Volume 18, Number 11
Fast Growth Helps EASi Make the Inc. 5,000 List
Vito Palmieri, EASi CEO, has led the company to 483 percent growth over the last three years.
By Nicole Zaro Stahl
Congratulations are in order for Hacienda’s Equity Administration Solutions (EASi), which was just named to Inc. magazine’s 2010 list of fastest-growing 5,000 companies. Released in September, the well-known list draws its entries from a universe of for-profit, privately-held U.S.-based enterprises, ranking them according to percentage revenue growth from 2006 to 2009. EASi, which landed in spot number 629, lays claim to a three-year growth rate of 483 percent, with 2009 revenue of $5.4 million, up from slightly under $1 million in 2006. Those numbers also put it 35th out of the 500 entries in the list's Financial Services category.
Like many successful software companies, EASi solves complex business problems for its customers in a highly focused operational segment, in this case, stock option administration.
“We offer web-based stock plan accounting and reporting,” explains EASi CEO Vito Palmieri. “Our product, EMS [for Equity Management System], tracks a company’s stock options and grant programs for employees and provides the reports for audits to ensure compliance with the government regulations known as FAS123R.” EASi customers find the powerful software “very valuable,” accommodating all the details—from an employee's job title to the transaction date--in one universal/ standard format. By streamlining the process, EMS saves both time and money for its users. “The product more than pays for itself compared to internal handing costs,” Palmieri comments.
EASi's fast-track growth is further confirmation of its success, but it took a few years to fine-tune the product and establish a steady revenue stream. Started in 2002 by a core group of five founders, the company moved into offices in Hacienda in 2005 and counted a workforce of 12 at the end of that year. By mid-2007 its employee base had more than doubled, to 23, and over the next three years it doubled again, to the current total of 47.
Palmieri generously credits his employees for the company's staying power, especially during the downturn of 2008.
“We’ve had a consistent strategy over nine years, and our employee ranks have been very stable,” he says. “When the financial meltdown first hit, we didn’t get many new orders. We went to the employees and explained that we needed to do something. No one wanted lay-offs—we still had a lot of work to do. They felt it was more fair to take a short-term decrease in salary, and we have since recovered well.”
In fact, EASi is now seeing record sales numbers and, looking into his crystal ball, Palmiera expects the upward trajectory to continue. “We're finding that if you have a product that really has value and truly improves a process for customers, then you do pretty well. We are growing because we are always asking our customers what we should do next. Every year sees improvements in our product, and that often creates new selling opportunities,” he concludes.
For more information, visit www.easiadmin.com.
Also in this issue ...
- Xradia's Technology Provides Views of Structures Never Seen Before
- Junction Solutions Offers Innovative ERP Solutions for Retail, Food/Beverage Industry
- Business Bits
- Executive Profile: Tom Rowe, State Compensation Insurance Fund
- Fast Growth Helps EASi Make the Inc. 5,000 List
- PortableOne.com Stands Out Among Mobile Computing Vendors
- Hacienda Retail and Service Directory
- Rotary Clubs Brighten the Holidays
- 511 Rideshare Offers Special Incentives for New Carpoolers
- Child Care Links Pediatric CPR Class Slated for December
- Hacienda Helping Hands
- Hacienda Index