Boston, MA, May 10, 2010 --(PR.com
)-- BankServ, a worldwide provider of banking and electronic payments systems, has been named to the 2010 Inner City 100, a list of the fastest-growing urban companies in the U.S. announced Wednesday by the Initiative for a Competitive Inner City (ICIC) and Bloomberg BusinessWeek. BankServ’s 77th-place showing marked the sixth time in the past seven years that the company has made the list, which ranks companies of all sizes based on average five-year growth rate.
This was also the second consecutive year that BankServ was recognized as a member of the Inner City 100 Hall of Fame, a distinction reserved for companies that have made the list at least five times. Achieving that honor, said CEO David F. Kvederis, is even more special because of the five-year timeframe that ICIC uses to pick its winners.
“The first time BankServ made the Inner City 100 list, it was 2004, which means we were one of the fastest-growing companies from 1999-2003. To win again in 2010 means a full decade of success. That’s an achievement that takes sustained effort from everyone from the CEO to the rank-and-file employees, and it’s something we’re very proud of.”
Though BankServ actually fell on the list compared to last year’s 35th-place finish, Kvederis said that’s not necessarily a bad thing, noting that although the company still experienced rapid growth in 2009, that translated into smaller percentage gains because of the firm’s greater overall size. BankServ’s 77th-place showing this year is very similar to 2008, when it ranked 76th – which may actually be a good sign for inner-city businesses everywhere.
“The past three years have been a scary period for a lot of businesses – especially the types of emerging businesses that have joined us on the Inner City 100 in the past,” Kvederis said. “BankServ likely benefited from the fact that we remained steadily profitable while some other companies were struggling through those tough times. So it’s good to see that more businesses are out there having success again.”
The rankings for each company were unveiled at the Inner City 100 Awards Dinner on Wednesday in Boston. Winners attended a two-day event featuring seminars for Inner City 100 owners and managers at Harvard Business School, a reception at the Boston Public Library and an Awards Gala that drew more than 800 guests. A separate event recognizing local winners will be hosted on May 21 in Oakland, CA, by the Inner City Advisors non-profit group.