Aug 15, 2023

Canopy is featured in Inc. 5000 for 2023

Inc. revealed today that Canopy is No. 3,561 on the 2023 Inc. 5000, the magazine's yearly list of the fastest-growing private companies in America.

Media & Announcements

NEW YORK, August 15, 2023 – Inc. revealed today that Canopy, formally, Banyan Hills Technologies (“Banyan”) is No. 3,561 on the 2023 Inc. 5000, the magazine’s yearly list of the fastest-growing private companies in America. Notably, Canopy also stands as the number 432 fastest-growing software company on the list.

Steve Latham, Founder and CEO of Canopy, expressed, “It’s a monumental achievement for Canopy to return to the Inc 5000 again. While it’s our fourth time making the list, it’s our first time being recognized specifically for software product revenue growth, which has always been the vision for Canopy. And for that reason, this year is certainly the most meaningful recognition from Inc. 5000.”

The 2023 Inc. 5000 showcases enterprises that have achieved remarkable revenue growth amidst prevailing economic challenges, including inflation and recruitment obstacles. Esteemed brands, such as Facebook, Chobani, Under Armour, and Microsoft, once garnered nationwide recognition through their inclusion on the Inc. 5000 list.

“Running a business has only gotten harder since the end of the pandemic,”says Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”

Reflecting on Canopy’s growth, Latham adds, “Canopy’s evolution has been dynamic. The pivot from a services-based business to now being recognized as the 432nd fastest-growing private software company in the U.S. is a testament to our team’s unwavering commitment to this vision.”

The Canopy Journey

Canopy, formally Banyan Hills Technologies, was founded in 2013, with a vision to build a groundbreaking remote monitoring and management (RMM) platform, Canopy, which was initially financed through Software and IoT Consulting Services. With Canopy’s launch in 2016, Banyan, now Canopy, rapidly found a commercial fit in the device management market. Today, Canopy supports over a million connected devices globally.

Ranked Methodology

Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. Growth rates used to determine company rankings were calculated to four decimal places.

Interested individuals can delve into comprehensive results, including Banyan’s detailed company profile, at

For additional details, direct your queries to our official website.

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