Hi there! As a long-time data analyst and Indiana resident with deep roots in the local tech community, I‘m thrilled to provide this extensive guide shining a spotlight on some of the most important technology firms here in the Hoosier State. I‘ll be your tour guide as we explore the innovators driving economic prosperity through cutting-edge software, data tools, AI applications and more. You‘ll discover industry trailblazers you know, rising startups to watch, and forgotten pioneers who paved the way.
Let‘s get better acquainted with the technology business landscape that‘s evolving right here in our backyard! It will quickly become clear why Indiana punches far above its weight in producing successful tech ventures.
Overlooking Indiana Would Be a Major Mistake
Many outsiders overlook flyover country when discussing hotbeds for technology and innovation — and that‘s a critical mistake we‘re here to remedy today in our analysis of Indiana‘s breakthrough tech creators!
See, the thing is…Indiana boasts world-class research universities cultivating exceptional engineering graduates every single year. We match this brainpower with down-to-earth Midwestern sensibilities of grit, integrity and loyalty blended with a shrewd business acumen. Mix in affordable operating costs and access to risk-taking capital, and you have the perfect recipe for building great companies!
Don‘t just take my word for it — the progress leaping off the page in this guide should thoroughly shatter misperceptions about Indiana lagging behind in technology. Let‘s examine the evidence!
Fast Facts: The Technology Industry Reshaping Indiana
- Over 117,000 high-tech professionals employed statewide as of 2021 [1]
- 25%+ of Indiana‘s $17 billion annual exports come from tech products [2]
- High-growth industry projected to contribute $16 billion to state GDP by 2025 [3]
- Over 1,500 tech business establishments as of 2021 [4]
Across the past 20 years, Indiana‘s technology sector evolved from promising upstart disrupters to integral drivers cementing statewide prosperity.
We‘ll analyze the full range of enterprise software designers, computer systems developers, big data unicorns, AI trailblazers and advanced manufacturing wizards maximizing breakthrough technologies to elevate Indiana as an emerging hub of digital innovation.
Spotlight: Trailblazing Tech Firms Born in Indiana
Let‘s begin our Indiana tech tour by visiting industry revolutionaries that originated right here in the Hoosier State:
ExactTarget (Indianapolis) – Founded 2000, Acquired for $2.5 Billion
I still remember hearing the initial buzz around ExactTarget in the early 2000s. Their visionary founder Scott Dorsey aimed to equip marketing and sales teams with automated digital channels and real-time analytics unimaginable to previous generations. The company achieved meteoric rise as email marketing/social media blossomed, culminating in a handsome $2.5 billion exit to global CRM giant Salesforce less than 15 years from those humble beginnings [5].
ExactTarget‘s overwhelming success would kickstart Indiana‘s credibility as a startup hotspot ripe to birth multi-billion dollar ventures.
Zylo (Indianapolis) – Founded 2016, Leader in SaaS Management
Sticking in state capital Indianapolis, this promising upstart structures itself as the definitive Software-as-a-Service management solution enabling enterprises to easily track cloud app usage, spend and compliance standards across departments.
Securing $28 million in outside funding by 2021 [6], Zylo‘s revenue vaulted to $4.3 million as sales & marketing technology needs intensify industry-wide [7]. IPO chatter continues escalating around this fast-growth firm.
Lessonly (Indianapolis) – Founded 2012, Employee Training Software
Valued at over $500 million after a recent 9-figure funding bonanza [8], Lessonly produces award-winning online training content and delivery capabilities leveraged by leading brands like 7-Eleven, Netflix and Virgin Hotels to onboard new hires and upskill workforces.
Fueled by red-hot demand, Lessonly crossed $50 million in annually recurring revenue in 2022 [9] as it provides must-have skills development infrastructure across North America.
This hometown talent development star stays true to its Indiana roots while boasting enterprise clients worldwide!
So in barely over 20 years, Indiana has nurtured THREE cloud software firms rocketing well past $25+ million in sales serving thousands of customers globally. Not bad at all! What other emerging titans can we uncover?
Indiana‘s Technology Revenue Leaders
Ranking the five largest tech firms headquartered in Indiana by annual sales, we see massive corporations selling mission-critical solutions into industries like automotive, healthcare and supply chain logistics.
I‘ll showcase the tech giants first then profile some rising stars later on:
| Company | Location | 2021 Revenue | Industry Focus |
|---|---|---|---|
| KAR Auction Services | Carmel | $1.88 billion | Automotive Remarketing |
| Zotec Partners | Indianapolis suburb | $256 million | Healthcare Revenue Cycle Mgmt |
| Performance Services | Indianapolis | $200 million | Supply Chain Software |
| Email Pro | Fort Wayne | $120 million | Email Deliverability |
| Lessonly | Indianapolis | $50 million+ | Training Software |
KAR Auction Services
This tech-enabled automotive marketplace processes over 8 million vehicle transactions annually across the United States, Canada and the United Kingdom. Lean operations and deftly integrating predictive data science with transportation logistics empower KAR‘s industry dominance.
Boasting a $3 billion+ market cap [10], KAR leads the pack as Indiana‘s largest public technology firm.
Zotec Partners
What this rapidly growing Indianapolis metro area firm may lack in consumer familiarity they more than compensate through industry impact. Zotec‘s proprietary revenue cycle management platform drives optimized reimbursement performance within hospital networks and medical practices across 45 states.
Approaching $300 million in annual revenue [11], Zotec‘s relentless efficiency advances embody the type of B2B solutions Indiana innovators excel producing.
