The list 1-40

The software industry has matured, but M&A is still letting stalwarts like Oracle, Adobe and Symantec post top-line growth in excess of 20%.

Baseline's ranking of the 40 fastest growing software companies—those with sales of at least $150 million in 2005 — is intended to provide a health check on the enterprise software industry. What you won't find: companies that aren't purely in software such as IBM or Sun. Or for that matter, Google is not included because it derives most of its revenue from consumer services.

Here is the list:

Slideshow: 40 software companies' growth stories in 2006