The COVID chronicles

Somerset Patriots in action at TD Bank Ballpark in Bridgewater. – SOMERSET PATRIOTS

By all accounts, 2020 was chaotic and dramatically different than any year in recent memory. Spending habits changed as New Jerseyans stayed home and became more aware of public health. Companies like Zoom, which was practically unheard of, became a household name. And while the Amazons of the economy thrived, malls, casinos and restaurants obviously took a hit. Pharmaceuticals, life sciences, biotechnology, cybersecurity and financial technology providers thrived. Hotels, restaurants, concerts and live event venues suffered. The national dynamic also played out in New Jersey, manifested in the NJBIZ Top 250 Privately Held Companies list.

Residential real estate for example exploded in the past year, as city dwellers seeking space for social distancing migrated to the suburbs across New Jersey. “We’re seeing traffic that’s coming from Connecticut, New York, North Jersey,” said Perry Beneduce, executive director of Diane Turnton, Realtors, which markets homes along the Jersey Shore.

The firm moved from the No. 24 spot in the 2020 Top 250 to the No. 19 spot in 2021, with revenue increasing 41% from nearly $740 million to $1.04 billion. COVID-19, Beneduce said, “kicked it into high gear” with the housing market, and he sees no reason that it should slow down anytime in the near future.

Many financial services firms saw their year-over-year revenues soar during the pandemic, with many of those companies experiencing a surge in products such as mortgages. Homebridge Financial Services’ revenue rose 132%, from $488.18 million in 2019 to $1.13 billion in 2020. The American Neighborhood Mortgage Acceptance Co. – or AnnieMac – saw its revenue grow 88%, from $133.8 million in 2019 to $251.2 million last year.

Advisors Mortgage Group’s revenue grew 177%, from nearly $43 million in 2019 to nearly $119 million in 2020, good for the No. 54 spot compared to 104th last year.

Eknoian

“Individuals and businesses still needed insurance throughout COVID,” Rich Eknoian, the chief executive officer of World Insurance Associates, said in an email. Revenues at WIA, which offers personal and commercial insurance, employee benefits, and retirement and financial planning, climbed 53% from $53.25 million in 2019 to nearly $81.4 million in 2020.

“During the pandemic and the lockdowns, there were fewer exposures, which resulted in a decline in premiums,” Eknoian continued. “But as the country opens up that is quickly normalizing.”

Technology services grew across the board, and some of the best performers in the Top 250 were in the tech sector. Software company Axtria, for example, posted a 49% jump in revenue, from nearly $80 million in 2019 to over $119 million last year, climbing from the 76th spot to 53rd. The company’s main clientele is in the life sciences and health care industries, where according to CEO Jassi Chadha “there is a strong push to leverage software technology and [artificial intelligence technology] to scale global commercial operations effectively.”

AI and Machine Learning-driven advanced analytics will be embedded across all levels, allowing life sciences companies to engage their customers through omnichannel strategies.
– Jassi Chadha, Axtria

Chadha

“The crisis created by the COVID-19 pandemic further accelerated this need,” he continued in a written statement. “AI and Machine Learning-driven advanced analytics will be embedded across all levels, allowing life sciences companies to engage their customers through omnichannel strategies.”

Suuchi, a technology and apparel manufacturing and supply chain platform company founded by first-generation South Indian immigrant Suuchi Ramesh, also experienced impressive growth last year. The company’s revenue surged 598%, to $44 million in 2020, from $6.3 million in 2019.

On the flip side, businesses that rely on crowds of people were hurt during the pandemic. Meetings Alliance, which organizes in-person corporate meetings and events, took a 46% hit, dropping from $39.8 million of revenue in 2019 to less than $21.5 million last year.

Revenue for the Somerset Patriots, a minor league baseball team in Bridgewater, fell 52% last year, from $7.35 million to $3.5 million.

Under the COVID-19 restrictions Gov. Phil Murphy imposed, combined with official rules from professional and collegiate leagues, organized sports operated at extremely reduced capacity to keep games from turning into outbreaks.

The travel industry also took major hits during the pandemic, due to a combination of bans on non-essential movement, restrictions on traveling into other countries, stay-at-home orders and overall anxiety about the spread of the pandemic.
Wabba Travel, based in Basking Ridge, saw its revenue shrink 73%, from $3.75 million in 2019 to $1 million last year.