2021 Fastest Growing Companies, No. 2: Vital Records Control (VRC) Cos. LLC

Memphis Business Journal – MBJ’s annual Fastest Growing Companies list marks revenue milestones for Memphis’ largest — and arguably some of the most important — economic engines for the metro area.

Those companies designated as Fastest Growing come from MBJ’s annual Top 100 Memphis-Area Private Companies list, which is ranked by gross revenue for the most recently completed year. The 50 Fastest Growing Companies were ranked by their revenue growth from 2018 to 2020.

And the fact that revenue grew in the COVID-riddled year that was 2020, when compared to 2018, deserves accolades. While 2020 may prove to be an outlier in the area’s social and business history, there is no denying the accomplishment of growing revenue under trying market conditions. In this year’s Fastest Growing Companies, some of the ways that growth was constructed — hint, multiple entries in the top 10 are builders — come to light as we focus in on the top 10 fastest growing companies and rank the top 50 companies overall.

Vital Records Control (VRC) Cos. LLC

• Revenue growth, 2018 to 2020: 123.62%
• 2020 revenue: $194.46 million

Vital Records Control (VRC) Cos. LLC is now the third-largest records and information management company in the U.S. But, it had humble beginnings.

The firm started business out of a small office near Memphis International Airport in 1988. That first site included only three employees and 20 clients.

Contrast that with today, when VRC has more than 110 offices across all 50 states, working with more than 30,000 customers in 64 markets.

Originally, VRC provided personal asset protection via lockboxes. However, now its offerings are high-tech, utilizing RFID (radio frequency identification) tracking to establish an auditable chain of custody of documents.

Additional services include offsite storage, document conversion, cloud hosting, paper shredding, and hard drive destruction, as well as health information management and media vaulting.

Just over the past three years, VRC has seen revenue rocket from $86.9 million, in 2018, to nearly $200 million in 2020.

The company has 100 local employees and 1,400 overall. It is ranked No. 48 on MBJ’s largest private companies list, based on 2020 revenue.

Only five years ago, VRC had approximately $50 million in revenue.

And now, VRC has its eye on the international market. The company recently opened an office in the Bahamas and could expand further.

VRC counts Fortune 100 and 500 companies as clients, and is a provider of services to tens of thousands of small, medium, and large organizations.

View source version on bizjournals.com: https://www.bizjournals.com/memphis/news/2021/10/14/fastest-growing-companies-vrc-companies-llc.html