Former No. 1 keeps up winning ways
HMS Technologies still highly ranked at No. 11
- By David Hubler
- Oct 08, 2010
HMS Technologies Inc., a service-disabled veteran-owned small business, took the No. 1 spot on Washington Technology’s Fast 50 in 2009, with a five-year, compound annual growth rate of 258.6 percent.
Despite a year of economic recession in 2009, the Martinsburg, W.Va., provider of technology integration and business processing took in $31.2 million in government revenue in 2009, which dropped its CAGR to a not-too-shabby 150.61 percent, good for No. 11 on this year’s list.
"We’ll probably do about $50 million [in federal contracting] this year," said Harry Siegel, the company founder, CEO and president.
One of the wins spurring that growth is the federal Recovery Accountability and Transparency Board contract, a three-year, $8.5 million award to spot waste, fraud and abuse in stimulus spending.
“To date, we’ve been able to identify over $3 billion in fraud, waste and abuse that we believe the federal government can recover,” Siegel said.
He said the board, which reports to the Office of the Vice President, is contemplating doubling or perhaps tripling the contract based on the company’s performance so far.
And with almost $1 billion in contract bids outstanding, Siegel forecasts a spectacular year in 2011.
“HMS will probably double again" in federal revenue, he said. “We’re continuing to win almost everything we touch.”
As a result, the company has grown from 118 employees in 2009 to about 300 this year, working at headquarters or client sites in 11 states and the District of Columbia.
Siegel is especially proud of HMS’ designation by the General Services Administration as the first small business to be certified as a mentor to a smaller business, Veteran Corps of America, a provider of IT and homeland security services and products.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.