CashEdge Ranked Among Fastest Growing Companies in North America on Deloitte's 2009 Technology Fast 500™
CashEdge Recognized for Third Consecutive Year
New York – Oct. 21, 2009 — CashEdge, Inc. (www.cashedge.com), the leading provider of Intelligent Money Movement™ services, announced today that it ranked number 197 on the Technology Fast 500™, Deloitte LLP's ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Rankings are based on the percentage of fiscal year revenue growth during the five year period from 2004–2008. CashEdge grew 688 percent during this period.
"Technology Fast 500™ recognizes innovative companies that have broken down barriers to success and defied the odds with their remarkable five-year revenue growth," said Phil Asmundson, Vice Chairman and U.S. Technology, Media and Telecommunications leader, Deloitte LLP. "We congratulate CashEdge on this accomplishment."
"It is an honor to receive this national recognition and to be ranked among such an impressive group of companies," said Sanjeev Dheer, CEO and President, CashEdge Inc. "We've seen tremendous growth in the online banking industry over the past five years, and we look forward to seeing even greater growth and adoption during the next five – particularly in the areas of Person-to-Person and mobile payments. We are confident that our Intelligent Money Movement™ services will play a key role in this industry growth moving forward," he added.
"With its impressive five-year growth, CashEdge has earned its position among the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America," said Mark Jensen, Managing Partner, Technology and Venture Capital Services, Deloitte & Touche LLP. "Deloitte is proud to honor CashEdge for its achievement."
This is the third consecutive year that CashEdge has been ranked as a Technology Fast 500™ award winner.
Technology Fast 500™ Selection and Qualifying Criteria
Technology Fast 500™ provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500™ website, and public company database research conducted by Deloitte. Technology Fast 500™ award winners for 2009 are selected based on percentage fiscal year revenue growth during the five year period from 2004 to 2008.
In order to be eligible for Technology Fast 500™ recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues.
Technology Fast 500™ award eligibility requirements also include 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. These revenues must have more than doubled between 2004 and 2008. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About CashEdge
CashEdge is the leader in Intelligent Money Movement™ services providing innovative payment solutions to financial institutions for their retail and small business banking customers. CashEdge's services include mobile and online person-to-person (P2P) payments and small business payments. CashEdge currently serves hundreds of leading financial institutions, including seven of the ten largest banks in the country.
CashEdge's industry leading products include POPmoney™ for person-to-person payments; OpenNow®/FundNow® for new account opening and funding; TransferNow® for Consumers, which includes Me-to-Me Transfers and Third Party Transfers; and TransferNow® for Small Businesses, which includes Invoicing, Me-to-Me Transfers, Employee Payments and Vendor Payments. All CashEdge products are supported by industry-leading risk management capabilities that leverage proprietary technology to help financial institutions mitigate risk and decrease fraud exposure.
The Company is headquartered in New York with offices in Silicon Valley and India. For more information, visit www.cashedge.com.
About Deloitte
As used in this document, "Deloitte" means Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.