Surge Holdings Inc (OTCMKTS:SURG), a retail supply chain company for underbanked communities, announced Tuesday that it was recognized by the Deloitte Technology Fast 500 as one of the fastest-growing technology companies in North America in 2019.
Through its subsidiaries, the Memphis-based group provides financial and telecom services. It offers subsidized wireless service to qualifying low income customers.
Surge Holdings also operates the SurgePays Marketplace, a sales channel that disrupts the traditional corner store supply chain model by providing local retailers direct access to regional manufacturers. Surge leverages its wholly owned subsidiaries to build relationships with convenience stores, and bodegas that serve the underbanked and unbanked, approximately 35% of the US population.
Once a store is onboarded to the SurgePays Marketplace, Surge upsells other consumer goods by connecting manufacturers directly to these retail stores. As a result, SurgePays Marketplace provides manufacturers cost savings by cutting out distributors.
In a statement, President Anthony Nuzzo said the company was honored to be recognized by Deloitte as one of the 500 fastest-growing companies in North America.
“In just a few short years, we grew from a monthly revenue run rate of approximately $125,000 to over $5 million per month. We achieved these results while 2019 was primarily focused on product development and building our infrastructure to support our anticipated continued growth going forward,” said Nuzzo.
“In particular, this award highlights our tremendous progress in the rollout of the SurgePays Marketplace, a product sales channel that disrupts the traditional c-store supply chain model by providing local retailers direct access to regional manufacturers from around the country,” he added.
Surge’s wholly owned subsidiary, Surge Logics, recently completed the development and launch of InTake Logistics, a proprietary sales and customer relationship solution for law firms specializing in mass tort lawsuits.
InTake Logistics is a custom developed sales and client management intake solution software for the purpose of procuring signed client retainer documents for attorneys that specialize in mass tort litigation.
“Overall, we believe we have built a solid foundation for rapid and scalable revenue growth in 2020 and beyond,” said Nuzzo.
Surge also mines Ethereum, Litecoin, and cryptocurrencies and offers Surge Utility Token, a rewards program to incentivize customer loyalty.
The Deloitte Technology Fast 500 is an objective ranking for technology, media, telecom, life sciences, and energy tech companies. Winners are selected based on percentage fiscal-year revenue growth over a three-year period.
Contact the author Uttara Choudhury at [email protected]
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