DENVER, CO (November 8, 2023) – Pax8, the leading cloud commerce marketplace, today announced it ranked 248 on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies, both public and private in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2019 to 2022. Pax8 grew by 562% during this period. Pax8 previously ranked 131 as a Technology Fast 500 Award winner for 2022, logging a growth rate of 1,122% from 2018 to 2021.
“We are thrilled to be recognized on the Deloitte Technology Fast 500 list as one of North America’s fastest-growing companies,” said Nick Heddy, Chief Commerce Officer at Pax8. “Our journey, which commenced as a bold vision over a decade ago, is dedicated to empowering companies worldwide with advanced cloud solutions through our industry-leading Marketplace. Today, Pax8 stands as a global powerhouse and its success is due to our dedicated workforce, who champion excellence and innovation and continue to redefine the tech industry.”
Since 2012, Pax8 has blossomed from a Denver start-up to a global enterprise with a footprint in 17 countries within the North America, EMEA (Europe, Middle East, and Africa), and APAC (Asia-Pacific) regions. The company has achieved significant milestones, including achieving a $1.7 billion valuation, surpassing $1 billion in annual recurring revenue (ARR), and building a global team of over 1,700 employees.
To be eligible for Technology Fast 500 recognitions, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to most of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America. Overall, the 2023 Technology Fast 500 companies achieved revenue growth ranging from 201% to 222,189% over the three-year time frame from 2019 to 2022, with an average growth rate of 1,934% and a median growth rate of 497%.
“Each year we look forward to reviewing the progress and innovations of our Technology Fast 500 winners. This year is especially celebratory as we expand the number of winners to better represent just how many companies are developing new ideas to progress our society and the world, especially during a slow economy,” said Paul Silverglate, Vice Chair, Deloitte LLP and U.S. technology sector leader. “While software and services and life sciences continue to dominate the top 10, we are encouraged to see other categories making their mark. Congratulations to all the winners who show us how creativity, hard work, and perseverance can lead to success.”
“As for growing companies, it’s always rewarding to be recognized for the ongoing commitment it takes to navigate obstacles, transform when necessary, and ultimately create a thriving business,” said Christie Simons, Partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s audit and assurance practice. “Over the nearly 30 years we’ve been compiling the Technology Fast 500, we’ve seen new categories emerge, growth rates explode, and certain regional markets shine from the bright talent they attract. We are proud of all the winners for achieving this well-deserved honor.”
To view a list of companies on the Deloitte Technology Fast 500, visit www.fast500.com.
To learn more about Pax8, please visit www.pax8.com.
Pax8 is the world’s favorite cloud marketplace for IT professionals to buy, sell, and manage best-in-class technology solutions. Pioneering the future of modern business, Pax8 has cloud-enabled more than 300,000 enterprises through its channel partners and processes one million monthly transactions. Pax8’s award-winning technology enables managed service providers (MSPs) to accelerate growth, increase efficiency, and reduce risk so their businesses can thrive. The innovative company has ranked in the Inc. 5000 for six years in a row. Join the revolution at pax8.com.
Deloitte provides industry-leading audit, consulting, tax, and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide connect for impact at www.deloitte.com.
Public Relations Director, Pax8