October 15, 2003
THREE-YEAR REVENUE GROWTH OF 3,230 PERCENT RANKS NEXTAG AMONG NATION'S FASTEST GROWING COMPANIES
NexTag Ranks Seventh as a Deloitte 2003 Technology Fast 500 Rising Star and Places First in the San Francisco Business Times 2003 Fast 100
San Mateo, Calif. (October 15, 2003)
NexTag, a leading comparison shopping service, was named a Rising Star in the 2003 Deloitte Technology Fast 500, a ranking of the fastest growing technology companies in North America. Ranked seventh on the Rising Star list, NexTag earned its position after posting an average revenue growth of 3,233 percent over the past three years.
The prominent ranking by Deloitte comes one week after NexTag was recognized as the fastest-growing private company in the Bay Area by the San Francisco Business Times' 2003 Fast 100. The annual ranking of Bay Area companies is also based on revenue growth over the same three-year period, 2000-2002.
"We are pleased to be recognized by these two award programs for the success we have had in building NexTag into a leading shopping search engine," said Purnendu Ojha, CEO and founder of NexTag. "Our ability to help shoppers find the products they want fast and efficiently, without a lot of distractions, has been the key to driving our success."
Initially best known for its success with helping consumers find the best prices online for consumer electronics and computer-related products, NexTag expanded its operations in January 2003 to include comparison shopping for virtually all retail products. Millions of shoppers now use the site to find products from thousands of online stores and compare everything from plasma screens and video games, to clothing, appliances and holiday gifts. Since NexTag diversified its offerings, the number of consumers using the site has grown to more than 4.5 million unique shoppers in August according to Nielsen//NetRatings.
"It's not easy for a young company to get traction in the technology marketplace let alone report such phenomenal revenue growth," said Mark A. Evans, national managing partner of Deloitte's Technology, Media & Telecommunications Group. "It's a credit to NexTag's leadership that they've managed to ramp up their business so quickly."
The Technology Fast 500 Rising Star list is an annual ranking by Deliotte & Touche of the fastest-growing technology companies in North America based on average percentage revenue growth over the pervious three years (2000-2002), but have not been in business long enough to qualify for the annual Deloitte Technology Fast 500, which ranks companies according to their revenue growth over the past five years.
To qualify for the Deloitte Fast 500, companies must be a technology company headquartered in North America and have had a minimum of $50,000 USD (or $75,000 CD) in the first qualifying year. A technology company is defined as a company that owns a proprietary technology that contributes to a significant portion of the company's operating revenues or devotes a high percentage of effort to research and development of technology. Companies must provide Deloitte & Touche researchers access to their financial statements to validate their operating revenues. For more information on the Deliotte Technology Fast 500, go to www.public.deloitte.com/fast500.
The Fast 100 is an annual survey of Bay Area private companies conducted by the San Francisco Business Times. To participate, companies much be headquartered in the San Francisco Bay area and be an independent, privately held corporation, proprietorship or partnership through fiscal 2002. Nominees must have verified had revenues of at least $200,000 USD in fiscal 2000 and demonstrate revenue growth through fiscal 2003. PricewaterhouseCoopers provided verification of the financial information for participating companies. The 2003 rankings were announced October 2, 2003.
NexTag, The Search Engine for Shoppers (SM), is the fastest way to compare prices online. NexTag's unique technology, including fast and relevant product search results, TruePrice and product price histories, enables shoppers to quickly compare prices of millions of products from thousands of online stores. NexTag's highly qualified traffic and performance-based pricing makes it a highly efficient sales channel for retailers, manufacturers and individuals. The company is privately held and based in San Mateo, California. For more information, go to http://www.nextag.com.
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NexTag is a trademark and "The Search Engine for Shoppers" is a service mark of NexTag, Inc. All other names are trademarks and/or registered trademarks of their respective owners.