While some businesses find it a struggle to move ahead, such is not the cast with RigNet, Inc., a leading global provider of managed communication services for the upstream oil and gas industry, which has been selected for the third consecutive year by Deloitte & Touche LLP as one of the 50 fastest growing technology companies in the state of Texas. For 2008, RigNet is ranked number 11 on this list of growing technology, media, telecommunications and life sciences companies, which is up three spots from number 14 in 2007. To qualify for the Texas Technology Fast 50, companies must have operating revenues of at least $50,000 in 2001 and $5 million in 2005, be headquartered in Texas, own proprietary technology or proprietary intellectual property that contributes to a significant portion of the company’s operating revenues, or devote a significant proportion of revenues to the research and development of technology.
Deloitte’s Texas Technology Fast 50 is based on percentage of revenue growth over five years. RigNet’s revenue growth of 1,814 percent from 2003 to 2007 earned it a number 11 ranking overall and a number three ranking in Houston, the largest city in Texas and the fourth-largest in the United States. The average increase in revenues among companies who made the Texas Technology Fast 50 for this region was 1,496 percent.
“We are honored to be recognized for our strong performance and position as a market leader in the managed communication services industry,” said Mark Slaughter, RigNet’s CEO and president. “I attribute our phenomenal growth and success to our outstanding team and their dedication to providing innovative technologies and products that deliver on upstream oil and gas industry communications needs.”
