Key Points:
  • FactSet is a tech company founded in Connecticut which provides integrated data and software for private and public companies.
  • Harman International, one of the biggest tech companies in Connecticut, engages in the production and marketing of audio products and electronic systems.
  • Insurity, one of the largest private tech companies headquartered in Hartford, CT, provides policy administration, claims, billing, and analytics software to small and large firms in Connecticut

Connecticut (CT) is located in the southern region of the United States. Long Island borders it on the south, New York on the West, Massachusetts on the north, and Rhode Island on the east. Connecticut’s capital is Hartford, the fourth largest city in the state. Other major cities in Connecticut include Bridgeport, New Haven, Stamford, Waterbury, Norwalk, Danbury, New Britain, Greenwich, and Bristol. Connecticut is the third smallest state by area in the United States. Despite its small size, Connecticut harbors excellent tech companies known globally. Below are the best private and public tech companies in Connecticut. 

Which Tech Companies Were Founded in Connecticut?

FactSet

FactSet is a tech company that provides integrated data and software for private and public companies in Connecticut. It has its headquarters in Norwalk, Connecticut. FactSet has several business divisions, including client support & Learning, implementation services, business advisory, data delivery, index services, portfolio data management, and transition services. The company has also invested in financial services that offer consultation for small and large businesses.

The History of FactSet: What to Know

 FactSet was founded in September 1978 by Howard Wille and Chuck Snyder, who began their partnership in 1977 while working at Faulkner, Dawkins & Sullivan. At the beginning of the 1980s, FactSet had less than ten employees. 

In 1990, FactSet headquarters moved from New York City to Greenwich, Connecticut; this was after the release of Factset for Windows. In 1993, FactSet launched its first office in Europe located in London, and later opened the first Asia-Pacific office in Tokyo in 1995.

In June 1995, it planned to go public; therefore, the company decided to change its name to FactSet Research Systems Inc. 

In May 2000, Wille retired as CEO and chairman, and Snyder took over for five months before Hadley was appointed the new CEO and chairman. In 2004, FactSet relocated its headquarters from Greenwich to Norwalk, CT.

In 2018, launched a new office in Shanghai, Asia. It was celebrating 20 years in Australia and 40 years as a company. Phil Snow, FactSet CEO, stated that they had the highest reported quarterly ASV in history in 2018. Phil added that the company would enter fiscal 2019 with solid momentum and an expanding suite of innovative workflow solutions to drive its growth plans. 

On December 20, 2021, FactSet joined the S&P 500. 

The Founding of FactSet: How it Happened

Two workmates, Wille and Snyder, decided to have a tech startup to deliver computer-based financial information for firms in the United States. It was costly to set up an IT company during the 1970s because firms had to purchase raw data directly from a vendor, then hire software developers to make the data user-friendly. Wille and Snyder wanted to create a cheaper way where firms could acquire usable data that would be directly offered to clients.

In the early 1980s, Snyder discovered a way to download data from the FactSet computer into Visicalc. This discovery was a relief to most clients as they could directly retrieve data from a database into a spreadsheet.

In 1984, FactSet introduced the Limited Screen Capabilities, which later advanced to Universal Screening in 1988. This feature allowed users to set their screening criteria. In 1989, the company developed a Private Database Service, which allowed users to store proprietary data and perform changes when necessary safely. 

In 1998, the company released the DIRECTION interface feature supported by Online Assistant that will aid its users in running its previous application, the Portfolio Management Workstation, and Economic Analysis & Company Explorer. 

By 2000, many applications had been designed by FactSet software developers, such as Style, Performance, and Risk (SPAR), that allowed portfolio managers to analyze the risks and performances of the business funds.

By 2002, the company had record-breaking sales of over $200million. It also had its peak in 2008 with sales of over $500million. 

In 2008, FactSet acquired the Thomson Reuters WorldScope and Thomsons Fundamentals databases. In January 2010, the company partnered with FirstRain to allow its clients to access FirstRain’s web research engine for better online experiences. In June 2010, FactSet purchased Market Metrics, a survey company in the USA.

FactSet assets were further expanded with the acquisition of StreetAccount in June 2012. A year later, the company bought Revere Data, later branded FactSet Revere.

On February 9, 2015, FactSet acquired Code Red Inc., and on October 16, the same year, it completed its acquisition of portware, LLC. 

In December 2016, it bought Vermilion, a software company in the US, and CYMBA Technologies, an order management system provider. 

