October 31, 2008
oDesk Named Rising Star in Deloitte’s Technology Fast 50 Program for Silicon Valley
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oDesk has been named a Rising Star in Deloitte’s Technology Fast 50 program for Silicon Valley. The Rising Star award is a special designation for fast-growth companies that have been in business a minimum of three years, and is part of the Silicon Valley Technology Fast 50 program. Rising Star rankings are based on percentage revenue growth over three years (2005-2007). This year’s Silicon Valley Technology Fast 50 program is co-presented by Deloitte, Silicon Valley Bank, Korn/Ferry International, Cooley Godward Kronish LLP, Cornish & Carey Client Solutions, and ABD Insurance and Financial Services - A Wells Fargo Company.
oDesk (www.odesk.com) is the fastest growing marketplace for remote work, enabling companies of all sizes to hire, manage and pay freelance developers with specialized skills in J2EE, PHP, Web Programming, My SQL, AJAX, and more. oDesk buyers represent a broad range of companies from small businesses to Fortune 500 companies seeking access to technical talent at competitive rates. Over 125,000 IT and Engineer providers from USA, India, Russia, and other countries are registered with oDesk and over 10,000 new jobs are posted on oDesk every week, with the average job size of $5,000. The value of services bought and sold on oDesk has nearly tripled in each of the past two years, representing the company’s most substantial growth period to date.
"The Deloitte Silicon Valley Technology Fast 50 Rising Star companies have shown the strength, vision and tenacity to succeed despite a very challenging technology environment," said Mark Jensen, partner and national director, Venture Capital Services, Deloitte & Touche LLP. "We applaud the successes of oDesk and acknowledge its place as one of the few to accomplish such a fast growth rate over the past three years."
"We are honored to be recognized by Deloitte," said Gary Swart, CEO of oDesk. "We’re attributing our oDesk’s explosive growth to the business model. No other player guarantees payment to providers and guarantees work to buyers."
To qualify for the Technology Fast 50 Rising Star program, companies must be incorporated a minimum of three years and have revenues in only three or four years, have operating revenues of at least $50,000 in 2005 and $5,000,000 in 2007, be headquartered within the San Francisco Bay Area (subsidiaries or divisions are not eligible, unless they have some public ownership and are separately traded), and 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. Using other companies' technology or intellectual property in a unique way does not qualify.
Rising Star companies are automatically entered in Deloitte’s Technology Fast 500 Rising Star category. Its Rising Star ranking is based on percentage revenue growth over three years (2005-2007). For more information on Deloitte’s Technology Fast 500 or Technology Fast 50 programs, visit www.fast500.com.
oDesk (www.oDesk.com) is the global marketplace for programmers and technical talent that lets businesses hire, manage, and pay remote teams. Hiring managers can search the oDesk network and choose from among thousands of tested, top-rated professionals from over 100 countries around the world. Using the oDesk web-based collaboration tools, project managers can visually track and verify all work performed, both historically and in real-time. Every day, oDesk helps people all over the world to work together, as if they were seated in the same office. Founded in 2004, oDesk is located in Menlo Park, CA.
As used in this document, "Deloitte" means Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.