NEW HAVEN, CONN., October 23, 2014 – The Initiative for a Competitive Inner City (ICIC) and FORTUNE have ranked Square 9® Softworks 1st in the Software & Information Technology category of the 2014 Inner City 100, a list of the fastest-growing inner city businesses in the U.S. With a reported 865% growth rate over a five year period, Square 9 placed 6th overall on the list of 100, and was awarded as an Icon of Industry Growth at the Inner City 100 Awards event in Boston, Massachusetts.
The Inner City 100 program recognizes successful inner city businesses and their CEOs as role models for entrepreneurship, innovative business practices and job creation in America’s urban communities. The 2014 winners represent a wide span of geography, hailing from 53 cities and 23 states. The companies have generated $42.2 million in 2013 revenues on average and $4.2 billion in the aggregate with an average 5-year gross growth rate of 336%. Collectively, the top 100 inner city businesses employ 8,276 people (approximately 35% are inner city residents) and have created 5,119 new jobs in the last five years.
“We are extremely proud to be recognized by the ICIC as an example of what can be achieved through urban entrepreneurship,” stated Stephen Young, President and CEO of Square 9 Softworks. “The 865% growth we’ve experienced at Square 9 over the last five years is a testament to the quality of talent we have been able to attract. I believe our commitment to building our business in a culturally rich and diverse community like New Haven has greatly contributed to the strength of the individuals we have working here.” Young added.
In the last 16 years, 805 unique companies have earned positions on the Inner City 100 list, representing 183 cities and 41 states. To qualify for the Inner City 100 list, companies are required to be independent, for-profit, and headquartered in an economically distressed urban area with a minimum of 10 full-time employees and fifth-year operating sales of at least $1M. The ICIC defines an inner city as an economically distressed urban area that has a poverty rate of 20% or higher.
“It’s important to recognize businesses like Square 9 that are truly driving economic growth and job creation and America’s urban cores,” said Matt Camp, President, ICIC. “We believe that inner cities hold unique competitive advantages for business and the success of these firms underscores that market opportunity.”
About the Initiative for a Competitive Inner City (ICIC):
ICIC is a national nonprofit founded in 1994 by Harvard Business School professor Michael E. Porter. ICIC’s mission is to promote economic prosperity in America’s inner cities through private sector investment that leads to jobs, income and wealth creation for local residents. Through its research on inner city economies, ICIC provides businesses, governments and investors with the most comprehensive and actionable information in the field about urban market opportunities. The organization supports urban businesses through the Inner City 100, Inner City Capital Connections and the Goldman Sachs 10,000 Small Businesses programs. Learn more at www.icic.org or @icicorg.
About Square 9 Softworks:
Square 9 Softworks is an award winning developer of scanning and document control solutions that enables its customers to realize their dream of a paperless office. With solutions for document workflow and mobile document delivery, Square 9 has helped companies of all sizes to get control of their paper intensive processes with solutions that meet the rapidly evolving needs of the business community.
SmartSearch, Square 9’s flagship document management software has been recognized continually for its innovation including Buyers Laboratory’s coveted five star rating in 2013 and Winter Pick award for Outstanding Enterprise Document Management Solution in 2013.
Square 9 Softworks distributes its solutions internationally through a network of highly skilled channel partners from its corporate offices in New Haven, Connecticut. For further information, visit www.square-9.com.