Cleveland, OH—August 30, 2019—Inc. magazine announced Banyan Technology Inc., North America’s leading innovator of live carrier and API connectivity for transportation management, has ranked No. 3,780 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. The Inc. 5000 list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.
“We’re proud to be recognized among Inc.’s respected list of fastest-growing private companies,” says Banyan CEO Brian Smith. “We’ve placed significant focus over the past several years on enhancing the robust functionality of our live carrier connectivity platform, Live Connections, as well as on growing our client support, business development and sales teams with staff that possess extensive industry and supply chain experience. Our strategic focus on providing additional value and support to our clients has paid off with exponential growth.”
Not only have the companies on the 2019 Inc. 5000 been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists, according to Inc. The 2019 Inc. 5000 achieved an astounding three-year average growth of 454 percent, and a median rate of 157 percent. The Inc. 5000’s aggregate revenue was $237.7 billion in 2018, accounting for 1,216,308 jobs over the past three years.
Individually, Banyan Technology reported three-year revenue growth of 89 percent and is on track to double the amount of business closed this year over 2018, Smith says.
“The companies on this year’s Inc. 5000 have followed so many different paths to success,” says Inc. editor in chief James Ledbetter. “There’s no single course you can follow or investment you can take that will guarantee this kind of spectacular growth. But what they have in common is persistence and seizing opportunities.”
Banyan leadership attributes much of the company’s recent growth to its new Intelligent Pricing tool, the shipping logistics industry’s first true dynamic pricing tool. Launched in beta mode to a select group in October of last year, the tool was formally released in June of 2019.
“Intelligent Pricing enables carriers to instantly offer pricing incentives on top of the discounts that are already contracted to shippers or 3PLs through an API-powered dispatch system—taking into account geography, shipment attributes, clients and even customer behavior,” says Banyan Chief Innovation Officer Lance Healy. “These Live Lane Specials appear directly within shippers’ transportation management system (TMS) workflow as they’re making live routing decisions, ultimately driving open dialogs and more comprehensive interactions between carriers and their shippers.”
The win-win tool has resulted in significant additions to Banyan’s shipper and 3PL network, as well as its carrier partners, since its launch, says Healy.
“Looking forward, Banyan is continuing to build upon the success of our Intelligent Pricing-enhanced platform with complementary analytics and business intelligence services,” Smith says. “We’re proud of the growth we’ve achieved thus far, as recognized by Inc., but we’ll only continue to pick up momentum from here.”
Complete results of the Inc. 5000 can be found at www.inc.com/inc5000.
ABOUT BANYAN TECHNOLOGY
Headquartered in Cleveland, Ohio, Banyan Technology is North America’s leading provider of live carrier and API connectivity for transportation management. With over 2,000 TL, LTL, Local and Parcel carrier connections and 34,000 client locations accessing the application, Banyan Technology provides commercial shippers, brokers, 3PLs and carriers with unparalleled access to data. These connections boost efficiency, improve visibility and deliver permanent reductions in costs. For more information on Banyan Technology, visit banyantechnology.com.
Banyan Technology – Marketing