APS Technology is Named One of Connecticut's 10 Fastest-Growing Technology Companies in Deloitte Fast 50 Program
10/06 – APS Technology, Inc. has been named one of the 10 fastest-growing technology companies in Connecticut in the 2006 Deloitte Connecticut Technology Fast 50 Program, a ranking of the 50 fastest-growing technology, media, telecommunications and life sciences companies located in the state. APS Technology has been named to the Fast 50 for the past three years, but its number 10 position this year is its highest ever. The announcement of this year's winners was made on October 12, 2006 by Deloitte & Touche USA LLP, one of the nation's leading professional service firms, in partnership with the Connecticut Technology Council.
Fast 50 rankings are based on the percentage of growth in fiscal year revenues over five years, in this case over the years 2001-2005. To qualify for the Connecticut Technology Fast 50, a company must have had operating revenues of at least $50,000 in 2001 and $5,000,000 last year and must be headquartered in Connecticut. In addition, the firm must own proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues or devote a significant proportion of revenues to the research and development of technology.
APS Technology, located in Cromwell, Connecticut, is an engineering and manufacturing company that specializes in the design, development and manufacture of electromechanical hardware and sensor technology for the oil and gas drilling industry. Through a combination of DoE contracts and self-funding, APS technology has developed a range of products that are used in the oil and gas industry to improve the efficiency of drilling and producing these resources. These include products that reduce vibration and increase the rate of drilling; systems that allow wells to be drilled directionally and horizontally; and systems for monitoring these wells in real time as they are drilled. The company has been recognized as an industry leader in the monitoring and control of drilling vibration.
Martin E. Cobern, Vice President of Research and Development at APS Technology, attributes the success of the firm to "our company's broad experience combined with state-of-the-art technology and a focus on the needs of our customers."