Indiana may fly under the radar when it comes to major US tech hubs, but the state has rapidly built an impressive technology landscape anchored in Indianapolis and spread across cities like Fort Wayne, Bloomington and beyond. Propelled by business-friendly policies, world-class universities, and key support organizations like TechPoint, Indiana has cultivated a thriving ecosystem for tech startups and innovation while also attracting established tech leaders.
Let‘s analyze some of the top tech companies that call Indiana home and explore just how vital technology has become to the state‘s economic growth.
Homegrown Tech Pioneers Put Indiana on the Map
Many tech observers point to the success story of ExactTarget, founded in Indianapolis in 2000, as a pivotal moment that shined a spotlight on Indiana‘s burgeoning potential as a tech hub. The email marketing software provider not only bootstrapped its way to over 4,500 global customers but also made history with its $2.5 billion acquisition by Salesforce in 2013 – the largest tech exit for an Indiana company at the time.
ExactTarget‘s co-founder and former CEO Scott Dorsey has since become an active leader in Indiana‘s tech community. Regarding the state‘s development, he shared: "When we started ExactTarget 20 years ago, the tech ecosystem was nascent. Since then, we’ve seen an explosion in the breadth and depth of talent that now inhabits all corners of our state."
Here are some other major tech innovators founded in Indiana that paved the way for future growth:
Software Engineering Professionals (1988)
With over 35 years of deep expertise in custom software development, Software Engineering Professionals (SEP) has grown into one of the most respected technology consulting firms in the region. Headquartered in Carmel, Indiana, the 500+ person company builds transformative solutions for leading organizations in healthcare, manufacturing, defense, finance and more.
Extremely well-managed, SEP has appeared for 15 straight years on the Inc. 5000 list of fastest growing private companies in America. Their commitment to clients with collaborative "white glove service" illuminates why prominent research and advisory firm ISG named SEP a "Top 15 Sourcing Standout" in 2022.
Zylo (Founded 2016)
Indianapolis-based Zylo emerged in 2016 as a leading provider of SaaS management solutions enabling enterprises to optimize their cloud-based software spending. With rapid customer adoption thanks to an easy-to-use platform and free trial options, Zylo has raised over $28 million in funding to date and stands out as one of the Midwest‘s fastest scaling startups.
Recognized on the 2021 Forbes Cloud 100 list as well as a 2022 "Cool Vendor" by Gartner, Zylo currently serves a wide portfolio of customers from high-growth startups to Fortune 500 companies like Cushman & Wakefield, DHL and Cummins. The company boasts triple digit annual growth and has expanded headcount to nearly 300 employees while sticking to its Indiana roots.
Jobvite, Greenlight Guru Among Indiana‘s Top-Earning Tech Companies
While Indiana has cultivated plenty of promising early-stage startups, the state has also attracted a strong mix of mature tech firms recording impressive revenue growth. Here‘s a round-up of some top-earning tech leaders in Indiana:
Jobvite ($56 Million Revenue)
As a pioneer in cloud-based talent acquisition software since 2000, Jobvite provides powerful applicant tracking, recruiting and onboarding tools used by thousands of HR teams globally. Headquartered in Indianapolis and San Mateo, California, the company leverages predictive, AI-driven technology to help organizations like LinkedIn, Schneider Electric and Blizzard Entertainment source and retain top talent.
Backed by funding from elite VC firms like Battery Ventures, the company now earns over $56 million in annual recurring revenue (ARR) through its SaaS platform. Regarding Jobvite‘s decision to establish roots in Indiana, Dan Finnigan, Jobvite CEO, said: "We located operations in Indianapolis because when we looked at the available talent, we saw the opportunity to build an integrated staff there was very compelling."
Greenlight Guru ($21 Million Revenue)
Greenlight Guru is an industry leader in quality management software solutions for medical device companies and related fields. Founded in Indianapolis in 2013, this high-growth firm guides innovative startups and enterprises alike in advancing healthcare products faster and more efficiently through ongoing regulatory hurdles.
Greenlight Guru touts a 98% customer retention rate and has raised $151 million in total funding, including a $130 million Series C round in 2021 elevating its valuation above $1 billion. With steady sales momentum and a 2022 revenue figure reaching $21 million, the company also expects "3x growth over the next 18 months" per CEO Jon Speer.
OneBridge ($21.4 Million Revenue)
OneBridge delivers an impressive array of technology consulting and implementation services spanning data, cloud, AI/ML, security and more for enterprises across all major industries. What started in 2000 as a 4-person Microsoft-focused shop in Zionsville has flourished into a 500+ employee operation driving digital transformation for prominent names like Toyota, UPS and Cummins.
Priding itself on a 97% customer retention rate, OneBridge bases all engagements on its trademarked TotalGrowth approach ensuring clients achieve measurable ROI from projects. Now earning over $21 million annually, the company clinched honors as a Top 100 Global Microsoft Solutions Provider and a Top 250 Public Cloud MSP by ChannelE2E.
Zylo ($4.3 Million Revenue)
We‘ve already highlighted Zylo‘s rapid expansion as one of Indiana‘s most promising SaaS management platforms. Co-founded by CEO Eric Christopher, the company now serves over 300,000 end-users and has boosted annual recurring revenue growth to triple digit figures since 2016.
Backed by leading VCs including Bessemer Venture Partners and Hyde Park Ventures, Zylo recently recorded $4.3 million in annual revenue in 2022. The company expects to potentially double that number in 2023 as more organizations recognize the value of streamlining SaaS spend which commonly rises as high as $5 million annually across Fortune 2000 enterprises.
