The Burgos Group LLC is flying high by every standard.
The company, which manages construction, safety and facility operations at military
installations, earned the No. 1 spot on this year’s list of fast-growing technology companies with above $10 million in revenue.
The firm, which launched in 2006, had already occupied second place during the past two years on the Flying 40’s list of fast-growing firms with under $10 million in revenue. But, this year, it became top dog on the $10 million-plus list after expanding its revenue by 1,548 percent over the past five years, from just $727,000 in 2011 to nearly $12 million in 2015.
The company grew its workforce from 12 to 84 employees in the same period.
Executives attribute the growth to constant pursuit of government contracts and a willingness to diversify into new areas of management.
“The secret to success is to not sit on your laurels,” said President and CEO Mario Burgos, who runs the firm with his brother, David Burgos. “You have to keep bidding on contracts every year so revenue continues to grow.”
The company only started bidding on defense contracts in 2009 after the recession reduced its work with the private sector.
“We started looking at opportunities with the Department of Defense after seeing that federal spending was where the money was still flowing,” Burgos said. “It was a complete shift from our original business model.”
Since then, Burgos has won more than 60 prime contracts with federal agencies. That includes a 10-year, $160 million contract it won in 2014 with three other partners to do construction work for testing operations at White Sands Missile Range and Kirtland Air Force Base in Albuquerque.
Last year, it branched into aviation with a $3 million contract to supply management and support services to the 309 Aerospace Maintenance and Regeneration Group at Davis-Monthan Air Force Base in Tucson, Ariz. That’s the Air Force “boneyard,” where aging aircraft are stored for parts reclamation and disposal.
Like Burgos, all 15 above-$10 million companies reported double- and triple-digit growth in the past five years. Overall, those companies grew their combined revenue by 71 percent, from $294 million in 2011 to $502 million last year.
Their workforce expanded 63 percent in the same period, from 1,248 employees to 2,039.
Many high-flying stalwarts appeared again on this year’s list, such as the engineering firm Applied Technology Associates, information technology company Speridian Technologies and the solar installation firm Affordable Solar.
Two more solar companies joined the Flying 40 for the first time this year: SunPower by Positive Energy Solar and SolAero Technologies Corp. Those firms grew their revenue by 52 percent and 29 percent, respectively, over the past five years.
Other newcomers include this year’s second-place finisher, Rural Sourcing Inc., and Advanced Networking Management Inc., which took third place.
Rural Sourcing, based in Georgia, is new to New Mexico. That company, which offers software development, and related maintenance and support services, announced plans last fall to open a new center of operations in Albuquerque with 125 employees.
Company revenue grew four-fold in the past five years, from $4.8 million to $21 million, by offering low-cost services in the U.S. for businesses that don’t want to outsource their work in other countries.
“That’s one of our biggest drivers,” said CEO Monty Hamilton. “Many of our clients have been disappointed with off-shore experiences.”
In contrast, Advanced Networking Management – which offers system networking, security and cloud storage services – has been based in Albuquerque for more than 20 years. But the company has markedly accelerated its growth, thanks largely to Raminder Mann and two of his relatives, who became co-owners and managers in 2014.
“We joined with the intent to make investments, and expand in New Mexico and Colorado,” Mann said.
Company revenue grew from just under $8 million in 2011 to nearly $34 million last year, while the workforce expanded from 20 to 60. Mann said ANM is on track for $55 million this year.
Meanwhile, like the Burgos Group, fourth-place winner Sierra Peaks managed to move from last year’s below-$10 million list to fourth place on this year’s above-$10 million list. The electromechanical engineering firm grew its revenue 180 percent, from $4.3 million in 2011 to $12 million in 2015.