Re-emerging as leaner, stronger and better-organized, midsize companies have plans to grow and are attracting more capital.
Speakeasy was profiled as part of mid-sized Seattle-based companies that were flourishing.
Founded in 1994, Speakeasy evolved into an Internet service provider primarily for residential customers. Two years ago, it started focusing on the business market and has increased the number of business users from 1,200 to 14,000.
CEO Bruce Chatterley said the company raised $27 million last year to start the next phase of growth and ‘it’s working.’
Since July 2004, the company has hired 42 employees for a total of 228.
The company is moving from about 24,000 square feet divided between two offices in Belltown to about 25,000 square feet of space in a single building on Western Avenue in Seattle. It has the option to add 5,000 square feet if needed.
Chatterley said Speakeasy is close to breaking even with nearly $70 million in revenue expected this year and $100 million next year.
‘When you’ve made a business profitable, you can do whatever you want. You can continue to run the business, partner up or go public,’ he said. ‘If you run the business as a stand-alone entity for high growth and profitability, everything else takes care of itself.’