Chicago-based managed web hosting provider, SingleHop, Inc., today announced unprecedented revenue and client-base growth, resulting in gross revenues increasing a staggering 673% in 2008 when compared to 2007. The home grown local company has two locations in the downtown area, and customers represented in over 40 countries worldwide. SingleHop was founded in 2006 and currently has recurring revenues of 4.5 million, making it one of the fastest growing startups in Chicago, and the fastest growing web hosting firm in Illinois.
“Many factors contributed to our growth, one of which being our selection of Chicago as a home base. The talent pool here is outstanding, and existing infrastructures for high-tech companies like ours to flourish already exist,” says Zak Boca, President and CEO of SingleHop.
The company, founded in late 2006, started turning a profit in August of 2008, which can be attributed to investments made in automated systems, power-efficient servers (which have reduced energy costs) and naturally occurring organic growth.
Some growth metrics include:
• Entering 2009 with annual recurring revenue of more than $ 4.5 million
• Staff increases of OVER 600% from 2007 to 2008. The company expects to add an additional 15 jobs in the first half of 2009 in Chicago
• More than 1,500 servers deployed and in production
• More than 800 individual customers representing over 40 countries world-wide
• GAAP profitability achieved in the 3rd quarter of 2008
2008 was also a big year for SingleHop in terms of developing and deploying new technologies, including the LEAP webtop, announced just before HostingCon 2008, and advanced automatic server provisioning (AASP). 2009 plans include the deployment of SingleHop.mobi, an iPhone application for server management, LEAP Developer API, and the opening of a new data center facility.
“Despite the economic downturn, we are going to move forward with additional investments in our development and our customer service departments. We’re hopeful that 2009 will be another fruitful year for us,” adds Zak Boca.
SingleHop was founded by Chicago-entrepreneurs Dan Ushman and Zak Boca. The two serial entrepreneurs founded midPhase Services, Inc., a shared hosting company in 2003. The company grew to host over 160,000 clients around the world, and became one of the fastest growing hosting companies. midPhase was acquired by London-based UK2 Group in December 2007.
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