June 8, 2023: 10 Fairfax County-based firms rank on 2023 Fortune 500 List + Weekly Business News Digest

Fortune 500 Companies in Fairfax County, Virginia

Ten Fairfax County-based companies landed on the 2023 Fortune 500 list, its 69th annual list of the largest corporations in the United States, ranked by revenue for the 2022 fiscal year. Fairfax County-based companies account for 40 percent of the Fortune 500s in the state for 2023, with a combined revenue of $259 Billion. This year, Fortune 1000 also includes seven additional Fairfax County-based companies.

“Fairfax County’s unparalleled economic stability and access to talent are the key to supporting the continued success of our Fortune 500s,” said Victor Hoskins, president and CEO, Fairfax County Economic Development Authority. “In turn, the growth and vitality of these companies support the strength of our regional and national economy,” he continued. “This relationship really is mutually beneficial and the success of one cannot exist without the other.”

Tysons-based Federal Home Loan Mortgage Corp. ranked at no. 45 nationally — as well as taking the no. 1 spot for Fairfax County and no. 2 in the state. Tysons-based Hilton returned to the list after dropping down to a Fortune 1000 company for two years because of the then impact of COVID-19 on the hospitality sector.

Fairfax County-based Fortune 500 companies

(Preceded by ranking on the list. Companies ranking higher than in 2022 are noted.)

In addition, five companies located in the neighboring Northern Virginia Economic Development Alliance (NOVA EDA) jurisdictions landed on the Fortune 500 list, including Raytheon and Boeing, which both moved their headquarters to Arlington County in 2022. Amazon, which is no. 2 on the national list and no. 1 in Virginia, is currently building its second headquarters in Arlington County. The Fortune 1000 also included two additional companies from NOVA EDA jurisdictions.

Fairfax County-based Fortune 1000 companies

Seven additional Fairfax County-based companies ranked on the Fortune 1000, including Tysons-based government contractor V2X, which formed from the 2022 merger of Colorado-based government contractor Vectrus and Mississippi-based Vertex.

Virginia Business and Washington Business Journal have more.

In 2023, for the first time in its 69-year history, over 10 percent (52) of the companies on the entire Fortune 500 list have female CEOs, Fortune reported. In Fairfax County, women CEOs are at the helm of four of the 10 companies, or 40 percent, that rank on the list. Nationwide, that’s nearly 7.7 percent of the women CEOs on the Fortune 500 list.

Fortune 500 companies run by women CEOs in Fairfax County:

In addition, Amy Gilliland is president of General Dynamics Information Technology (GDIT), a business unit of General Dynamics Corporation. Carey Smith is the Chair, President and CEO, of Parsons Corporation, a Fortune 1000 company.

Tysons-based kidney health firm Somatus leads as the highest-valued unicorn in the Greater Washington region with a $2.5 billion valuation, according to CBInsights. Three additional  Fairfax County-based companies placed on the list: Tysons-based identification software firm ($1.5 billion); Tysons and Hawthorne, Calif.-based Epirus ($1.35 billion); and Herndon-based cybersecurity firm Expel ($1 billion). The valuations were estimates as of April. Supply chain technology company Interos, based in additional Northern Virginia Economic Development Alliance jurisdiction Arlington also placed on the list with a $1 billion valuation.

Six Washington, D.C.-based unicorns ranked on the list: Morning Consult ($1 billion); Rebellion Defense ($1 billion); Cava Group ($1.3 billion); Arcadia ($1.48 billion); Upside ($1.5 billion); and Caribou ($1.1 billion). Bethesda-based healthcare tech firm Aledade ($2.1 billion) also made the list. A unicorn company, or unicorn startup, is a private company with a valuation of over $1 billion. As of May 2023, there are over 1,200 unicorns around the world, according to CB Insights.

Weekly Business News Digest

Amazonian investment: Amazon Web Services, which bases its east coast HQ in Herndon, invested more than $51.9 billion in Virginia between 2011 and 2021, according to an economic impact statement released by the company Wednesday, June 7, Virginia Business reported. That investment total includes capital and operational expenditures in Virginia, including in Fairfax, Loudoun and Prince William Counties. During that same period, the company has contributed an estimated $8.2 billion total gross domestic product in the state. In 2021, AWS employed about 8,710 full-time workers in roles including data center engineers and technicians, solutions architects, software engineers, business developers. That same year, about 11,180 full- and part-time highly skilled workers supported AWS construction, operations and maintenance on-site at AWS facilities in Virginia. “Economic growth created by AWS’s investment in the U.S. East (Northern Virginia) region has led to a ripple effect in Virginia, including enabling job opportunities, upskilling Virginia’s workforce, sustainability commitments, and more,” according to the economic impact statement. Click here to see its infographic.

