Three Companies to Watch in 2012

Tampa Bay

Celestar Corp.

A shrinking market in the defense industry is sending large contractors after smaller contracts and small contractors into bankruptcy. Greg Celestan, chairman and CEO of Celestar Corp., began diversifying the Tampa-based defense contractor 18 months ago in anticipation of this market shift.

As a firm that specializes in gathering intelligence, it's fitting Celestar started moving into the commercial sector before government contracts began to dry up.

Though Celestan won't take credit for the diversification trend among small defense contractors, he's excited to see the vision take shape. “We started to see our market changing,” he says. “So we knew our long-term strategic vision was the right one.”

Ideally, Celestan would like commercial contracts to make up 30% of sales.

With annual revenues of $18 million and 120 employees, Celestar is now looking toward vertical expansion, specifically into software design. Instead of using third-party software for its contracts, Celestar is in the concept phase of designing its own. The firm could begin hiring programmers this year.

Celestan says the firm has the potential to reach $23 million in revenues in 2012 and add as many as 30 employees.

“We're not wedded to any past technology,” Celestan says, “or anything that would stop us from trying something new or innovative.”

—Alex Mahadevan

Sarasota-Manatee

Voalte

Hurdles are high, but a breakout year could be in the offing for Voalte in 2012.

In fact, the 28-employee technology firm might grow by at least 50% in employees this year, executives say, and maybe even 100% in revenues. The multimillion-dollar firm doesn't disclose sales figures, but CEO Rob Campbell says he thinks “doubling revenues is in our wheelhouse.”

Voalte utilizes smartphone technology to allow nurses to efficiently send and receive text messages, make calls and receive critical care alarms. Founded in 2009, Voalte, stands for voice, alarm and text.

Campbell says a key difference between 2011 and 2012 is the company can now show potential clients how the system provides a hospital a sizeable return on investment. Plus, after two years of working out kinks, Voalte executives say the system is more intuitive and instinctive.

“We will be a little less cautious,” says Campbell. “We have to get in front of more hospital facilities.”

Campbell says the sales process seems to have extended, which puts a drag on the company's projections. He also worries the economy could thwart the company's big plans. “We are trying to build market share in a flat or falling economy,” says Campbell, “and that's tough.”

— Mark Gordon

Lee-Collier

Herbal Science Group/VR Laboratories

The Bonita Springs private-equity investor has been laboring for a decade to amass a treasure trove of botanical compounds that could help people who suffer from a variety of
illnesses, from the flu to Alzheimer's disease.

Currently, more than 600 botanical extracts are ready for product development with thousands more on the way, Gow says. He says his scientists have proven these products can work consistently and effectively, succeeding where large pharmaceutical companies have failed.

Botanical compounds made from plants the U.S. Food & Drug Administration already considers safe could be marketed and sold more quickly than drugs made from other sources because of lower regulatory barriers.

Now, we're about to see the fruits of Gow's decade-long research by his team of scientists. Gow's company, HerbalScience Group, has licensed its discoveries to VR Laboratories, which plans to begin manufacturing botanical remedies in Lee County this year.

VR recently hired former Florida Lt. Gov. Jeff Kottkamp as its CEO and nutritional-health manufacturing veteran John Saltamartine as the chief operating officer. Gow says VR's sales could hit $350 million annually by the third year of operation.

— Jean Gruss