USA Technologies, Inc. has once again been named to Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This is the third time in the last five years that USA Technologies has made the listing.
Stephen P. Herbert, chairman and CEO of USA Technologies, commented, in a prepared statement: “Our recognition as one of the fastest growing technology companies in North America once again this year underscores the tremendous potential we believe exists for cashless payment and telemetry solutions in our market segment. What’s more, we believe that the self-serve retail market is only at the early stages of cashless adoption.
“This significant market opportunity combined with the financial milestones we continue to meet in terms of cash generation and profitability provides USA Technologies, we believe, with a powerful edge as the cashless payment and M2M (machine to machine) market evolves,” continued Herbert. “In addition, while we continue to maintain a strong growth track and improved financial performance, we have balanced those strategies with forward-thinking innovation that is tuned to where our customers and partners believe are the greatest needs and opportunities in this emerging market space.”
“We are proud to honor 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.”
“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 USA Technologies 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.