Magma Named to Silicon Valley's Fastest-Growing Software & IT Companies in Deloitte's Technology Fast 50 Program for Fourth Consecutive Year
(Business News, 02 Nov 2007 )
For the fourth consecutive year, Magma Design Automation Inc. has been named to Deloitte's prestigious Technology Fast 50 Program for Silicon Valley, a ranking of the fastest growing technology, media, telecommunications and life sciences companies in the region by Deloitte & Touche USA LLP, one of the nation's leading professional services organizations. Rankings are based on the percentage revenue growth over five years from 2002-2006.
Magma was also named to the 2007 Deloitte Technology Fast 500, recognizing the fastest-growing technology, media, telecommunications and life sciences companies in the United States and Canada.
Magma CEO Rajeev Madhavan credits the company's 254 percent revenue growth from 2002 to 2006 to continued successful execution on a plan to develop new products with a technology advantage, both in existing and new markets. Since 2002, Magma has introduced more than 30 products that address key challenges of digital and analog IC design, helping leading semiconductor companies to improve productivity and reduce design and manufacturing costs.
"We're not only strengthening product positioning in our established markets, but we also continue to enter new markets, such as fab analysis and design for test, that will allow us to sustain our strong growth ," Madhavan said. " We're pleased to be named to Deloitte's Technology Fast 50 list for the fourth straight year because it acknowledges our consistently effective strategy for success."
"Deloitte's Silicon Valley Technology Fast 50 companies have shown the strength, vision and tenacity to succeed in today's very competitive technology environment," said Mark Jensen, partner and national director, Venture Capital Services, Deloitte & Touche LLP. "We applaud the successes of Magma and acknowledge it as one of the very few to accomplish such a fast growth rate over the past five years."
Magma's increase in revenue of 254 percent from 2002 to 2006 resulted in a No. 32 ranking in the Software & Information Technology category of the Technology Fast 50 for Silicon Valley.
To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 2002 and $5 million in 2006; be headquartered in Silicon Valley; and own proprietary technology or intellectual property that contributes to a significant portion of the company's operating revenues, or devote a significant proportion of revenue to the research and development of technology.
