Ann Arbor software firm NewFoundry has made the 2017 Inc. 5000, Inc. magazine's list of the fastest-growing private companies in the U.S.
NewFoundry ranked 1,347, with a current revenue of $2.2 million and a three-year revenue growth of 302.9 percent. The company analyzes needs and then creates software and mobile apps for companies in a variety of industries. Clients include the University of Michigan and firms such as Club Car/Ingersoll Rand, Renesas Electronics Corporation, ROUSH Performance, and Sea Ray/Brunswick.
In a 2015 interview with Concentrate, NewFoundry CEO Richard Chang said the company's goal was to double its revenue each year, and as of 2017, Chang says that is "working out quite nicely."
Chang says that doesn't necessarily mean all the growth is in cash. Sometimes NewFoundry takes a "slice of ownership" in other companies in exchange for their services, he says.
While the Inc. 5000 list focuses purely on revenue, NewFoundry is also growing in other ways. NewFoundry's staff has increased from 15 to 19 over the past two years, and Chang says the company is currently trying to hire even more, as it needs more engineers on staff.
The company celebrates its fifth anniversary in September, and Chang says he's not sure what another five years will bring for the company, but it will have to be forward-thinking and open to change. He says he expects his company to become more deeply involved with providing software for autonomous vehicle technology and newer energy technology like wind power.
Currently located at 1950 Manchester Rd., Chang says he is worried NewFoundry will outgrow its space and be unable to stay in Ann Arbor.
"We've done quite a bit to try to stay in Ann Arbor and be a part of the community here," Chang says. In 2015, he considered moving the company to Ypsilanti, but then lucked into finding the current space.
"We really wanted to stay in Ann Arbor and support the town that allowed us to grow to the level we are at now, but the space problem in Ann Arbor really needs to be tackled," Chang says.
This piece is part of a series highlighting local business growth in the Ann Arbor area. It is supported by Ann Arbor SPARK.
Sarah Rigg is a freelance writer and editor in Ypsilanti Township. You may reach her at email@example.com.
Photo courtesy of Richard Chang.