from TeleNav Press Releases
SUNNYVALE, Calif. — October 31, 2008 - TeleNav, Inc. has been named to Deloitte's Technology Fast 50 Program for Silicon Valley Internet, Media, Entertainment and Communications companies. This year’s Silicon Valley Technology Fast 50 program is co-presented by Deloitte, Silicon Valley Bank, Korn/Ferry International, Cooley Godward Kronish LLP, Cornish & Carey Client Solutions, and ABD Insurance and Financial Services – A Wells Fargo Company. Rankings are based on the percentage revenue growth over five years from fiscal year 2003–2007.
TeleNav's CEO, HP Jin, credits an increase in consumer and enterprise awareness of cell phone GPS services with the company's 14,087 percent revenue growth from fiscal year 2003–2007. Jin said, “Not only are consumers more aware of services like GPS navigation, but enterprise organizations are also quickly adopting GPS-enabled services to help improve their business operations.”
TeleNav's increase in revenues of 14,087 percent from fiscal year 2003 to 2007 resulted in a fifth ranking in the Technology Fast 50 for Silicon Valley. The average increase in revenues among companies who made the Technology Fast 50 for this region was 3,049 percent.
“To rank on Deloitte’s Technology Fast 50, companies must have phenomenal revenue growth over five years,” said Mark Jensen, Managing Partner, National Venture Capital Services, Deloitte & Touche LLP. “TeleNav has proven to be one of the fast-growth success stories in Silicon Valley, and we applaud their dedication to making their vision a reality.”
To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in fiscal year 2003 and $5,000,000 in fiscal year 2007, be headquartered in the San Francisco Bay Area, and be a company that owns proprietary technology or proprietary intellectual property 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 or intellectual property in a unique way does not qualify.
Companies from the regional Technology Fast 50 programs in the United States and Canada are automatically entered in Deloitte’s Technology Fast 500 program, which ranks North America’s top 500 fastest growing technology, media, telecommunications and life sciences companies. For more information on Deloitte’s Technology Fast 50 or Technology Fast 500 programs, visit
www.fast500.com.