Welcome to Herndon! Austria-based Tele Controls, a 60-year-old, woman-owned industrial automation manufacturer, relocated its U.S. subsidiary headquarters to the Town of Herndon, FFXnow reported. The company opened its first U.S. subsidiary in Arlington in 2018. Company spokesperson Apolinar Rivera said that four successful years at a co-working location during the pandemic prompted the move to permanent offices in Herndon, as the company seeks to grow its presence in the U.S. “We aim to be a valuable resource for these industries and our relocation was made possible with the help of the Fairfax County Economic Development Authority,” Rivera said.  A grand opening ceremony is slated for June 22 at the company’s new offices at 570 Herndon Parkway in Suite 110. The company has three employees in the U.S. and around 100 employees in Europe. “With our intentions to grow our industrial footprint in the U.S., we relocated our office in May intending to hire more staff and expand our company to become the top supplier of timer relays, monitoring relays, and energy sensors,” Rivera said.

New Chantilly space for space: The grand opening ceremony at the Space Systems Command’s (SSC) recently established Commercial Space Office in Chantilly was held Tuesday, June 6, Breaking Defense reported. The 10,000 square-foot meeting space is designed to help SSC deepen collaboration with industry, and was stood up through a “partnership intermediary agreement” between the Basic Research Innovation and Collaboration Partnership and the Air Force Research Laboratory’s Air Force Office of Scientific Research. Support services are being provided by the Virginia Tech Applied Research Corporation “in the areas of analysis, STEM outreach, workforce development, and technology transition and transfer advisement,” according to an SSC media advisory. “It was just really important for us to have what we’re saying is our headquarters for the Commercial Space Office out here. And it was pretty deliberately planned to have it out here in Chantilly, which is a really good sweet spot with our government partners, as well as being a good central place for industry,” said Col. Rich Kniseley, who heads Space Systems Command’s recently established Commercial Space Office.

Health care innovation for military and federal communities: Reston-based Leidos company QTC Medical Services announced the opening of its new flagship clinic facility in Fairfax. The clinic brings a range of health services to U.S. military veterans, separating and retiring service members, active duty and reserve service members and civilians. In addition, the clinic extends its services to encompass the U.S. Department of Health and Human Services’ Federal Occupational Health program and U.S. government intelligence programs. “We are proud to open this state-of-the-art facility and unleash the power of innovation for our military and federal communities,” said Liz Porter, Leidos Health Group President. “With this flagship QTC clinic, Leidos remains dedicated to delivering exceptional and streamlined care through industry-leading health delivery solutions.” At 7,800 square feet, the new facility is in an ideal location near Inova Fairfax Medical Campus. It features 10 exam rooms, 3 consultation rooms, 2 diagnostic testing rooms as well as separate lab, vitals and X-ray rooms. Additionally, the flagship facility has an ADA Audiology booth and enhanced security systems. These are integrated into the Leidos Global Headquarters Emergency Operations Center for efficient processing and service. ExecutiveBiz has more.

Unlocking and creating synergies: BAE Systems, which is headquartered in the U.S. in the Falls Church area of Fairfax County, introduced a new technology partnership initiative to cultivate relationships between its intelligence and security business unit and other organizations, ExecutiveGov reported. The Mission Advantage project is intended to drive collaboration between BAE Systems and program members to accelerate the delivery of advanced technologies and increase mission readiness for customers. Daniel Perkins, director of strategy and technology partnerships for BAE Systems’ intelligence and security arm, said that Mission Advantage will help the company better address complicated national security challenges and swiftly respond to changing client demands. “Together with our partners, we’re unlocking and creating synergies that provide our customers a significant technological edge in support of national security,” Perkins said.

Enhancing Baltic regional security: Falls Church area-based Northrop Grumman trained military personnel in Estonia, Lithuania and Latvia to use a company-built system for managing counter-small unmanned aerial platform operations, ExecutiveBiz reported. The Forward Area Air Defense Command and Control system aligns the three Baltic states’ collective short-range air defense and C-sUAS capabilities with the U.S. European Command’s Integrated Air and Missile Defense Plan, according to Northrop. FAAD C2 is intended to help armed forces in the region integrate with NATO’s modern air defense systems. “The system’s battle-proven architecture allows for future integration of additional sensors and effectors, and its interoperability with NATO’s integrated air and missile defense framework will enhance the region’s security,” said Rebecca Torzone, vice president and general manager of combat systems and mission readiness at Northrop.

