Is it a New Record? We Think so, as 102 Utah Firms Make the 2023 Inc. 5000 List.
From numbers 23 to 4,830 and from the "Advertising & Marketing" to the "Travel & Hospitality" Industries, Utah-based companies show extremely well in the penultimate 2023 ranking of fast-growth, privately held enterprises in America.
In what has become an annual fascination for business-watchers everywhere, Inc. magazine has just released its yearly ranking of the 5,000 fastest-growing, privately held companies headquartered in the United States.
However, what's especially interesting about the 2023 Inc. 5000 Report is that 102 different Utah-based firms have made the grade this year.
And if our review of past data is accurate (and we believe it is), this is the first time the "State of Deseret" has had 100 or more firms make the vaunted Inc. 5000 list in one year ... 102 companies to be exact in 2023.
{NOTE: Attempts to reach the Inc. PR staff and/or agency to verify this info proved unsuccessful. UGH!}
Some Data about Utah's 2023 Inc. 5000 Honorees
Before sharing the list, however, I believe it's worth sharing a bit of data.
For example, a total of 36 Utah cities had at least one Inc. 5000 honoree in 2023.
The Utah city with the most 2023 Inc. 5000 honorees was Lehi, with 19 companies.
In fact, 17 cities in Utah had two or more firms included in this year's ranking, as shown below:
- Lehi: 19 companies included in the Inc. 5000 ranking in 2023;
- Salt Lake City: 10 companies included in the Inc. 5000 ranking in 2023;
- Orem: 6 companies included in the Inc. 5000 ranking in 2023;
- American Fork: 5 companies included in the Inc. 5000 ranking in 2023;
- Draper: 5 companies included in the Inc. 5000 ranking in 2023;
- Park City: 4 companies included in the Inc. 5000 ranking in 2023;
- Provo: 4 companies included in the Inc. 5000 ranking in 2023;
- Bluffdale: 3 companies included in the Inc. 5000 ranking in 2023;
- Lindon: 3 companies included in the Inc. 5000 ranking in 2023;
- Logan: 3 companies included in the Inc. 5000 ranking in 2023;
- St. George: 3 companies included in the Inc. 5000 ranking in 2023;
- Centerville: 2 companies included in the Inc. 5000 ranking in 2023;
- Cottonwood Heights: 2 companies included in the Inc. 5000 ranking in 2023;
- Kaysville: 2 companies included in the Inc. 5000 ranking in 2023;
- Midvale: 2 companies included in the Inc. 5000 ranking in 2023;
- Ogden: 2 companies included in the Inc. 5000 ranking in 2023; and
- South Jordan: 2 companies included in the Inc. 5000 ranking in 2023;
Additionally, Utah firms in the 2023 Inc. 5000 list were most likely to be based in the Software Industry (with 21 honorees), while a total of 17 Industries had at least two Utah-HQ'd companies included in their markets. Specifically,
- Software: 21 Utah-based companies in this Industry;
- Business Products & Services: 16 Utah-based companies in this Industry;
- Advertising & Marketing: 10 Utah-based companies in this Industry;
- Financial Services: 8 Utah-based companies in this Industry;
- Consumer Products: 5 Utah-based companies in this Industry;
- Retail: 5 Utah-based companies in this Industry;
- Health Services: 4 Utah-based companies in this Industry;
- Food & Beverage: 4 Utah-based companies in this Industry;
- Real Estate: 4 Utah-based companies in this Industry;
- Construction: 3 Utah-based companies in this Industry;
- Energy: 3 Utah-based companies in this Industry;
- Consumer Services: 2 Utah-based companies in this Industry;
- Health Products: 2 Utah-based companies in this Industry;
- Insurance: 2 Utah-based companies in this Industry;
- Human Resources: 2 Utah-based companies in this Industry;
- Manufacturing: 2 Utah-based companies in this Industry; and
- Security: 2 Utah-based companies in this Industry.
Conversely, seven Industries in the 2023 Inc. 5000 Report had only one Utah-HQ'd company included in each of the following Industries
- The Agriculture & Natural Resources Industry;
- The Computer Hardware Industry;
- The Education Industry;
- The IT Services Industry;
- The Logistics & Transportation Industry;
- The Telecommunications Industry; and
- The Travel & Hospitality Industry.
Of the 102 Utah-based companies in the 2023 Inc. 5000 ranking, over half (62) are prior honorees.
In combination, these 102 firms added 18,769 jobs during the three-year-period ended 31 December 2022.
And on average, the median growth for each Utah-based firm in the 2023 Inc. 5000 was 257% over the three-year-period.
The Complete List of Utah's 2023 Inc. 5000 Honorees
Outlined below are all 102 Utah-HQ'd, listed in order by
- Their respective ranking,
- Three-year percentage growth,
- Headquarter city in Utah,
- Industry, and (for companies ranked in the Top 500),
- A brief description of their business.
