ -- SNAP Interactive, Inc. ("SNAP" or the "Company") (OTCBB: STVI), a leading social application developer, today announced it ranked 36th overall on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. In the New York Metro area, the Company was ranked 5th and in the Internet category, the Company ranked 9th. SNAP's revenue grew 4,412 percent from 2007 to 2011.
Cliff Lerner, the co-founder and chief executive officer of SNAP, credits SNAP's ability to identify unique opportunities and rapidly execute and iterate on its product vision in the fast moving social discovery and online dating space as the catalyst for the Company's 4,412 percent revenue growth.
"We are honored to be recognized by Deloitte, particularly in the New York Metro area which is rapidly improving its reputation as a home for technology innovators and entrepreneurs," said Lerner. "As the social discovery and online dating industries have evolved, we have seen tremendous opportunities to use our platform to connect people in meaningful ways. Our growth can be attributed to the exciting opportunities for growth by building on top of Facebook's Developer Platform, as well as the breadth of engineering talent in New York City."
"We are proud to honor SNAP as one of the 2012 Technology Fast 500™ companies, and commend them for their outstanding growth," said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications (TMT) leader. "These ground-breaking companies have outpaced their competition and are reinventing the way we do business today."
"SNAP and the companies on the Fast 500 list are among those that have demonstrated remarkable innovation, creativity and business savvy," said Bill Ribaudo partner, Deloitte & Touche LLP and national TMT leader for audit and enterprise risk services (AERS). "As a result, these companies have continued to successfully forge ahead in a challenging economic environment. We applaud the leadership and employees of SNAP for this impressive accomplishment."
Overall, 2012 Technology Fast 500™ companies achieved revenue growth ranging from 128 percent to 279,684 percent from 2007 to 2011, with an average growth of 2,774 percent.
About Deloitte's 2012 Technology Fast 500™
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About SNAP Interactive, Inc.
SOURCE SNAP Interactive, Inc.
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