STAMFORD: Revolution Lighting Technologies, Inc. [Nasdaq:RVLT] was recognized as Connecticut’s fastest growing technology company by the Connecticut Technology Council in 2016. On March 9th, the company reported fourth quarter 2016 revenues and sales growth has continued, but not at its once torrid pace. Revenues were $51.2 million for Q4 2016, an increase of 15% over Q4 2015, with a gross margin of 34% with Adjusted EBITDA [Earnings before interest, taxes and deductions] of $5.2 million.
Net income for the company's foruth quarter was $1.6 million or $0.08 per share. Annually revenues of $172 million were a 33% increase over 2015 for the year, with a loss of $500,000. The company has a current market value of approximately $120 million.
Robert V. LaPenta, Chairman, CEO, was happy with the performance saying, "we are pleased to deliver a successful fourth quarter and full year 2016 operating and financial performance, and believe the Company continues to outperform the overall growth of the LED lamp and luminaire industry.”
|Core Informatics CEO: Gabelle wants to "accelerate the digital lab."
BRANFORD: Core Informatics one of Connecticut’s fastest growing technology companies has been purchased by Thermo Fisher Scientific Inc., [NYSE THMO] a diversified global technology and science company with more than 55,000 employees and $18 billion in sales.
Core Informatics founded in 2006, the company was listed by Deloitte at 469 on its 2016 Tech Fast 500 list among US companies for its 130 percent cent growth rate. Core informatics provides “laboratory data management solutions to biopharma, genomics, and other scientific organizations.”
For nearly its first decade the company “bootstrapped” growth, in 2014 the management team put their foot on the accelerator raising $ 5 million to fuel growth, a year later it raised another $17 million, its then 65 employees swelled to the current 100.
ROCKY HILL: The fourth quarter of 2016 brought a great stash of new cash to 31 companies across Connecticut and beyond, from Ridgefield to Tolland.
Connecticut Innovations Inc., [CII] the quasi public venture capital fund, placed 12.2 million on Connecticut’s tech table.
The companies were as diverse as Kleo Pharmaceuticals [previous coverage] , a New Haven based bioscience company developing the research from David Spiegel’s lab at of Yale University. The company is developing what the company says is an entirely new class of immunotherapy drugs by “developing small molecules that emulate biologics.”
NORWALK: etouches is a global provider of cloud event management software and one of Connecticut’s fastest growing companies. Ranked 461 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America it grew 132 percent during this period.
Founded in 2008, etouches says it has assisted more than 25,000 event professionals in “planning, executing and measuring their events,”
NEW HAVEN: Howard Pitkin a former Connecticut banking commissioner was elected to the board of Continuity, a "leading provider of compliance management and regulatory technology."
CEO Michael Nicastro made the announcement saying, “Howard has been involved with and has managed many different facets of compliance over his 40-year career in banking oversight. This level of expertise along with his relationships with the 49 other state regulators as well as federal agencies will be integral to Continuity as we continue to build compliance solutions on our compliance platform for financial institutions.”
VentureClash 2017 focuses on attracting Internet of Things, Digital Health, FinTech and InsureTech companies
ROCKY HILL: Connecticut Innovations (CI), announced the launch of the first-round application period for VentureClash. VentureClash is Connecticut’s $5 million global investment challenge for early-stage digital health, financial technology, Internet of Things and insurance technology companies.
“This year, we added two more industries that are rapidly growing and have the customers, investors and infrastructure in Connecticut to help companies thrive,” said Matt McCooe, CEO of Connecticut Innovations. “In our second year of operation, VentureClash will offer additional partners that can provide valuable insight and business opportunities for our companies.”
Connecticut Technology Council Announces the 2017 Women of Innovation® Finalists and Awards Gala.
HARTFORD: The Connecticut Technology Council (CTC) announced the 50 Women of Innovation finalists for its 2017 Women of Innovation awards program.
The finalists are scientists, researchers, academics, manufacturers, student leaders, drafters, entrepreneurs, and technicians from Connecticut’s business, academic and technology community. There are eight categories [see below] and the finalists will be recognized and a winner will be announced for each category at the Women of Innovation® Awards Gala at the Aqua Turf Club in Plantsville on March 29 from 5 p.m. to 8:30 p.m.
The women tech leaders live and work in cities and towns from across the Nutmeg state, with representatives from Suffield to Greenwich, from Mystic, to Danbury.
A diverse group of twenty companies are represented by the women innovators as well, from Sikorsky in Stratford, to Sonalysts Studios in Waterford and Bioarray Genetics in Farmington.
MERIDEN: Proton OnSite founded in 1996 is expected to be sold and merged into Nel ASA, an Oslo, Norway based hydrogen production company. The companies have entered a “non-binding” agreement for the purchase, with a total value of $70 million. Nel will pay $20 million in cash and provide new Nel shares at 12 and 24 months intervals, with a set value of NOK [Norwegian Krone] 2.72 or 32 cents US. The market value of Nel is approximately $220 million [US].
Proton Onsite is a privately held company owned by Tom Sullivan, the founder of Lumber Liquidators. Sullivan purchased the assets of a predecessor company from Bankruptcy in 2007.
NEW HAVEN: The Tech Website RIGHTCLICK.COM - is ranking New Haven the No.1 City In America for a Tech Start-Up. Right Click is a publication of Verizonfios, the telcom company's Internet and cable TV style service. The Fios service is not available in Connecticut.
Rightclick used a matrix of factors behind their ranking with a heavy emphasis on Internet access speed and usage. The factors are Internet Usage, Top Speeds Rank, Competitive Salaries, Cost of Living and Population. Other regions sited, Orlando, Fl, Santa Barbara, CA, Baton Rouge, [see chart]
Inbox Health a Connecticut start up says they can help health care providers, from very small practices to large health care systems better control their patient billing, insurance management and the patient office experience. Inbox provide a HIPPA compliant software system and online portal that can be utilized even at very low costs. The company provide a three users model for as little as $79 per month and even has a pay as you go model for smaller practices.
Currently located in Bridgeport, the company is getting ready to move to New Haven in early Spring. Inbox has raised $2.5 million of capital including a recent seed round of $1.5 million. The new investment was led by Connecticut Innovations [CII] which had invested in a still earlier seed stage and a diverse group of seed investors.