Publicly Traded Firms Add Big Dollars and High-Paying Tech Jobs
Beyond venture capital-backed startups, Indiana has excelled at recruiting established publicly traded technology firms providing thousands of high-salary positions.
KAR Auction Services (NYSE: KAR)
With roots dating back to 1935, KAR Auction Services Inc. (NYSE: KAR) now stands tall as a leading provider of automotive auction and remarketing services fueling the used vehicle ecosystem. From its national headquarters in Carmel, Indiana, the 16,000+ person organization leverages data and technology to help dealer, commercial and fleet clients maximize sales.
Wall Street has handsomely rewarded KAR‘s industry leadership with the stock price nearly doubling since 2017. For 2021, KAR reported annual revenue of $1.52 billion and continues aggressively expanding through acquisitions like its 2021 deals for BacklotCars and TradeRev.
CNO Financial Group (NYSE: CNO)
CNO Financial Group (NYSE: CNO), parent of top insurance providers Washington National, Bankers Life and Colonial Penn, relies on major technology operations to drive over $4 billion in annual revenue. The company‘s 2,000+ technology staffers handle everything from advanced data analytics to leading-edge customer experience initiatives like AI-powered chatbots.
Featuring an array of technology career paths, CNO clinched honors as a Best Place to Work in IT from IDG’s Insider Pro and Computerworld the last seven years running. The company also recently hired visionary CIO Pam Hickman to accelerate digital innovation, cybersecurity and more. For tech professionals, Indianapolis-based CNO represents a prime destination boasting competitive salaries and robust benefits.
Once High-Flying Indiana Tech Firms Now Just a Memory
While transitions both good and bad remain natural in tech‘s Darwinian landscape, a few once-prominent Indiana tech players merit recollection:
Appirio (Acquired & Absorbed by Wipro)
Founded in the 2000‘s heyday by exactTarget alums Chris Barbin, Mike Abbott and Glenn Weinstein, Appirio quickly rose as a top cloud consultancy focused on deployments of leading platforms like Salesforce, Google Cloud and Workday.
With backing from marquee investors like Sequoia Capital and General Atlantic, the Indianapolis-based firm soared to over $200 million in annual revenue supplying technical resources for a Who‘s Who roster of Fortune 500 companies. Appirio further captured global atenion in 2016 when IT services giant Wipro announced plans to acquire them for $500 million.
Operating initially as Wipro‘s distinct Salesforce cloud arm post-buyout, Appirio eventually got fully absorbed losing its standalone identity by 2020. Still, the legacy firm and its elite leadership bench played a pivotal role in catalyzing Indiana‘s early emergence as a national tech player.
Vibe HCM (Closed Operations After 25+ Years)
Founded in 1996 and headquartered in Elkhart, HR software provider Vibe HCM delivered cloud-based human capital management solutions spanning payroll, timekeeping, benefits admin and more for over 2600 customers globally.
Named among Software Advice‘s Top 52 HR Systems, Vibe HCM carved a strong niche with manufacturing, healthcare and non-profit sectors needing user-friendly HCM technology. However, unable to weather impacts from Covid disruptions and related data security challenges, Vibe surprisingly announced the halting of operations in June 2022 after more than 25 years in business.
Key Takeaways: Indiana Cultivating Top Midwest Tech Hub in Indianapolis and Beyond
While states like California, Washington and New York still lead overall, Indiana undeniably deserves attention for the remarkable technology ascent it continues powering from Indianapolis to other vibrant regions.
- Homegrown Tech Pioneers – Trailblazers like ExactTarget, Zylo and SEP put Indiana‘s tech potential on the map via major exits and accolades
- Top Revenue Producers – Fast-scaling companies like Greenlight Guru and Jobvite drive elite tech job growth
- Public Company Power – KAR Auction Services and CNO Financial represent billion-dollar tech employers
- Impressive Breadth – Industries from autos to medical devices tap Indiana talent
- Technical Job Magnets – Indianapolis and secondary hubs pull talent with high salaries, low costs of living
"There’s such a breadth of opportunity here from early-stage startups to global industry leaders, unprecedented support from organizations investing in the ecosystem, and a steady pipeline of talented people excited to forge new paths in tech without the coastal price tag," summarizes TechPoint President Mike Langellier. "It’s why you’re seeing so many success stories here with much more to come."
With Indiana committed to incentives attracting companies paired with rising skilled graduates from institutions like Purdue, Indiana University and Rose-Hulman, expect the state‘s technology boom to continue flourishing.
Frequently Asked Questions About Indiana‘s Tech Landscape
What is the tech hub city in Indiana?
Indianapolis undoubtedly stands as the epicenter for technology activity and jobs across the state. Nicknamed Indy, the capital anchors a metro area population over 2 million people and has actively developed amenities like Indy IoT Lab and 16 Tech innovation district to support tech growth.
What tech jobs and skills are in highest demand in Indiana?
Software development, cybersecurity, data science, cloud engineering and IT project management represent some of most common and highest paying technology roles in Indiana currently based on job postings and employer interviews.
How does Indiana‘s cost of living compare to other tech hubs?
Thanks to affordable housing, transportation costs and other critical living expenses, Indiana easily bests typical tech hubs with a cost of living 15-20% below metros like Austin and Denver and 30-50% less than coastal hubs like NYC or San Francisco.
Is Indianapolis considered an emerging Midwest tech hub by analysts?
Yes, multiple recent reports and rankings place Indianapolis as a "rising city" for technology by evaluation groups like CompTIA, CBRE, Business Facilities and Innovation Cities Index, noting its healthy mix of standout startups, established tech firms and accessible tech talent.
