Smith joins list of fastest-growing private companies in the United States
HOUSTON, Aug. 24, 2022 /PRNewswire-PRWeb/ -- Smith, a leading global distributor of electronic components and semiconductors, today announces that it has been named to the 2022 Inc. 5000 list of fastest-growing private companies. This ranking was based on percent growth for revenue from 2018 to 2021. Smith's revenue more than doubled in that time frame, from $1.66 billion in 2018 to $3.4 billion in 2021. This is the first time Smith has been featured on the list.
"Over the last few years, Smith has grown exponentially to support the increasing demand for electronic components across almost every industry," said Marc Barnhill, Chief Trading Officer at Smith. "We are honored to be included on the Inc. 5000 list and look forward to continued growth through the rest of 2022 and beyond."
In the midst of the ongoing semiconductor shortages, Smith reported record-breaking revenues for 2021. The company grew its customer base by 44 percent over the previous year and saw a 30 percent increase in unique part numbers shipped in that same time frame. Total workforce also increased by 38 percent across the company's 17 global offices.
"Since our founding nearly 40 years ago, Smith has focused on reinvesting in our facilities, our processes, and our people," said Marc. "This commitment to continuous improvement has been a cornerstone of our success and helped propel us to new heights."
On the heels of last year's unprecedented success, Smith has continued to innovate and evolve to meet the needs of its customers. The company opened a new global services hub this summer to house its U.S.-based IT asset disposition services, which previously operated out of Smith's Houston distribution center. Additionally, a fourth operational hub will be opening in the coming weeks, which will be located in Singapore. Smith's workforce is also growing alongside its global footprint: The company has increased its employee headcount by 17 percent since January of this year.
"We are on track to have another record-breaking year, and we have no intention of slowing down," said Marc. "The scale of our business is on a completely different level than it was five years ago. With the tremendous rise of semiconductor integration into every facet of our daily lives – from automobiles to household appliances – the industry has exploded. But through it all, Smith has been there, ready to provide our customers with the tailored solutions they need to mitigate their supply chain challenges, and our services are more essential now than ever before."
About Smith
Founded in 1984, Smith sources, manages, and distributes the electronic components that go into everything from mobile phones and computers to appliances and directional drilling systems. In 17 cities around the world, Smith's legion of employees communicates in 50 languages and dialects and buys and sells components 24 hours per day, generating global annual sales in excess of $3.4 billion in 2021. Smith is always moving: helping manufacturers navigate market shifts; customizing supply chain solutions; testing components using cutting-edge technology. The support of Smith's flexible Intelligent DistributionTM model optimizes customers' supply chains from beginning to end, including offering customized options for IT asset disposition that deliver maximum ROI, sustainability, and security. Smith's testing and logistics hubs in Houston, Hong Kong, and Amsterdam cover critical areas like quality management, counterfeit prevention, and environmental safety. Smith's operations, purchasing, and sales worldwide are seamlessly integrated with the company's global IT infrastructure, offering real-time, global inventory and logistics visibility. Smith is the leading independent distributor of electronic components and ranks number seven among all global distributors. For more information, please visit http://www.smithweb.com or reach out to a Smith representative any time of day at +1 713.430.3000.
###
Media Contact
Rich Witmer, Smith, +1 713.430.2141, [email protected]
SOURCE Smith
Share this article