Iota Recognized with 2015-2018 Revenue Growth of 2,391%
ALLENTOWN, PA / ACCESSWIRE / November 18, 2019 / Iota Communications, Inc. (OTCQB:IOTC), a wireless network carrier and software service company that provides Internet of Things solutions which optimize energy efficiency, sustainability and operations for commercial facilities, today announced it ranked No. 53 on Deloitte's 2019 Technology Fast 500™ (Tech Fast 500). The Tech Fast 500 recognizes 500 of the fastest-growing private and public companies in technology, media, telecommunications, life sciences and energy technology in North America based on percentage of fiscal year revenue growth from 2015 to 2018. During this time period, the company increased revenues by 2,391 percent.
"This year marks the 25th anniversary of Deloitte's Technology Fast 500, so we are especially pleased to announce and congratulate the 2019 winners," said Sandra Shirai, vice chairman, Deloitte LLP, and US technology, media, and telecommunications leader. "Once again, we saw innovation across the board, with software companies continuing their dominance of the top 10. It's always inspiring to see how the Fast 500 companies are transforming business and the world we live and work in."
"We are honored to be recognized by Deloitte as a fast-growing technology company on the Tech Fast 500 List," stated Terrence DeFranco, President & CEO of Iota. "Wireless carriers have done a great job bringing wireless broadband connectivity to the consumer for Internet of Things solutions. However, we see a largely untapped opportunity to bring secure, reliable, and ubiquitous wireless connectivity for commercial and industrial customers using our FCC licensed wireless spectrum. Delivering these enterprise solutions as a software subscription service model allows these solutions to pay for themselves through the savings created by the solution, delivering a positive return on investment on day one. We expect strong demand for these solutions as the enterprise market reaches a tipping point. Our success is a result of great teamwork and collaboration and we congratulate all of the companies that made the list."
A recent Gartner report predicts explosive growth within the enterprise Internet of Things in 2020, particularly in building automation of commercial facilities which is anticipating a 42% growth rate over 2019. Overall North America endpoint electronics revenues are expected to grow to $120 billion next year.
"As technology innovation trends toward ‘everything as a service,' it's no surprise that software companies dominate the winners list yet again this year," said Mohana Dissanayake, partner, Deloitte & Touche LLP, and industry leader for technology, media, and telecommunications, within Deloitte's audit and assurance practice. "What's exciting about celebrating 25 years of the Tech Fast 500 is we now have a quarter century of innovation stories to draw and reflect upon. These are the companies that push boundaries, help organizations become more efficient and productive, and ultimately enable businesses to drive growth and revenue. We congratulate all the well-deserving winners."
About Deloitte's 2019 Technology Fast 500™
Now in its 25th year, Deloitte's Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies - both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2015 to 2018.
In order 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 $US50,000, and current-year operating revenues of at least $US5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About Iota Communications, Inc.
Iota is a wireless network carrier system and software applications platform dedicated to the Internet of Things. Iota sells recurring-revenue solutions that optimize energy usage, sustainability and operations for commercial and industrial facilities both directly and via third-party relationships. Iota also offers important ancillary products and services which facilitate the adoption of its subscription-based services, including solar energy, LED lighting, and HVAC implementation services.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90 percent of the Fortune 500 and more than 5,000 private and middle market companies. Our people work across the industry sectors that drive and shape today's marketplace to make an impact that matters - delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them.
This press release may contain "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include, but are not limited to,: risks related to the acquisition and integration of the assets we acquired from Solbright Group, Inc., risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Iota Communications, Inc.
645 Hamilton Street
Allentown, PA 18101
Attn: Investor Relations
Public Relations Contact:
Greg Lutowsky, SVP, Corporate Communications
SOURCE: Iota Communications, Inc.
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