BoomTown still enjoys explosion of growth

Grier Allen co-founded BoomTown in 2006.

BoomTown's prolonged growth spurt continues to land the company among the fastest-growing technology firms in North America.

The real estate software company based in Charleston was ranked No. 78 in Deloitte LLP's Technology Fast 500, an annual ranking of the 500 fastest-growing tech and telecommunications companies on the continent.

Deloitte LLP is a global financial services and consulting firm based in New York.

For the Technology Fast 500, the company evaluates revenue growth over four-year periods to ensure the list reflects companies with sustained growth.

The 2014 list, released last week, is based on the percentage of revenue growth from 2009 to 2013. In that period, BoomTown's revenue swelled by 1,616 percent, according to a company statement.

The only other South Carolina business included in the list was 3D Systems, a publicly traded 3-D printing company based in Rock Hill, which came in at No. 272.

Last year, BoomTown was ranked No. 52 on the list for its performance from 2008 to 2012. Grier Allen, chief executive officer of BoomTown, said that while recent revenue growth has been strong, it wasn't as dramatic as it was from 2008 to 2012, when the company took its annual revenue from $145,000 to $8 million.

"That put us at a higher growth rate because the revenue figure was so small in 2008," he said.

Inc. Magazine also listed the company among the 500 fastest-growing companies in the country in 2011, 2012 and 2013.

Allen said BoomTown didn't submit its earnings to be evaluated for this year's Inc. Magazine ranking because the company has already reached its goal of attracting investors.

Sign up for our new business newsletter

We're starting a weekly newsletter about the business stories that are shaping Charleston and South Carolina. Get ahead with us - it's free.

The privately held firm sold stock this summer worth more than $20 million, according to a filing with the Securities and Exchange Commission.

"We see more accelerated growth with the infusion of this new capital" he said, adding that he expects this year's revenue increase to be above the growth from 2012 to 2013.

"I think one of the unique things about BoomTown is that we grew this company until this year without any outside capital, which is pretty unusual for any tech firm," Allen said. "We're very bullish on the future of the company, especially with the $20-million-plus cash infusion that we just got and the opportunities that exist in the marketplace today."

Also, the company has recently expanded its office on Rutledge Avenue by 5,000 square feet of space, and Allen said they're ending the year with 45 more employees than they had at the beginning of the year.

Reach Abigail Darlington at 937-5906 and follow her on Twitter @A_Big_Gail