So ... without further ado, here's the list itself of the 102 Utah-based companies included in the 2023 Inc. 5000 Report:
Utah's 2023 Inc. 5000 Honorees (#1 - 500)
No. 23: Spiff - 12,342% growth - Sandy - Software: "A leading sales compensation platform that automates commission calculations and motivates teams to drive growth."
No. 26: Sword Health - 10,960% growth - Draper - Health Products: "A digital health startup with AI-enabled personalized treatment plans for physical therapy and pain relief."
No. 103: NoBid - 4,562% growth - West Haven - Advertising & Marketing: "Creates advertising software that helps businesses with demand optimization, revenue optimization and carbon reduction."
No. 119: Legendary Lady Labs - 4,066% growth - Lehi - Health Products: "Health and fitness company promoting products formulated for women and their unique hormonal needs."
No. 168: BalticBorn - 3,104% growth - American Fork - Retail: "A retail company selling attire for every occasion including weddings, showers, photoshoots, parties and more."
No. 247: PCF Insurance Services - 2,257%% growth - Lehi - Insurance: "A risk management, employee benefits and insurance brokerage services company using data-driven strategies."
No. 386: Pathology Watch - 1,500% growth - Murray - Health Services: "Deep learning AI company focused on diagnostic and prognostic research for skin cancer."
No. 391: Chunker - 1,481%% growth - Lehi - Business Products & Services: "Offering an online marketplace for short-term warehouse rentals and pop-up services for customers."
No. 480: Kesta I.T. - 1,216% growth - Salt Lake City - Human Resources: "Specializing in IT staff augmentation, recruiting, human capital management and software engineering services."
No. 493: Ivy City Co. - 1,189% growth - Sandy - Retail: "Women-founded dress brand with an emphasis on quality ?mommy and me? fashion and size inclusion."
Utah's 2023 Inc. 5000 Honorees (#501 - 1,000)
No. 521: Dog Training Elite Franchising - 1,133% growth - Sandy - Consumer Services
No. 559: Woodbury Strategy - 1,053% growth - Lehi - Financial Services
No. 594: Utah Global Transportation Management Solutions - 991% growth - Bluffdale - Logistics & Transportatiopn
No. 611: Rubicon Contracting - 964% growth - Centerville - Construction
No. 624: RxEBATE - 938% growth - Holladay - Health Services
No. 647: Valentine CPA - 905% growth - Layton - Business Products & Services
No. 771: HeroDevs - 765% growth - Sandy - Business Products & Services
No. 784: LGCY Power - 751% growth - Lehi - Energy
No. 787: Cozy Earth - 750% growth - Bluffdale - Consumer Products
No. 840: Solo - 705% growth - Lehi - Software
No. 864: Product EVO - 687% growth - St. George - Business Products & Services
No. 889: Kenect - 662% growth - Pleasant Grove - Software
No. 978: HEROIC.com - 605% growth - Lehi - Software
No. 981: Momentous - 603% growth - Park City - Health Services
Utah's 2023 Inc. 5000 Honorees (#1,001 - 2,000)
No. 1,101: Squeeze - 537% growth - Orem - Advertising & Marketing
No. 1,229: National Processing - 480% growth - Orem - Financial Services
No. 1,414: Smart Rain - 412% growth - Centerville - Business Products & Services
No. 1,461: LiveView Technologies - 395% growth - American Fork - Business Products & Services
No. 1,463: Influx Marketing - 394% growth - Park City - Advertising & Marketing
No. 1,506: Design Imaging - 382% growth - Orem - Manufacturing
No. 1,528: Tech9 - 376% growth - Lehi - Software
No. 1,537: Filevine - 374% growth - Salt Lake City - Software
No. 1,550: HFB Technologies - 370% growth - St. George - Advertising & Marketing
No. 1,614: Ravn - 349% growth - American Fork - Software
No. 1,637: Builder.ai - 343% growth - Salt Lake City - Software
No. 1,654: Calyx Containers - 339% growth - West Valley City - Manufacturing
No. 1,762: Encor Solar - 317% growth - Lehi - Energy
No. 1,764: ION Solar - 317% growth - Provo - Energy
No. 1,789: Church Media Squad - 312% growth - Herriman - Advertising & Marketing
No. 1,795: BZI - 311% growth - Kaanarraville - Construction
No. 1,837: Nav Technologies - 305% growth - Draper - Financial Services
No. 1,852: iRecertify - 303% growth - Lindon - Consumer Products
No. 1,899: Tagg-N-Go Car Wash - 295% growth - St. George - Consumer Products
No. 1,906: TruNorthe - 294% growth - Park City - Business Products & Service
No. 1,959: CoDev - 287% growth - Lehi - Human Resources
No. 1,971: Mobility Market Intelligence - 285% growth - Cotton Heights - Real Estate
Utah's 2023 Inc. 5000 Honorees (#2,001 - 3,000)
No. 2,026: 7 Figures Funding - 277% growth - American Fork - Financial Services
No. 2,034: Rent Dynamics - 276% growth - Logan - Software