On March 20, 2017, FactSet acquired BISAM to boost its data security, and after a month, it bought Interactive Data Managed Solutions. 

The company acquired Truvalue Labs, a well-established company in AI-driven environmental, social, and governance data, in 2020. 

What are the Biggest Tech Companies Located in Connecticut?

  1. Harman International 

Harman International Industries, commonly referred to as Harman, is located in Stamford, Connecticut, United States. Harman has the most significant number of employees, which stands at 30,000 compared to other tech companies, and has an annual revenue of $8.8Billion, higher than most companies in Connecticut. What makes Harman outstanding is its partnership with leading companies worldwide. 

Harman engages in the production and marketing of audio products and electronic systems and has four business units: Connected Car, Lifestyle Audio, Professional Solutions, and Connected Services. Although Harman’s primary operations are conducted in the USA, it also stretches to Europe and Asia.

Harman has focused on manufacturing audio, electronic, and infotainment systems for automotive companies. Its software developers have designed modern car systems such as Ready Together and Software Enabled Branded Audio (introduced during the HARMAN ExPLORE 2022 event), which provide reliable in-vehicle communication systems and enhanced sound systems. Harman partners with various car dealer companies such as Toyota, Peugeot, BMW, and Subaru through its significant automotive products. 

Harman International markets its products through various brands such as AKG, AMX, Arcam, Bang & Olufsen, Harman Kardon, Infinity, JBL, Lexicon, Mark Levinson, and Revel HARMAN. 

The History of Harman International: What to Know

Sidney Harman and Bernard Kardon were the founders of Harman International in 1953. Initially, the company was called Harman Kardon, derived from the two founders’ names. In 1956, Sidney Harman bought all the company’s shares. 

In the 1960s, the company had significant advancements and acquired other leading audio companies, including JBL. In the 1970s, Harman was appointed as the deputy secretary of the Department of Commerce under Jimmy Carter’s administration. He accepted the appointment and took office in 1976 as head in charge. Harman sold his company to conglomerate Beatrice Foods, a prominent American food processing company, to avoid conflict of interest. However, it wasn’t a smooth run for the Beatrice Food company since only 60% of the original Harman Kardon company remained by 1980.

Harman left his government office in 1978 and soon created Harman International Industries. He wanted to recover what had been lost during his years away. Harman started by reacquiring several businesses he had sold to Beatrice Foods. Under Harman’s leadership, the company was back on track, with sales from about $80 million to over $200 million between 1981 to 1986. 

The Founding of Harman International: How it Happened

Two engineers, Harman and Kardon, joined hands to have a tech startup that would develop high-fidelity audio together in 1953. Three years later, Harman bought out his partner, Kardon, and expanded the company into the audio electronics industry. 

Harman International was at its peak in the 1980s, starting from its sales to company acquisitions. The company recorded sales of over $500 million by 1989.

Harman International had its initial public offering (IPO) in 1986 and made its stock available on the New York Stock Exchange. The IPO had a significant impact on the company’s growth plan as they were able to acquire many firms. Harman International purchased Soundcraft company in 1988 and DOD Electronics Corp by 1994. 

It also sold consumer audio gear under various brands like JBL Professional, UREI, Soundcraft, Allen & Health, dbx, Studer, DOD, Lexicon, AKG, BSS, Orban, etc. By the end of the 1990s, Harman International had made a great fortune and further expanded in the 2000s through purchases of Madrigal Audio Laboratories (2003), MWM Acoustics (July 2011), Martin Professional (2013), and AMX LLC (June 2014). 

In March 2015, Harman agreed with Bang & Olufsen company to buy its unit for $156 million, including the technology license fees but exempted Bang & Olufsen’s consumer-electronic businesses. In the same year, Harman International started investing in software and services by acquiring great software services companies such as Symphony Teleca and Redbend. The advancement in software and services led to the company’s four divisions, which they called Connected Services. 

In March 2016, Harman International enhanced its in-car audio and entertainment services with the acquisition of TowerSec company, which was the leading automotive cyber-security firm. 

Harman was a well-established tech company by 2015, which led Samsung Electronics to offer US$8 billion in cash to acquire it in November 2016. A few months later, Harman shareholders voted in favor of the acquisition by Samsung. The deal was completed on March 10, 2017, which saw Harman becoming a wholly-owned subsidiary of Samsung Electronics. 

Harman International
The goal of Harman International is to make life easier by creating innovative solutions that create smart experiences.

