Oil, Gas Software Maker in Houston Named One of Inc.’s Fastest
Growing Companies in USA for a Second Time
AGM Inc. Ranks No.699 on the 2009 Inc. 5000
with Three-Year Sales Growth of 403%
NEW YORK, August 14, 2009 -- Inc. magazine ranked AGM Inc. No. 699 on its Inc. 5000 list, an exclusive ranking of the nation's fastest-growing private companies. For the second consecutive year, the oil and gas software company has been one of these fastest growing US companies based on revenues.
Austin, TX-based AGM develops 3-D geological interpretation software for oil and gas companies worldwide. The multi-million dollar company operates in five locations worldwide including Houston, other US cities, Latin America and Europe. New locations will open in other oil and gas rich regions in the short term.
Multi-million dollar AGM ranked No. 699 based on percentage of revenue growth from 2005 through 2008. AGM grew five-fold in revenue during those three years ranking it No. 28 on the Inc. 500 Energy industry list, and No. 13 in Austin.
“We are very proud to have been recognized for our continued growth,” said Tron Isaksen, President and co-founder of AGM. “With the recent release of Recon v3.1, AGM gives yet another firm step towards a strong customer installed base and continued growth.”
This is the second year AGM was ranked by Inc. for its outstanding growth. AGM was ranked No. 349 on the 2008 Inc. 500 list based on growth of 840 percent between 2004 and 2007. That growth also put AGM at No. 14 in the top 100 fastest growing Energy companies nationwide in 2008.
Fueling AGM’s strong growth has been its banner product Recon™. It is a software tool used by geologists to visualize subsurface oil and gas reservoirs using three-dimensional computer graphics. It is used to reduce the risk associated with drilling expensive wells in the search for oil and gas.
"Recon integrates geological, geophysical and petrophysical data seamlessly, enabling geologists to interpret reservoirs efficiently by dynamically delivering multiple scenarios in a matter of minutes." said Robin Dommisse, Chief Executive Officer and co-founder.
Each year, the Inc. lists highlight the nation's fastest growing privately held, U.S. based, independent companies.
“Savvy trend spotters and those who invest in private companies know that the Inc. 5000 is the best place to find out about young companies that are achieving success through a wide variety of unprecedented business models, as well as older private companies that are still expanding at an impressive rate,” said Inc. 5000 project manager Jim Melloan. “That’s why our list is so eagerly anticipated every year.”
Consumer electronics maker Vizio, Internet giant GoDaddy, rental car service Zipcar, and beverage maker Honest Tea are among the prominent brands featured on this year's list.
The 2009 Inc. 5000, this week unveiled on Inc.com, serves as a unique report card on the U.S. economy. Despite the ongoing recession, aggregate revenue among the companies on the list actually increased to $214 billion, up $29 billion or nearly 16 percent from last year.
The third annual Inc. 5000 are also responsible for creating more than 1 million jobs since their founding, making the list perhaps the best example of the impact private, fast-growing companies can have on the economy.
“AGM is currently in a hiring phase and plans to continue expanding its staff this year.” said Mauricio Arboleda, Chief Operating Officer. “We plan to double our workforce this year in order to sustain our growth pattern and generate the foundation for growth in the years to come.”
Isaksen and Dommisse founded AGM in 1996 after both working for what is now Halliburton. Going forward the entrepreneurs have a solid growth strategy: To continue to introduce unique solutions that combine cutting edge software technology with the latest advances in geological science.
More About Inc. 5000
This year’s Inc. 5000 list previews which industries are poised for growth in coming years. With an average growth rate of 667 percent, Insurance ranked as the top industry overall. Government Services was the top industry gainer with 252 companies on this year’s list, up from 135 last year. Health is the top industry by both total revenue ($22.7 billion) and total employment (156,223 jobs).
Once again, California tops the Inc. 5000 with the most companies of any state with 612. The Golden State is followed by Texas (393), New York (316), Florida (263), and Virginia (261). All 50 states, plus Washington, D.C., and Puerto Rico, are represented on this year’s list.