Philadelphia Building on Strengths in IT: $11.3B in investment/exit activity in region’s IT companies 2010-Q2 2015
Collaboration? Check. Encouraging data? Check. Going in the right direction? Get the fatter Sharpie, please.
Along with our partners PACT, EY, Fairmount Partners, Select Greater Philadelphia, CEO Council for Growth and Comcast, we’re proud to have been a part of building “Information Technology: Building on our Strengths,” a report reviewing IT investment activity in the Greater Philadelphia area from the last five years.
Quoting the press release, the report details “investments in IT companies from 2010 through the first half of 2015 with data illustrating how the payoffs from those investments have been woven into the economic fabric of the Greater Philadelphia region. As an ever-increasing component of the region’s export profile, the growing IT sector is producing a broad range of companies and sustainable employment opportunities.”
The release highlights some key stats from 2010 through Q2 of 2015:
- More than 6,000 IT-based companies operated in the 11-county Greater Philadelphia region, employing almost 90,000 people.
- Over 1,000 investment rounds were closed in IT companies; more than 250 M&A deals, valued at $10.2 billion; over 400 funded deals, valued at over $1.1 billion.
- The industry grew from $21 billion in sales to $35.8 billion in sales from 2001 to 2014, accounting for approximately $8.3% of the region’s GDP.
- A layered IT ecosystem has flourished; built of pre-seed/seed investment partnerships, startup communities, co-working spaces and incubation/acceleration programs, university challenges, regional initiatives, corporate partnerships, media, and even targeted community programs.
The full press release is here:
Philadelphia Building on Strengths in IT: Ben Franklin, EY, PACT, Fairmount Partners, CEO Council for Growth, Select Greater Philadelphia, Comcast Align to Explore; $11.3B in investment/exit activity in region’s IT companies 2010-Q2 2015