©Michael Vi/Shutterstock.com

  1. Gartner

Gartner is the second-largest tech company in Connecticut after Harman if ranked according to the number of employees. It has 16,724 employees and annual revenue of $4.7B. It has also acquired various private and public firms over the years. 

Gartner is a technological research and analysis company that studies technology and shares its results through private consulting, executive programs, and conferences. Gartner sells its products to large corporations, government agencies, tech companies, and investment firms. 

The History of Gartner: What to Know

The company was initially called the Gartner Group before being simplified to Gartner in 2000. Gideon Gartner founded Gartner in 1979 as a private tech company. Later in the 1980s, Gartner was launched as a publicly-traded company before being acquired by Saatchi & Saatchi in 1988. 

In 1990, Gartner was acquired by some of its executives, including its founder, Gideon, with the support of private investment firms like Bain Capital and Dun & Bradstreet. In 1993, Gartner went public again to raise its capital and boost the company’s sales. 

In 2000, Gartner coined the term Supranet to describe the fusion of the physical and the digital worlds.

The founder of Gartner Inc., Gideon Gartner, was a specialist in Information Technology (IT). First, Gideon received a bachelor’s degree in mechanical engineering at the Massachusetts Institute of Technology (MIT) and a master’s of science degree in management at the Sloan School. Additionally, he gained considerable IT skills working in IBM’s competitive intelligence operations divisions.

Before Gideon started the Gartner Group, He had done lots of research and analysis on IT that would help Oppenheimer company and hoped for future partnership, but Gideon was never recognized. Therefore, he opted to start his company.

The Founding of Gartner: How it Happened

In 1979, Gideon called on David Stein, and together they had a tech startup called Gartner Group that would offer consulting services on IT to different organizations. The company started low with only $675,000 in venture capital. At the time, the tech market was very competitive as other consulting firms such as Dataquest were already established; therefore, it had few clients. Fortunately, Oppenheimer soon agreed to contract with Gartner in exchange for royalties. 

In the 1980s, Gartner had started a new division that would offer advice and information related to the IT industry to the Investment community. The division was separated in 1985 and became a wholly-owned subsidiary called Gartner Group Securities. In 1986, Gartner launched its stock to be traded publicly. 

In 1988, Saatchi & Saatchi bought the Gartner company for $90.3 million. The same year, Gartner was able to make a profit of $2.3 million from its previous year’s revenue. However, in 1989, Saatchi & Saatchi’s investment to become a business service powerhouse failed, and it was struggling with cash flow that would facilitate all its acquired firms. Saatchi & Saatchi decided to sell off some recently acquired companies, including Gartner, to avoid bankruptcy. 

Gideon Gartner was among the bidders who wanted to acquire Gartner. Unfortunately, Gideon lost his bid despite his statement to quit in 1991 if he did not acquire the company. Gartner was purchased by Information Partners Capital Fund, L.P., and changed the company’s title to Group, Inc. Holding Corp. (GHC). Gideon Gartner remained in the company for another two years before officially selling his equity position and parted ways with Gartner Inc. in 1993. 

The new management in Gartner set up effective plans that would cover the loss suffered under Saatchi & Saatchi. By the end of 1993, Gartner was thriving again with sales of $123 million and over $6 million in net income. In 1994, its sales stood at $170 million and profits of about $15 million, which was remarkable progress for a company that had faced financial problems. 

By the end of 1994, Gartner had made enough profit to start making acquisitions. Firstly, it bought IT market researcher Dataquest Inc. and MZ Projekte in 1995. The same year, Gartner group expanded its territory by launching Gartner Group Japan, KK.

Gartner continued its acquisition in 1996, starting with Productivity Management Group Inc. for $2.5 million, then the healthcare industry technology consultant CJ Singer & Co. for $4.3 million. It also purchased a 40% stake in web content provider EC Cubed. 

In 1997, Gartner wanted to invest in the Brazilian market; therefore, it worked with The Parana Institute of Technology (Tecpar) and the Secretary for Science, Technology, and University to establish an IT research and analysis center in Brazil. By the end of 1997, Gartner had acquired Information MCAB (Sweden), Datapro Information Services (Singapore), and Bouhot and Le Gender (France). 

