FalconStor Named One of New York's Fastest Growing Technology Companies in Deloitte's Technology Fast 50 Program
MELVILLE, N.Y., November 3, 2005-FalconStor Software, Inc. (Nasdaq: FALC), a leading developer of network storage software solutions, today announced it has been named to Deloitte's prestigious Technology Fast 50 Program for New York, a ranking of the 50 fastest growing technology companies in the area. Rankings are based on the percentage revenue growth over five years from 2000-2004.
"Deloitte's New York Technology Fast 50 companies have shown the strength, vision and creativity to succeed in today's very competitive technology environment," said Ed Moran, a director at Deloitte Services LP, who leads the product innovation group and is the chairperson of the New York Technology Fast 50. "We applaud the successes of FalconStor and acknowledge it as one of the very few to accomplish such a fast growth rate over the past five years."
FalconStor Chairman and CEO ReiJane Huai credits the Company's ability to balance technical innovation and market execution in an increasingly competitive environment for the company's revenue growth from 2000-2004. Huai said, "Our innovative disk-based backup, data protection solutions have rapidly gained global market acceptance and industry recognition as the solutions of choice, as evidenced by the rising number of strategic relationships established between FalconStor and other Tier 1 industry leaders."
FalconStor's increase in revenues from 2000 to 2004 resulted in a number two ranking in the Technology Fast 50 for New York. The average increase in revenues among companies who made the Technology Fast 50 for this region was 36% percent. This is the first time that the regional Fast 50 program has focused on the entire state; previously, the program focused on the New York City metropolitan area.
To qualify for the New York Technology Fast 50, companies must have had operating revenues of at least $50,000 in 2000 and $1,000,000 in 2004, be headquartered in the state, and be a "technology company," defined as a company that owns proprietary technology 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 in a unique way does not qualify.
About Deloitte
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About FalconStor
FalconStor Software, Inc. (Nasdaq: FALC) is a leading developer of innovative network storage software that optimizes the protection and availability of enterprise and SMB data and applications, ensuring nonstop business productivity while simplifying storage management and backup to reduce operational costs. FalconStor's award-winning solutions-IPStor® Enterprise Edition, VirtualTape Library, and iSCSI Storage Server-are available from major OEMs, system integrators, and resellers, and are deployed worldwide by governments, educational institutions, and Fortune 1000 enterprises across industries including aerospace, energy production, financial services, healthcare, law, manufacturing, and telecommunications.
FalconStor is headquartered in Melville, NY, with offices throughout Europe and the Asia Pacific regions including Paris, Tokyo and Tahiwan. FalconStor is an active member of the Technical Support Alliance Network (TSANet), Storage Networking Industry Association (SNIA) and Fibre Channel Industry Association (FCIA). For more information, visit www.falconstor.com or call 1-866-NOW-FALC (866-669-3252).
This press release includes forward-looking statements that involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include: delays in product development; market acceptance of FalconStor's products and services; technological change in the storage and networking industries; competition in the network storage software market; the potential failure of FalconStor's OEM partners to introduce or to market products incorporating FalconStor's products; intellectual property issues; and other risk factors discussed in FalconStor's reports on Forms 10-K, 10-Q and other reports filed with the Securities and Exchange Commission
