Frost & Sullivan

Frost & Sullivan was started by Dan L. Sullivan and Lore A. Frost[3][4] in New York City in 1961.[5] In the 1970s it started a corporate training division, began sponsoring conferences and industry meetings, and opened an office in London.[5]

In 1982, it was publicly traded, and had annual revenues of $9.1 million. By 1987 revenue had grown to around $17.5 million, with $290,000 in net earnings. Theodore Cross acquired 53% of the stock in the mid-1980s.[5] In January 1988 the company was taken private by merger with a subsidiary of FAS Acquisition Co., a company formed by Cross and Warburg Pincus Capital.[6] It was sold to David Frigstad in 1993.

A sales office in New York was damaged in the September 11 attacks.[7] During the ensuing recession the company laid off 10% of its 700 staff.[5]

Frost & Sullivan issues industry awards based on research using a proprietary methodology, which is sometimes based on a single article produced by the receiver of the award. Organizations that receive a Frost & Sullivan award must pay a fee to communicate the outcome to the public.[8][9][10]