At $2.5 million in revenue, Core Business Services' income pales to some of Inc. Magazine's 5,000 fastest-growing firms, but it debuted at No. 1,523. Most of the company's growth has been organic expansion of its customer base, but the Medford technical support firm has made key acquisitions in expanding into Portland and Denver.
What's good for firms with computer networks in general is good for Core Business Services.
As those firms take on greater roles in tracking health care and other expanding sectors, their need for informational technology folks such as Core Business Services has soared.
The Medford company's growth has earned it a spot in Inc. Magazine's 5000 list of fastest-growing private companies in America. Core reported revenue of $2.4 million in 2013 reflecting a 280 percent gain over a three-year period. Those numbers were good enough to place Core Business Services No. 1,523 on the Inc. list and 18th out of 61 Oregon companies on the list. Only one of the other 60 companies were from south of Eugene.
Founded in 2006, Core has added 13 jobs as it has grown from a company of $650,616 in 2010. It provides fixed-fee network management, backup and disaster recovery, cloud computing and enterprise project implementation, as well as managed print services.
"For the most part our gains have been through organic growth, although we've had a little bit of acquisition," said founder Scott Anderson. "The majority will continue to be organic, but we're still looking at some acquisitions — especially out of the area. We're talking to people all of the time, it's just a matter of the right fit and timing. We do feel we can better support our clients as our revenue grows."
While Core's growth has been solid, it was far from the explosive revenue figures posted by the Top-10 members of the Inc. 5000.
Portland vacation rental software, marketing and management firm Vacasa was No. 9 and topped Oregon's chart with revenue growth of 16,192 percent, growing to sales of $26.3 million from $161,204 in 2010 and adding 262 employees in the process.
While the overwhelming majority of Oregon entries were in the Portland area, Bend produced three, led by stainless steel food and beverage container maker Hydro Flask, whose 1,890 percent growth to $12.7 million placed it No. 244 overall.
First Call Resolution, a call center provider in Roseburg, produced 126 percent revenue growth to $225 million from $22.5 million. It also added 706 jobs to the Douglas County community.
Core won't be sitting on its laurels anytime soon. Anderson is attending an HTG Peer Groups gathering in Rochester, N.Y., comparing notes with nine other companies in non-competing markets with similar missions.
"We're asking tough questions and sharing financials, going over best practices and having accountability," Anderson said. "We're evaluating strengths, weaknesses, opportunities and threats. Even companies that look well-rounded, when you get under the hood you see a lot of things a business can improve on. We've gone in with the right mindset; we're all for change as long as it makes us better."
As revenue increases, Anderson knows it will be difficult for Core to maintain the percentage of growth.
"It takes a whole lot more dollars to do that," he said."It will definitely b a challenge each year going forward."
Reach reporter Greg Stiles at 541-776-4463 or firstname.lastname@example.org. Follow him on Twitter at www.twitter.com/GregMTBusiness, on Facebook at https://www.facebook.com/greg.stiles.31, and read his blog at www.mailtribune.com/Economic Edge.