WOODCLIFF LAKE, N.J., Nov. 13, 2014 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY) a leading provider of wireless M2M asset management solutions, has been ranked 308th on Deloitte's Technology Fast 500™ list, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. The ranking was based on I.D. Systems' 287% revenue growth from 2009 to 2013. This is the fourth time I.D. Systems has been named to the Fast 500™ list.
"I.D. Systems' revenue has grown significantly over the past five years, but our sights are set much higher," said Kenneth Ehrman, I.D. Systems' chairman and CEO. "We are in the midst of a strategic initiative we call 'I.D. Systems 2.0', aimed at accelerating product development, improving quality and reliability, and building more efficient and scalable processes. Our short term goal is to accelerate profitable revenue growth without proportionate increases in expenses. For the medium term, we intend to invest heavily in sales and marketing to capitalize on significant unpenetrated market opportunities. Long term, our ambition is to become one of the leaders of the Internet of Things revolution in the global supply chain. With 2014 revenue for the nine-month period ended September 30, 2014, up approximately 15% from the same period in 2013, we believe we are headed in the right direction."
"The companies on the Fast 500 list continue to set the bar for their industry higher each year," said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications leader. "There are so many exciting products and smart thought leaders driving this list. We congratulate the Fast 500 companies and look forward to seeing them continue their momentum into 2015."
"For 20 years, the Deloitte Fast 500 rankings have honored the innovation that is part of these companies' DNA," added Jim Atwell, national managing partner of the emerging growth company practice, Deloitte & Touche LLP. "We're glad to be serving these high-growth companies, and helping the technology sector recognize the great strides and transformation these companies are making in their respective areas."
About I.D. Systems
Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Texas, Germany, and the United Kingdom, I.D. Systems, Inc. is a leading global provider of wireless M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets, including industrial vehicles, rental cars, trailers, containers, and cargo. The company's patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. For more information about I.D. Systems, please visit www.id-systems.com.
About Deloitte's 2014 Technology Fast 500™
The Technology Fast 500, conducted by Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies, both public and private, in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2009 to 2013. To be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years and be headquartered within North America.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems' beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems' control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include: statements regarding prospects for additional customers; market forecasts; projections of earnings, revenues, potential contract values, estimated product shipment dates, synergies, accretion or other financial information; initiatives for new products and processes, and plans, strategies, objectives, and initiatives of management for future operations. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems' products to continue to develop, the inability to protect I.D. Systems' intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems' filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2013. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, I.D. Systems. Unless otherwise required by applicable law, I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
Source:I.D. Systems, Inc.