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Meru Networks Ranked Number 66th Fastest Growing Company in North America on Deloitte's 2011 Technology Fast 500(TM)Attributes 1,840 Percent Revenue Growth to Soaring Demand for Network-in-Control Wireless (October 19, 2011)
SUNNYVALE, CA -- (Marketwire) -- 10/19/11 -- Meru Networks, (NASDAQ: MERU), today announced it ranked 66th on Deloitte's Technology Fast 500, ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Meru Networks grew 1,840 percent. The rankings were calculated based on percentage fiscal year revenue growth from 2006 to 2010.
Meru Networks' chief executive officer, Ihab Abu-Hakima, credits burgeoning demand for Meru's unmatched technology, which puts the network in control of Wi-Fi access through virtualization of RF resources, with the company's 1,840 percent revenue growth.
"I believe Meru Networks is powering the industry's transformation to the all-wireless enterprise," said Abu-Hakima. "Thousands of organizations have already made the move to Meru to support millions of users and devices and the applications that they will rely on to conduct day-to-day business, and we believe thousands more will follow. Ranking in the Deloitte Fast 500 is further evidence of our steep growth trajectory, powered by our unwavering vision and unparalleled technology that is allowing our global customers to address the wireless-era shift head on."
Meru was among the first to anticipate the mobility demands of today's move-and-do culture. Recognizing that the demand for Wi-Fi connectivity will exceed anything previously seen in technology, Meru pioneered a new wireless architecture based on unique virtualization technology. It not only meets the needs of today's mobile user, but can also scale to address the deluge of wireless devices entering the enterprise (a number estimated to reach 1.9 billion by 2014). With over 5,500 enterprise customers already deployed globally in 55 countries, Meru is the proven leader for ubiquitous, reliable, high-performance wireless.
"Meru Networks, like all 2011 Technology Fast 500 companies, has excelled in fostering innovation and channeling it into spectacular growth -- against the backdrop of one of the most challenging economies in history," said Eric Openshaw, vice chairman and U.S. technology, media and telecommunications leader, Deloitte LLP. "Deloitte recognizes Meru for its remarkable accomplishment."
"We are pleased to honor Meru Networks as a 2011 Technology Fast 500 company," said Mark Jensen, managing partner, technology and venture capital services, Deloitte & Touche LLP. "As one of the fastest growing tech companies in North America, Meru has demonstrated excellence in technological innovation, entrepreneurship and rapid growth."
About Deloitte's 2011 Technology Fast 500
Technology Fast 500, which was conducted by Deloitte & Touche LLP, a subsidiary of Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies -- both public and private -- in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2006 to 2010. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About Meru Networks
Founded in 2002, Meru Networks provides a virtualized wireless LAN architecture that cost-effectively delivers the performance, reliability, predictability and operational simplicity of a wired network, with the advantages of mobility. Meru's solution represents an innovative, yet standards-based approach to wireless networking that utilizes virtualization technology to create an intelligent and self-monitoring wireless network, enabling enterprises to migrate their business-critical applications from wired networks to wireless networks, to become all-wireless enterprises. Meru's solutions have been adopted in all major industry vertical markets, including Fortune 500 enterprises, healthcare, education, retail, manufacturing, hospitality and government. Meru is headquartered in Sunnyvale, Calif., and has operations in the Americas, Europe, the Middle East and Asia Pacific.
Meru Networks is a registered trademark of Meru Networks, Inc. All other trademarks are the property of their respective owners.
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