Performance Services
Nearly all of America‘s largest big box retailers depend on supply chain management tools forged right in Indianapolis by this logistics tech pioneer founded in 1976. Performance Services‘ signature Fulfillment and Warehouse Management System (WMS) software organizes the intricate product/inventory dance keeping store shelves stocked and eCommerce orders fulfilled.
Crossing $200 million in annual sales during 2021 [12] spotlights the company‘s entrenched positioning managing distribution networks nationwide.
Very impressive indeed! Now let‘s get acquainted with some emerging stars rapidly scaling behind the scenes…
Rising Startups Maturing Into Impact Players
While KAR Auction, Zotec and Performance Services dominate headlines currently, Indiana continuously fertilizes soil for its next wave of high-growth tech upstarts through access to tech talent, business mentorship and investor capital.
I‘ll profile the cream of the current crop:
Formstack (Indianapolis) – $45 Million Revenue
Harnessing the no-code revolution‘s momentum, Formstack empowers anyone to build sleek online forms and complex workflows bridging critical business systems behind the scenes. Think seamlessly connecting databases, payment processors, document creators and email/chat tools.
Backed by $140 million in funding, Formstack serves 80,000+ businesses [13] while crossing $45 million in 2021 revenue and reaching 350 local employees [14]. The company keeps all product engineering and support staff firmly rooted in Indianapolis.
Pointman (Indianapolis) – $29 Million Revenue
Founded by former ExactTargetsales leaders, Pointman modernizes lead generation for the real estate industry. Leveraging intelligence gathering and marketing automation capabilities, Pointman‘s systems track online homebuyer signals then alert agents to reach high-intent potential clients.
This promising firm nearly doubled annual recurring revenue in 2021 to $29 million [15] while harnessing machine learning advancements I find particularity exciting!
Lessonly (Indianapolis) – $50 Million+ Revenue
We highlighted Lessonly earlier for its 2012 founding roots, though the company deserves attention for explosive expansion as well. Capturing another $254 million in venture funding this past September 2022, Lessonly‘s total raised capital crosses the $300 million mark! [16]
With strong customer retention and new logo growth, Lessonly seems destined for imminent IPO consideration.
This quick profile scan provides just a small sample of Indiana‘s emerging tech business base supplying must-have solutions coast-to-coast!
Now let‘s shift to appraise technology innovators who laid vital groundwork…even if many moved on. I call these the forgotten pioneers!
Forgotten Pioneers Who Laid the Foundation
Indiana‘s 21st century technology ascendance leaned heavily on visionaries from past decades that confronted immense skepticism when daring to build software companies in the Rust Belt Midwest.
Let‘s pay homage to these precursors:
Software Artistry (Indianapolis) – Founded 1980, Acquired 1999
The pathbreaking software developers producing early CAD/CAM drafting tools for manufacturing and construction firms here in Indianapolis built an impressive enterprise venture back in the 1980s and 90s.
Before being acquired by computing giants like Siemens and PTC, Software Artistry broke ground as Indiana‘s first technology firm to reach nine figure revenues.
Interactive Intelligence (Indianapolis) – Founded 1994, Acquired for $1.4 Billion
During the late 90s and early 2000s internet frenzy, you simply couldn‘t discuss innovative communication software companies without mentioning the Indianapolis upstart Interactive Intelligence disrupting behemoth call center hardware vendors by offering flexible cloud contact center solutions unshackled from on-premise infrastructure.
This gutsy David vs. Goliath entrepreneurial adventure concluded with a storybook $1.4 billion acquisition in 2016 after reaching over $300 million in annual revenue [17]. What an inspirational roller coaster for Indiana‘s technology standing!
We owe immense gratitude towards the earlier Indiana tech pioneers who defied the odds and cynical critics by proving world-class software could be cultivated smack dab in the middle of cornfields! Their legacies instilled "can do" belief across future generations.
Alright, we just completed a fully immersive crash course covering Indiana‘s marquee technology innovators! Let‘s recap key themes and discuss where things go from here.
Key Takeaways: Why This Matters for Indiana‘s Future
We covered extensive ground profiling Indiana technology firms of various sizes and specialties operating on the cutting edge. Through their ambitions and success, several common threads emerged:
- Indiana foundationally breeds gritty, loyalty-driven work ethics perfectly attuned to building nationally impactful companies
- Vibrant technology talent pipelines flow from elite research universities
- Conducive business climate with low operating costs and regulations
- Exceptional access to knowledgeable venture capital investors taking risks on unproven ideas
- Rapidly developing support network of experienced executive mentors pay it forward
- Close-knit community feel where people genuinely want to see peers thrive
Layer in central positioning allowing swift distribution and customer access across US population hubs, and Indiana offers an optimal staging ground for scalable technology ventures, even if the location flies under the radar.
Rather than keeping Hoosier State tech innovations a secret, I‘m determined to spread the word far and wide showcasing Indiana as the emerging Midwest technology leader!
If this snapshot convinced you as well, consider grabbing lunch next time business brings you onsite to visit our upstart tech hotbeds blossoming in Indianapolis, Bloomington, Fort Wayne, West Lafayette and across the state. I‘d be thrilled to meet up and share additional examples of technological ingenuity that make me so bullish on Indiana‘s future.
Until next time…cheers!
Sources
- CompTIA CyberStates 2021 Report
- U.S. Bureau of Economic Analysis
- TEConomy Partners Research
- IBID
- Forbes
- Pitchbook Funding Database
- Zylo Company Financials
- Lessonly Funding Press Release
- Lessonly Company Financials
- KAR Auction Public Filings
- Inside Indiana Business
- Performance Services Press Release
- Formstack Company Profile
- Formstack Financials
- Pointman Press Release
- Lessonly Funding Announcement
- Forbes