In 1988, Gartner acquired many international firms which include, including the National Institute of Management Technology (Cork, Ireland), AICC Consultores and Technology (Argentina), Norbert Miconnect Information Technology Advisors (France), and Wentworth Research (Britain). It also purchased other domestic companies to strengthen its local market, including Griggs-Anderson Research, Mentis Corp, International Security Association Inc., and Interpose Inc.

Gartner had a successful year in 1988, but there was a turn of events in 1999. First, its largest shareholder, IMS Health Inc., sold its shares in Gartner. A few months later, its CEO William Clifford resigned, leaving a gap in Gartner’s management. The company had to act fast to avoid further losses. It appointed Michael Fleisher as the new CEO. Michael knew the impact of the emerging e-business industry in the IT sector; therefore, he started investing millions of dollars in developing the Company’s e-business services. Gartner also acquired companies that will aid in its e-commerce business, such as INTECO Corp, and bought a 70% stake in cPulse LLC, a firm with the best software developers in e-business. 

In 2000, Gartner sales had grown to about the $1 billion mark and boasted of its operations in 80 countries. In March 2014, Gartner acquired Software Advice company and purchased Nubera, a business app discovery network, in July 2015 and soon acquired peer review site (PRS) Capterra in September 2015. 

In June 2016, Gartner added SCM World company (London, U.K.) to its rich list of acquired international firms. On January 5, 2017, Gartner purchased CEB, Inc. in cash in a stock deal estimated at $2.6 billion. On March 7, 2017, Gartner announced they had reached an agreement with L2 Inc. to purchase it at an undisclosed price. 

What are the Largest Private Tech Companies in Connecticut?

  1. Insurity

Insurity headquarters is located in Hartford, CT, and serves over 100 insurance companies in the region. Insurity provides policy administration, claims, billing, and analytics software to small and large firms in Connecticut. Its annual revenue is estimated at $100million, and it has 50 employees. 

The History of Insurity: What to Know

 Jeffrey Glazer founded Insurity in 1985. The company uses different technology products and services, including HTML5 and Google Analytics, to provide good services to its clients. 

It has 13 employee profiles, including the CEO and its founder, Jeffrey. Additionally, it has six board members and advisors. 

The Founding of Insurity: How it Happened

The funding of Insurity over four rounds has raised a total of $49.8Million. The company has been funded by various private entities such as TA Associates. 

Insurity has developed over the years and acquired 13 firms, including Maprisk (October 7, 2021), AuSuM systems (September 29, 2021), Billing Management System (October 22, 2020), Oceanwide Inc. (May 12, 2015), and Epic-Premier Insurance (July 26, 2020). 

What are the Largest Publicly Traded Tech Companies in Connecticut?

Apart from being the largest tech company in Connecticut, Harman is also the most publicly traded tech company in the state. It has maintained its dominance in the tech market even after its acquisition by Samsung. 

What are the Forgotten Tech Companies in Connecticut?

Kaman

Kaman is an aerospace industry providing services for commercial and military customers globally. Its headquarters is located in Bloomfield, CT. 

Being one of the largest tech companies in Connecticut, Kaman has 241 offices worldwide with five distribution facilities. The company has two divisions, the Kaman Industrial and Technologies. 

The History of Kaman: What to Know

Charles Kaman founded Kaman in December 1945. The company launched its first helicopter on January 15, 1947, called the K-125. In December 1851, its newly designed K-225 helicopter with Boeing 502 (YT50) turboshaft engine was recognized as the first gas turbine-powered helicopter. 

In March 1954, Kaman launched the first twin-turbine-powered helicopter in the world. 

Kaman produced helicopters for different militaries, including the U.S. Marine Corps, the Egyptian Air Force (1998), and the Colombian Army (2008). 

On January 31, 2011, Kaman announced the death of Charles Kaman in Bloomfield, Connecticut.

The Founding of Kaman: How it Happened

Charles Kaman started with a capital of $2,000 and the servo-flap-controlled rotor he had designed. The company developed powerful military helicopters that attracted most organizations. In July 1949, The US Navy and the US Coast Guard bought three of its K-255 designed helicopters at $25,000.

Kaman had dominated the aerospace market by 2000 and had enough capital to expand its business. In June 2008, Kaman acquired Brookhouse Holdings Limited and renamed it Kaman Composites UK Ltd.

In November 2015, Kaman offered to buy GRW Bearing GmbH for $142.9 million. The company was suitable for Kaman’s expansion in Europe. 

On January 3, 2022, Motion industries completed the acquisition of Kaman at an estimated price of $1.3 billion in cash.

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