Technology & Biotech 2009

Mike Vogel | 1/1/2009

Healthcare is in the sights of Amjad Shamim, managing partner and CEO of Fort Lauderdale-based AAJ Technologies. His software consulting company increased revenue more than 15% last year to more than $7 million. Like iDatix’s Allen, he isn’t lowering expectations. “It’s all about the business value proposition,” he says. He expects an 18% to 20% increase in revenue this year. He’s hiring — forecasting six full-time jobs added to his staff of 37.

Florida’s tech industry is made up of small companies such as Allen’s and Shamim’s, a silver lining in a slowdown because they’re generally more nimble than the massive companies found in other states.

Tech Microcaps
You know it’s a brutal year when a 27% loss for Florida aerospace/defense stocks looks mild compared to the Russell 2000 and S&P 500:
Index	1-Year Return
Florida Aerospace/ Defense Microcaps	-27.35%
All Florida Microcaps	-33.75
S&P 500	-43.53
Russell 2000	-45.08
Florida IT Microcaps	-48.53
Source: PCE Investment Bankers

Other Florida strengths in areas with some immunity from recession are aviation and aerospace, homeland security and defense, clean energy, life sciences and IT niches such as wireless, digital media and modeling and simulation, says Sena Black, senior vice president of marketing and strategic intelligence for Enterprise Florida. Says venture capitalist Craig Burson, of H.I.G. Ventures in Miami, “The state certainly has its pockets where there’s still opportunity.”

At iDatix, Allen, 45, is experienced in tough times. His personal bubble burst 18 years ago when as a young engineer-inventor his bright idea for a diet calculator ran head-on into his lack of business savvy. Wiped out, he went to work for others, switching from hardware to software and then started iDatix. Its products and services allow a client’s employees, including non-IT employees, to design and implement their own software automations of paper processes in fields as diverse as accounts payable, HR, compliance and other areas. “Our big mantra is land and expand,” he says.

Profitable after 18 months, the company has grown off of profits since then, reaching revenue of $3.7 million in 2007. ITFlorida named it the Small Business of the Year in October. “If there’s a recession, we’re choosing not to participate,” Allen says.