Entrepreneur Magazine has released its 12th Annual Hot 100 listing of the fastest-growing new companies in the United States, with Torch Technologies ranked at #54. The listing draws from an initial list of fast-growing companies released by PricewaterhouseCoopers.
Torch Technologies, which was launched with a strong commitment to employee ownership, opened its doors in October 2002 and has grown rapidly, reporting more than $9 million in revenue for fiscal year 2005. The company currently has 98 employees and focuses on providing superior scientific and engineering services to the Department of Defense.
“As employee-owners, our employees can focus on fulfilling our clients’ needs without the distraction of external pressures such as stock performance, mergers or acquisitions,” CEO William Roark said. “Our goal is to be the employer of choice and to deliver a premium service level to our clients that they don’t find anywhere else in our industry. This focus on our clients’ needs has produced significant results that have been frequently commended by our clients. And this recognition by Entrepreneur reflects the tremendous efforts of our employee-owners.”
Total combined sales of the Hot 100 companies for 2006 reached an impressive $1.7 billion, up from $1.5 billion last year. This year, the business services industry took the lead with 33 companies on the list, including staffing, advertising and consulting firms. Also on the rise are employee benefits; 43 businesses offer flextime, and 33 offer telecommuting. Keeping employees happy and satisfied tops the list of main concerns for Hot 100 business owners, based on a popular philosophy: “Fast growth for many businesses is largely due to having the best staff on hand to manage it all.”