MontaVista Software ranks fifth among the fastest growing privately held companies in the Silicon Valley, according to an Oct. 24, 2003 article in the Silicon Valley and San Jose Business Journal. The company's 2002 revenue grew 612.42% over 2000, placing it behind only Open Harbor, target=”_new”>Speedera Networks, Sidestep, and Comergent Technologies.

MontaVista's growth is especially noteworthy considering the general downturn of the economy and the massive slowdown of the technology sector characterizing 2003. The Journal notes that its survey normally comprises the top 100 fastest growers, but that in 2003 it could find only 39 growing companies. Fewer than 100 companies made the 2002 report, as well.

The Journal chose not to publish exact revenue figures this year, citing reticence among privately held companies to reveal financial detail during generally slow times. However, it says it verified all revenue claims using an independent, outside source.

MontaVista dropped to 144 employees in 2003, from 162 employees in 2001 and 155 in 2000, according to the Journal. Despite its revenue gains, MontaVista continues to operate at a loss. Among the top five companies, only Sidestep showed a profit, according to the Journal.

Companies must be at least three years old to qualify for the list. Montavista began in 1999 with $54 million in startup capital, according to the Journal.

An Awards Reception was held for companies on the list Oct. 23, 2003.

“MontaVista Software's success has clearly demonstrated the strong validation and acceptance of embedded Linux as well as our business model in a variety of markets,” said Jim Ready, president and CEO, MontaVista Software. “We are especially heartened by the interest from major international companies, and predict that Linux will soon become the platform of choice for name-brand digital consumer electronics as well as for carrier-grade applications in telecommunications.”

 
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