FORBES Names Code 42 Software One of America's Most Promising Companies
Code 42 recognized for its tremendous growth and achievements
(Minneapolis — Feb. 7, 2013) – Code 42 Software Inc., developers of award-winning, private and public cloud-based endpoint backup solutions for consumers, businesses and the enterprise, announced today that the company has been listed as No. 53 on FORBES' annual ranking of America's Most Promising Companies – a list of one hundred privately held, high-growth companies with bright futures. The full list of companies is available online at www.forbes.com.
“On behalf of every Code 42 Software employee, we are incredibly honored to be selected by FORBES as one of the Most Promising Companies in America," says Matthew Dornquast, CEO and founding partner of Code 42 Software. "This last year has been a tremendous year for growth and accomplishments at Code 42. None of this would be possible without the backing of our employees and customers. They keep us moving forward every day.”
For the Most Promising list, FORBES strove for a holistic gauge of young, privately-held companies, trying to pin down their trajectories by looking at a slew of variables. Over the course of six months, FORBES reviewed thousands of applications. The final assessment is based on growth (both in sales and hiring), quality of management team and investors, margins, market size and key partnerships. FORBES turned to CB Insights, a Manhattan-based data research firm that specializes in assessing private companies, to refine the search. Their MOSAIC software scans 45,000 sources to measure a company’s health. A new distribution deal, for example, marks a positive signal, while the loss of an executive is a negative. MOSAIC gathers those myriad signals into a final score that FORBES uses as an initial guide in producing the list. After verifying sales numbers, speaking with each company and debating their merits and blemishes, FORBES produces a final ranking.
2012 was a banner year for Code 42 Software. The company doubled the number of employees and secured a $52.5 million first round of venture capital lead by Accel Partners and Split Rock Partners. Code 42 Software currently manages more than 200 petabytes of data.