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Forbes Top 25 for 2008

We are back with a new group of 25 rapidly growing technology companies, 12 of which are repeats from our prior list. One company, sixth-ranked Cognizant Technology Solutions (nasdaq: CTSH - news - people ), has appeared every year since the inception of the list six years ago.

America's 25 Fastest-Growing Tech Companies
More on America's 25 Fastest-Growing Tech Companies
Our focus is on sales growth--we require at least 10% annualized sales gains over the past five years--but candidates for our list must be profitable over the past 12 months and have Thomson IBES consensus earnings forecasts of at least 10% annualized earnings growth over the next three to five years. Our only other financial hurdle is that we require at least $25 million in sales over the past four quarters. We exclude companies with significant legal problems or with possible accounting or corporate governance issues. For the last two items, we are guided by scores from Audit Integrity of Los Angeles.

Topping the list? Google (nasdaq: GOOG - news - people ), which generated nearly $15 billion in revenues in the 12 months ending in September.
After falling out of contention last year, two companies, j2 Global Communications (nasdaq: JCOM - news - people ), and L-3 Communications (nyse: LLL - news - people ), rejoined the list this year. With the exception of 2007, both companies have been Fast Tech members since the list's inauguration.

It is not too surprising the companies on last year's list attracted some corporate buyers. In 2007, shareholders realized healthy premiums when Altiris, WebEx Communications, and Color Kinetics (nasdaq: CLRK - news - people ) were acquired by other firms. There is more: Finnish telecommunications equipment company Nokia (nyse: NOK - news - people ) is in the process of acquiring 2007 Fast Tech member Navteq (nyse: NVT - news - people ) in an $8.1 billion takeover deal.

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