IKANO Communications Ranked in Inc Magazine's Inner City 100 - Utah-based Company Ranked in National Listing Charting Fastest Growth
Date: May 3, 2002
Release: IMMEDIATE
SALT LAKE CITY, UT - The Initiative for a Competitive Inner City (ICIC) and Inc. Magazine ranked IKANO Communications one of the "Inner City 100," a listing of the fastest growing companies located in America's inner cities. Ranked number 62 on the listing, IKANO was one of only two Utah companies recognized in the Inner City 100 based on 4,250 companies nominated from 191 cities.
The Inner City 100 celebrates entrepreneurship in the business sector, showcasing the 100 fastest growing private ventures located in the inner cities of the nation's largest metro areas. A joint venture between Inc. Magazine and the Initiative for a Competitive Inner City, the Inner City 100 recognizes growing companies located inside cities and focuses public attention on the role those companies play in creating jobs and rebuilding the economies of America's inner cities.
Garth Howard, IKANO President and COO, stated, "It is an honor to be nominated among such an impressive list of companies rejuvenating the economies of our inner cities. Despite the slowing economy, IKANO is thriving," says Howard. "We continue to grow and develop strategic partnerships with new clients."
During the past five years, IKANO has experienced an explosive revenue growth rate of 240 percent. IKANO provides private-label Internet services and IP network infrastructure to Internet Service Providers (ISPs), affinity groups and Fortune 1000 companies. IKANO attributes its tremendous growth and success to a solid business model, a forward-thinking management team, and products that stay ahead of the technology curve.
"The rapid adoption of the Internet by businesses and consumers has caused a significant paradigm shift in the way companies and organizations communicate with end-users," said Henry Smith, IKANO Chief Executive Officer. "Companies are looking to IKANO to supply value-added, dynamic,
customizable, scalable, and reliable client-branded IP products, services, and solutions. IKANO's branded Internet services allow our clients to establish, develop, and enhance customer relationships, while increasing revenues and lowering costs," Smith said.
Another key ingredient to IKANO's success was the company's gold-medal performance as the Official Data Services Supplier for the 2002 Winter Olympic Games. In this critical role, every piece of data, large and small, passed through one of the world's most complex networks without a single interruption. IKANO's participation in the Games catapulted the company into several new business opportunities and key strategic partnerships.
IKANO has received a total of $33.5 million in venture capital funding, with its third round of financing ($15 million) announced in June, 2001. IKANO was also named as one of Utah's top 100 fastest growing companies in October, 2001. During the past five years the company has expanded from 25 employees to 350+ employees, creating a multitude of employment opportunities in Salt Lake City and its current office locations in Cincinnati and Toronto, Ontario.
The Inner City 100 is the brainchild of Harvard Business School professor and ICIC founder Michael E. Porter, who wanted to focus public attention on the instrumental role that entrepreneurial companies play in rebuilding the economies of inner cities.
The competitive advantages of inner-city locations provide the companies with ample rewards. The CEOs of the Inner City 100 cited the top advantages of doing business in the inner city as having an available workforce, easy access to transportation routes, high-speed Internet access, and prime real estate all at their fingertips.
About IKANO Communications, Inc.
IKANO Communications was founded over 10 years ago as a regional Internet service provider in the Intermountain West and since then has flourished to become the industry leader in private-label, wholesale, and retail Internet services. IKANO leverages its ISP platform to provide outstanding services at highly competitive prices. The company's rapid growth and excellence in the field have resulted in IKANO's ranking in the
Inc. 500,
Technology Fast 500,
Inner City 100,
Utah 100, and
Call Center of the Year.
Companies interested in learning more about IKANO should contact
info@ikano.com, or call
877.492.0121.
About The Inner City 100
A joint project of ICIC and Inc. magazine, the Inner City 100 is the first-of-its-kind national listing of 100 fast-growing companies located exclusively in America's inner cities. More than merely a list, the Inner City 100 is the most ambitious project to uncover business successes in America's inner cities. The Initiative for a Competitive Inner City (ICIC) is a national, not-for-profit organization founded in 1994 by Harvard Business School Professor Michael E. Porter. ICIC's mission is to spark new thinking about the business potential of inner cities, thereby creating jobs and wealth for inner-city residents.
Some Notable Inner City 100 Company Facts:
- The average Inner City 100 company grew 539% between 1996 and 2000.
- 88% of Inner City companies rate their inner-city location as good or excellent.
- Average Inner City 100 revenues were 19.0 million in 2000.
- 84% of the Inner City 100 companies were profitable, 24 had profits over 10%.
- Inner City 100 companies employ close to 16,000, of which approximately half reside in the inner city.
- Inner City 100 companies have generated 7,984 new jobs over 5 years.
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