US-based company features on list of Washington Business Journal, Deloitte Technology
hCentive-a leader in health insurance exchange solutions–founded by tech entrepreneurs of Indian origin Sanjay Singh, Manoj Agarwala and Tarun Upadhyay, announced that it is ranked #12 on the Washington Business Journal Fast 50 and #62 on the Deloitte Technology Fast 500 in North America.
The company which is headquartered in Reston, Virginia, has its Research and Development Centre in Noida. From its team of over 750 employees, 600 work out of the company’s office in Noida.
hCentive provides technology platforms and solutions to government agencies, insurance carriers and brokers while offering health insurance and benefits to consumers and businesses through reliable and easy-to-use marketplaces. Formed in 2009, it became the first company to build a health insurance exchange solution from the ground-up post the Affordable Care Act in the US. Today, it develops and deploys solutions that provide consumers with easier access to health benefit products. hCentive solutions are sold exclusively in the US market.
To feature on the Washington Business Journal Fast 50 list, a company must have a minimum of $2 million in revenue in the year 2011 and must reach $10 million by 2013 — without dipping in between those years. Companies eligible for the Deloitte Technology Fast 500 recognition are required to be headquartered in North America, should have been in business for at least four years, and should have reported FY 2011 operating revenues of at least $50,000 and FY 2014 revenues of at least $5 million.
Speaking about the achievement, Sanjay Singh, Co-Founder and CEO, hCentive Inc said, “We are thrilled to have earned this recognition from the Washington Business Journal and Deloitte Technology and are proud of our contributions to the growth of Washington D.C. area’s technology industry. Our technology is designed to deliver on our mission to empower access to health benefits by simplifying the solution and experience for governments, carriers, brokers and the employers and consumers they serve.”
In September this year, hcentive had announced plans to invest Rs 750 crores in the Indian market over the next five years at its R&D centre and ramp up its India team by about 25 per cent over the next twelve months. “We look to our continued growth through hiring of top talent, fostering a high performance culture and the further refinement and expansion of our healthcare solutions,” Singh added.
To qualify for the Washington Business Journal Fast 50 list, all companies must be headquartered in the region and must maintain a steady growth across three consecutive years. The Washington Business Journal calculates the percent change between revenue from 2011 and 2012 and revenue from 2012 and 2013, and then averages the two per cent changes to rank the list.