PORTLAND, Ore., October 20, 2005 — Vesta Corporation today announced that it ranked Number 275 on the 2005 Deloitte Technology Fast 500, a ranking of the fastest growing technology companies in North America. Rankings are based on percentage revenue growth over five years, from 2000-2004. Vesta grew 547 percent during this period. This is the fourth year Vesta has been named to the Fast 500 list.
Vesta provides phone, Web and automatic recharge services for a variety of products, including prepaid wireless phones and prepaid long distance cards. Vesta's President and CEO, Doug Fieldhouse, credits the company's continued remarkable growth on its innovative payment solutions, including those for the burgeoning US prepaid wireless market. "Vesta's commitment to maximizing our clients' revenues has helped us grow our wireless customer base," he said. "Our focus on providing a superior customer experience has also helped us maintain dominant share in the markets we serve."
"Because the Deloitte Technology Fast 500 measures sustained growth over five years, being one of the 500 fastest growing technology companies in North America is an impressive achievement," said Tony Kern, deputy national managing principal of Deloitte's Technology, Media & Telecommunications industry practice. "Vesta deserves a lot of credit for its remarkable growth."
Overall, companies that ranked on the 2005 Technology Fast 500 had growth rates ranging from 240 to 73,752 percent over five years, with an average growth rate of 2,408 percent.
The Fast 500 list is compiled from Deloitte's 15 regional North American Fast 50 lists, nominations submitted directly to the Fast 500 and public company database research. To qualify for the Fast 500, entrants must have had 2000 operating revenues of at least $50,000 USD or $75,000 CD for the United States and Canada, respectively, and 2004 operating revenues of must be at least $1 million USD or CD.
Entrants must be headquartered in North America and must be a "technology company," defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues, or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify.
Headquartered in Portland, Oregon, USA, and with operations in China and the UK, Vesta is a pioneer and worldwide leader in virtual commerce. Vesta utilizes proprietary authentication and fraud screening measures in managing its telecommunications and financial services clients' virtual (phone and Web) payment programs, and provides a secure, privacy-assured recharge solution to their end users. In addition to its fourth appearance on the Deloitte Technology Fast 500 list, Vesta has been recognized by Inc. magazine as one of America's fastest growing privately owned companies for four years running. Vesta's clients include AT&T, Cingular Wireless, T-Mobile USA, MCI, IDT, Sprint and Firefly Mobile. For more information on Vesta Corporation, email info@trustvesta.com.
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