Tech Firms Making Big Bucks In the Garden State
New Jersey businesses take up 17 spots on Deloitte's list of the 500 fastest-growing technology companies in North America.
The group's Technology Fast 500 bases its rankings on companies' percentage of fiscal year revenue growth from 2012 to 2015.
At No. 41, Eagle Pharmaceuticals provides New Jersey's best showing. According to the list, Eagle multiplied its numbers by more than 25 over the time period that was analyzed.
CEO Scott Tarriff, who's lived in New Jersey since the age of nine, launched the specialty pharmaceutical company in his Mahwah home 10 years ago, until shifting to Woodcliff Lake two years later.
Because of the pharmaceutical industry's heavy presence in the Garden State, Tarriff said there's a great opportunity here to recruit talented and experienced staff.
"Our employment costs (in 2017) will roughly be about $20 or 25 million, most of that flowing to the state of New Jersey," Tarriff told New Jersey 101.5. Just about all of the company's 80-some employees live in the Garden State.
Tarriff anticipates continued growth in 2017. A product to be launched this summer aims to treat exertional heatstroke, the second-leading cause of noncombat death in the U.S. military and one of the leading causes of student-athletes deaths worldwide, Tarriff said.
In 2009, self-proclaimed "Jersey girl" Rita Gurevich started cybersecurity company SPHERE Technology Solutions in Jersey City, which lands at No. 311 on Deloitte's list.
"I don't think I'm ever going to leave New Jersey; this is my home forever," the Hoboken resident said.
Gurevich said the proximity to New York City and Philadelphia gives New Jersey a unique advantage for aspiring businesses. It also allows for diversity on the staff, she said.
Deloitte cites SPHERE's revenue growth at 238 percent. Gurevich expects to "elevate" that success in the new year, partnering with new technologies and opening an office in London.
"We're killing it. We're doing a great job," she said.
New Jersey's other fastest-growing technology companies, from best showing, include:
- ADMA Biologics, Inc. (Ramsey)
- Pacira Pharmaceuticals, Inc. (Parsippany)
- Axtria (Berkeley Heights)
- America100 (Princeton)
- Precision Technologies Corp. (Monmouth Junction)
- Teligent, Inc. (Buena)
- Cancer Genetics, Inc. (Rutherford)
- Avaap (Edison)
- US Tech Solutions, Inc. (Jersey City)
- Pernix Therapeutics Holdings, Inc. (Morristown)
- ORBCOMM, Inc. (Rochelle Park)
- Soligenix, Inc. (Princeton)
- Vitals (Lyndhurst)
- Medical Transportation Billing, Corp. (Somerset)
- Universal Display Corporation (Ewing)
According to Tom Wisniewski, managing director with Newark Venture Partners, New Jersey has been a "center" for life sciences, pharmacology and health for years. The legacy of Bell Labs in New Jersey, and Verizon's presence, he added, has opened the door for those interested in starting their own companies. Migration to urban environments by both Millennials and Baby Boomers is attracting technology hopefuls as well.
While Newark currently fills no spots on Deloitte's Fast 500, it may find its way in the years ahead. Wisniewski's group claims Newark is the next hot spot for the tech industry.
To help fuel the Newark's role in the industry, Newark Venture Partners invests in technology companies willing to have a presence in the city.
More from WPG Talk Radio 104.1: