Indiana Companies to Watch is a collaboration among the Indiana Economic Development Corp., through its Small Business Development Centers, Purdue University and the Edward Lowe Foundation. It is an awards program that celebrates Indiana privately held second-stage companies, typically those businesses which are past the startup phase, are considered to be established, and face issues of growth, not survival.

Companies honored range from traditional businesses involved in manufacturing, financial services and warehousing to high-tech companies working in the life sciences, information technology, telecommunications, or environmental or technical consulting industries.

Companies to Watch firms must employ between six and 150 full-time equivalent employees, have between $750,000 and $100 million in annual revenue or working capital in place, and demonstrate the intent and capacity to grow based on employee or sales growth, exceptional entrepreneurial leadership, sustainable competitive advantage or other notable strengths.

Indiana has nearly 3,800 mid-sized companies with between $5 million and $100 million in annual sales, according to a recent Indiana Chamber of Commerce Foundation study. Those companies employed more than 386,000 workers and produced more than $55 billion in annual sales.

A total of 420 Indiana companies, representing 66 Indiana counties, were nominated for the Companies to Watch program. The number of firms was narrowed down to 222 businesses, from 44 counties. From that list, 133 finalists were selected in late May.

CMS prevailed along with 49 others to receive the distinction of being named to the first class of Indiana Companies to Watch.