No. 2,114: Arvo Digital - 265% growth - Provo - Advertising & Marketing
No. 2,131: Suralink - 264% growth - Salt Lake City - Software
No. 2,159: Visionary Homes - 260% growth - Logan - Construction
257% - The Median Growth Rate for Utah-based Firms on the 2023 Inc. 5000 List
No. 2,193: Function Compliance Services - 254% growth - Park City - Business Products & Services
No. 2,247: BlueinGreen Digital - 246% growth - Lehi - Software
No. 2,263: Universal Accounting Center - 244% growth - Draper - Education
No. 2,277: BunnyJamesBoxes - 242% growth - West Jordan - Food & Beverage
No. 2,331: Brandhive - 237% growth - Salt Lake City - Advertising & Marketing
No. 2,380: Northpoint Asset Management - 231% growth - Salt Lake City - Real Estate
No. 2,392: Cost Segregation Authority - 230% growth - Lindon - Industry
No. 2,426: Claravine - 226% growth - Lehi - Software
No. 2,478: Denik - 221% growth - Logan - Consumer Products
No. 2,486: Nexus IT Consultants - 220% growth - Salt Lake City - IT Services
No. 2,499: OptConnect - 219% growth - Kaysville - Business Products & Services
No. 2,540: LoanPro Software - 214% growth - Farmington - Financial Services
No. 2,553: ChartSquad - 213% growth - Heber City - Software
No. 2,579: Onset Financial - 211% growth - Draper - Financial Services
No. 2,609: SkyShare - 208% growth - Ogden - Travel & Hospitality
No. 2,672: Aqua-Yield Operations - 201% growth - Sandy - Agriculture & Natural Resources
No. 2,743: Mo'Bettahs Hawaiian Style Food - 195% growth - Lehi - Food & Beverage
No. 2,823: RVLock - 189% growth - Wellsville - Security
No. 2,860: eAssist Dental Solutions - 186% growth - American Fork - Business Products & Services
No. 2,936: Lender Toolkit - 179% growth - Cottonwood Heights - Software
No. 2,945: Lemonade Stand - 178% growth - Orem - Advertising & Marketing
Utah's 2023 Inc. 5000 Honorees (#3,001 - 4,000)
No. 3,018: Swig - 172% growth - Lehi - Food & Beverage
No. 3,240: Experlogix - 158% growth - South Jordan - Business Products & Services
No. 3,246: Opiniion - 157% growth - Lindon - Software
No. 3,497: Nestwell Property Management - 142% growth - Salt Lake City - Real Estate
No. 3,505: Complete Recovery Corporation - 141% growth - Salt Lake City - Business Products & Services
No. 3,523: Elevate Solutions - 140% growth - Lehi - Business Products & Services
No. 3,600: Telarus - 136% growth - Sandy - Telecommunications
No. 3,845: Burns 1876 - 122% growth - Salina - Retail
No. 3,902: Company Vitals - 120% growth - Woodland Hills - Financial Services
No. 3,904: Ascend Staffing - 120% growth - North Salt Lake - Human Resources
No. 3,961: All Filters - 117% growth - Woods Cross - Retail
No. 3,988: NetDocuments - 116% growth - Lehi - Software
No. 3,989: Ampleo - 116% growth - Lehi - Business Products & Services
Utah's 2023 Inc. 5000 Honorees (#4,001 - 5,000)
No. 4,043: Coreform - 113% growth - Orem - Software
No. 4,129: Bamboo Insurance - 109% growth - Midvale - Insurance
No. 4,139: Xidax PCs - 109% growth - Midvale - Computer Hardware
No. 4,167: Aptive Environmental - 107% growth - Provo - Consumer Services
No. 4,168: AlignOrg Solutions - 107% growth - Kaysville - Business Products & Services
No. 4,277: Applicantpro - 102% growth - Eagle Mountain - Software
No. 4,308: Peak Capital Partners - 101% growth - Provo - Real Estate
No. 4,321: Ivanti - 100% growth - South Jordan - Software
No. 4,356: Becklar - 99% growth - Ogden - Security
No. 4,397: Nature's Fusions - 97% growth - Orem - Consumer Products
No. 4,447: RainFocus - 95% growth - Lehi - Software
No. 4,588: NOW CFO - 89% growth - Salt Lake City - Financial Services
No. 4,680: Savory Via 313 Stores - 86% growth - Lehi - Food & Beverage
No. 4,746: SEO Werkz - 83% growth - Riverton - Advertising & Marketing
No. 4,778: Romaric Automation Design - 82% growth - Sandy - Software
No. 4,790: Sparkle In Pink - 82% growth - Bluffdale - Retail
No. 4,830: Max Connect Marketing - 80% growth - Draper - Advertising & Marketing
We at Utah Money Watch applaud each Utah-based firm, their executive teams, their employees, and partners for their successes over the prior three years.
Congratulations!!!
AUTHOR'S NOTE: The following is the description of the Inc. 5000 Methodology (with minor edits to match the editorial style of Utah Money Watch) -
"Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by 31 March 2019. They must be U.S.-based, privately held, for-profit, and independent--not subsidiaries or divisions of other companies--as of 31 December 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine rankings were calculated to four decimal places."
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