GTT Communications - Fastest Growing Tech Company of the Year
Company: GTT Communications, McLean, VA
Company Description: GTT provides multinationals with a better way to reach the cloud through its suite of cloud networking services, including wide area networking, Internet, managed services and voice services. The company’s Tier 1 IP network, ranked in the top five worldwide, connects clients to any location in the world and any application in the cloud.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Fastest Growing Tech Company of the Year - Up to 2,500 Employees
Nomination Title: GTT Communications
Tell the story about the growth of this nominated organization since January 1, 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Begin this section with the following two lines: Year over year revenue growth (%): Year over year employee growth (%):
GTT is a leading provider of cloud networking services and one of the fastest-growing companies in telecommunications. Founded in 1998, GTT delivers services to over 6,600 customers worldwide, providing multinational enterprises with a better way to reach the cloud.
GTT has experienced dynamic growth and financial success since it was founded, but the past year has been particularly exceptional for the company. During this time, GTT has aggressively grown its service portfolio, increased its network in both depth and breadth, and expanded its physical presence around the world. In an industry of falling prices and commoditization, and heavy M&A activity, GTT has been successfully resilient and profitable, carving a significant niche as a fast-growing, leading challenger brand in the industry.
Focused Growth Strategy
The company’s success is driven by its highly targeted strategy: expand cloud network services to multinational clients, extend network connectivity worldwide, and deliver outstanding client service with simplicity, speed and agility.
GTT’s strategy has delivered substantial growth, fueled by both organic sales and strategic acquisitions. In 2016, the company grew revenue 41.3% to $521.7 million and Adjusted EBITDA 62.3% to $125.0 million over 2015. This is unprecedented growth for any company, but it is especially notable in this particularly competitive market sector.
GTT completed five acquisitions from 2016-2017. In early 2016, the company finalized the integration of managed communications service provider One Source Networks, adding voice services to its existing cloud networking portfolio. GTT also acquired Yipes and RealLinx, as well as Telnes Broadband, expanding the company’s channel program.
In November 2016, GTT announced the acquisition of Hibernia Networks, a leading provider of global, high-speed network connectivity solutions and owner of terrestrial and subsea fiber assets.
Service and Network Expansion
GTT’s network infrastructure growth has been significant since year-end 2015. With the full integration of One Source Networks last year, GTT gained a next-generation global SIP-based voice network. In early 2017, GTT added new optical, video and additional IP and Ethernet points of presence through its Hibernia assets. These new PoPs, combined with GTT’s organic growth over the past year, brings the company’s reach to over 300+ PoPs worldwide.
In addition to expanded network infrastructure, GTT has grown its service portfolio by 50% since year-end 2015. This includes the addition of voice services, as well as new optical transport and video services to GTT’s cloud networking services suite.
GTT’s physical presence has been augmented with new offices in Boston, Denver, Summit (New Jersey) and Halifax, Nova Scotia, in North America; Dublin, Ireland, and Southport, UK, in Europe; and Pune, India, in Asia. These additions increased the company’s global organizational presence from 17 to 24 worldwide offices. GTT’s global employee base grew by from 572 at year-end 2015 to 830 by February 2017, a growth rate of 69%.
GTT garnered numerous company awards recognizing outstanding performance and growth in 2016, including a gold Stevie ABA win for Telecommunications Company of the Year and CEO Rick Calder being named Entrepreneur of the Year by Ernst and Young. GTT also received Stevie ABA and IBA Silver mentions for Fastest Growing Company of the Year, and was named Growth Company of the Year at the ACG Corporate Growth Awards. The company’s success has received attention in the analyst community, with an increase in analyst engagement 388% since year-end 2015, and the company being named to the Global Magic Quadrant for Network Service Providers.
GTT’s success in 2016 makes the company a premier candidate in the fastest growing company category in the American Business Awards. The company’s ability to continue to grow its leadership in a consolidating landscape, to successfully meet aggressive financial goals, and to continue to add new services, infrastructure and capabilities rapidly and seamlessly is unique in the industry. These qualities make GTT well positioned to achieve its next financial objectives of $1 billion in revenue and $250 million in Adjusted EBITDA.
In bullet-list form, briefly summarize up to ten (10) growth-related achievements of the nominated organization since January 1 2016 (up to 150 words).
-Grew 2016 revenue 41.3% to $521.7 million and Adjusted EBITDA 62.3% to $125.0 million over 2015.
-Increased the number of employees by 69%, from 572 employees to 830, from December 2015 to March 2017.
-Expanded portfolio of services 50% through the acquisition of One Source Networks (voice and unified communications) and Hibernia Networks (optical transport and video services).
-Added next-generation, SIP-based voice network.
-Expanded breadth of network to 300+ global PoPs and depth of network with two new service types (optical and video).
-Increased the number of worldwide offices from 17 to 24 – a growth rate of nearly 50%.
-Increased analyst engagement from 8 to 39, an approximate growth rate of 388%.
-Recipient of multiple awards for fast growing company, 2016 ABA Telecommunications Company of the Year Award, Entrepreneur or the Year, Growth Company of the Year at the ACG Corporate Growth Awards.