AuthenTec, a top semiconductor provider of fingerprint sensors to the global market, has been named one of America's fastest growing private companies in Inc. Magazine's 23rd annual Inc. 500 ranking ?- the only biometrics company recognized on the prestigious list this year. AuthenTec was ranked as the 258th fastest growing company -- increasing revenues 570 percent between 2000 and 2003.
Founded in 1998, AuthenTec today is the leading supplier of biometric fingerprint sensors in the consumer biometrics market, with more than 3 million sensors already in use in cell phones, PCs and peripherals, and access control devices worldwide.
"Increased security nearly always means decreased convenience. And then there's AuthenTec's TruePrint technology," the magazine wrote. "TruePrint makes it possible for fingerprint sensors to be embedded on cell phone key pads, computer keyboards, car ignitions, and the like, ensuring that only authorized users can access the devices."
"We founded AuthenTec based on the concept of making fingerprint biometrics truly viable for mass-market adoption. Being named to the Inc. 500 list is a tribute to the perseverance of our team, and validates the rapid acceptance our technology has experienced in the consumer and enterprise markets," said Scott Moody, co-founder, president and CEO of AuthenTec. "We are excited to be at the forefront of this dynamic industry, and by the tremendous interest we have received in our company, our products and our technology."
The Inc. 500 ranks privately held companies according to averaged year-over-year sales growth over the past four years. With approximately 75% of all new job creation in the U.S. coming from small businesses, the Inc. 500 is a prescient indicator of the companies and industries that are driving the economy forward. Eighty-five companies (17%) on this year's Inc. 500 say they plan to go public at some point. Over the years, the Inc. 500 has identified the next generation of world-class companies, with Microsoft, Stonyfield Farms, Timberland, Oracle, The Princeton Review, Morningstar, E*Trade, Intuit, and Domino's Pizza all appearing on the list before they became industry powerhouses.
To be eligible for this year's Inc. 500, companies had to be independent and privately held through their fiscal year 2003, have had at least $200,000 in net sales in the base year of 1999 for Inc. 500 alumni and 2000 for new applicants, and $2 million in net sales for 2003. In addition, their 2003 sales had to exceed 2002 sales. Companies are ranked on averaged year-over-year sales growth. Inc. verifies all information using tax forms and audited financial statements from certified public accountants and by conducting interviews with company officials.