Openforce Makes Inc. Magazine’s List of the Southwest Region’s Fastest-Growing Private Companies

SCOTTSDALE, AZ – February 29, 2024 –Inc. Magazine today revealed that Openforce, the leading software platform for managing commercial relationships between contracting companies and their 1099 independent contractor workforces, landed on its fourth annual Inc. 5000 Regionals: Southwest list, the most prestigious ranking of the fastest-growing Southwest private companies. Born of the annual Inc. 5000 franchise, this regional list represents a unique look at the most successful companies within the Southwest economy’s most dynamic segment– its independent small businesses.

The companies on this list show a remarkable growth rate across industries in the Southwest region. Between 2020 and 2022, these 162 private companies had an average growth rate of 135.43 percent; by 2023, they’d also added 17,606 jobs and $14.5 billion to the region’s economy. 

"We are thrilled to be recognized by Inc. Magazine as one of the fastest-growing private companies in the Southwest region,” said Wendy Greenland, CEO of Openforce. “This achievement is a testament to the hard work, resilience, and innovative spirit of our team at Openforce. Our revenue growth reflects our commitment to delivering exceptional solutions and services to our clients, as well as our ability to adapt and thrive in a constantly evolving marketplace.”   

Steven Kaplan, chairman of the board at Openforce and a general partner at Riverside Partners, adds, "We are proud of the remarkable growth and success of Openforce, an example of the type of innovative and dynamic companies we support at Riverside Partners. Being recognized in Inc. Magazine's list of the fastest-growing private companies in the Southwest underscores the strength of Openforce's business model, the dedication of its team, and the significant impact it has on the regional economy." 

Complete results of the Inc. 5000 Regionals: Southwest, including company profiles, can be found at inc.com/Southwest starting February 27, 2024. An interactive database that can be sorted by industry, metro area, and other criteria will also be available. 

“The honorees in our Inc. 5000 network are the Who’s Who of private companies. They’re energizing regional economies as they engineer the future of their industries. Learn who they are and what they do — they’ll be impacting things for a while,” said Eric Hagerman, Special Projects Editor at Inc. Media. 

About Openforce

Openforce® is the leading software technology platform to reduce operating costs and mitigate compliance risk for companies using independent contractor workforces. Openforce frees contracting companies from the burden of onboarding, contracting, and settlement processing while helping independent contractors build their businesses. Our cloud-based applications enable companies to achieve more sustainable, profitable growth by removing financial, operational, and compliance barriers to getting business done. Openforce is a portfolio company of Boston-based private equity firm Riverside Partners. Learn more at www.oforce.com.

About Inc. and the Inc. 5000 Regionals  

Methodology  

The 2024 Inc. 5000 Regionals are ranked according to percentage revenue growth when comparing 2020 and 2022. To qualify, companies must have been founded and generating revenue by March 31, 2020. They had to be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2022 is $1 million. As always, Inc. reserves the right to decline applicants for subjective reasons.    

About Inc. Media   

The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers and the credibility that helps them drive sales and recruit talent.  

The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.