Third funding round: Reston venture capital firm Proof.VC said it has raised $135 million in its third fund, reported DC INNO. The firm began raising its third fund in November 2021, a year after closing its second fund at a total of $120 million in December 2020. That second fund amounted to more than triple its first fund of $36.4 million. Proof — which stands for “Pro-rata opportunity fund” — was founded by Backus and Thanasis Delistathis — both were co-founders of Reston-based New Atlantic Ventures — and John Burke, founder of True Ventures. In 2021, the venture firm was one of Greater Washington’s largest based on its number of deals, numbering at 28 that year, according to Washington Business Journal research.

Next-generation technologies: Tysons-based MITRE has integrated Intel’s Direct RF chip technology into the Extremely Wideband RF Spectrum Operations system as part of efforts to enable multiple wideband platforms, ExecutiveGov reported. The integration of the chip technology into EWO was carried out through its partnership with Intel, CAES and the U.S. Air Force. EWO is a reference implementation system designed to deliver spectrum capabilities for radar, communications, signals intelligence and other applications and has become a standard for developing multifunction wideband technologies. “EWO is very flexible,” said Wajih Elsallal, FUSE’s creator and EWO co-lead at MITRE. “It provides a foundation previously unavailable that allows government, industry, and academia to develop and assess next-generation technologies.”

New gov-tech firm: Tysons-based Willow Creek Partners (WCP), a private equity firm, launched a new government technology services company called One 23 Group. The firm said the company will offer cyber, consulting & analytics and digital workplace services to government and intelligence clients, including the Department of Defense. In a statement, WCP co-founder and CEO Matt Brady said the new company will be “the foundation for WCP’s government services portfolio with a workforce of over 200 employees.” Brady said that he expects Willow Creek to continue to invest significant resources into One 23 Group in the future. Potomac Tech Wire picked up the release.

Funding round: Reston-based Zoomph, a developer of technology used to gauge the effectiveness of sports and entertainment partnerships, announced that it has completed a Series A funding round. Jurassic Capital led the round that also included Lalotte Ventures and others. Zoomph’s technology is used by brands to measure engagement and value from sports and entertainment sponsorships. It’s platform examines engagement on various channels, including social, streaming, television and other outlets.  Potomac Tech Wire carried the release. To find out more about Zoomph click here.

Contract Wins

Peraton (Reston) booked a $284 Defense Intelligence Agency contract to bolster the Missile and Space Intelligence Center’s authoritative foreign threat analysis and assessment capabilities. ExecutiveGov

Northrop Grumman (Falls Church area) secured an $80.3 million sole-source contract to develop and demonstrate a communication system using military platforms and commercial space internet services. GovConWire

ICF (Reston) obtained a $22 million re-compete contract from the Department of Justice to continue enhancing the assistance and support provided to crime victims and survivors. ExecutiveBiz

General Dynamics Mission Systems (Fairfax) secured a contract to design and develop a voice communication platform for the National Security Agency. ExecutiveBiz

FCEDA Hosted and Sponsored Events

June 22, 2023 – Wharton DC Innovation Summit. Reflecting the turbulence of recent years from the pandemic, plus ongoing global economic disruption and geopolitical tensions, this year’s theme provides historical context and a helpful look ahead to those who want to control their destiny, while benefiting more people: Advancing to a Healthier, Wealthier World for All. Anyone who registers through FCEDA receives the Strategic Partnership rate which is $150 off the public price and the same price as Wharton DC Club members. They should register by selecting the Strategic Partnership rate and typing “FCEDA” in the Special Instructions box as they checkout by clicking here.

June 22, 2023 – Virginia Forum on Diversity, Equity and Inclusion. The Virginia Chamber Foundation and the Fairfax County Economic Development Authority are pleased to present a Forum on Diversity, Equity, and Inclusion. Business leaders from across the state will discuss the importance of DE&I to the Commonwealth’s workforce and the critical role it plays in Virginia’s economic growth and prosperity. The event will be held at Capital One Center in Tysons. Click here to register.

June 26-29, 2023 – Cyber Week. Cyber Week is a large annual international cybersecurity event, hosted each year at Tel Aviv University in Israel. Cyber Week offers a unique gathering of cybersecurity experts, industry leaders, startups, investors, academics, diplomats, and government officials. With more than 9,000 attendees from more than 80 countries, this conference offers a thought-provoking exchange of knowledge, methods, and ideas that you won’t want to miss. Events will run for a full week and include over 50 roundtables, panels, workshops, forums, B-Sides, competitions, and more. Click here to register.

September 26-28, 2023 – Call for Experts: Connecting the Global Quantum Ecosystem. Quantum World Congress 2023 will occur September 26-28 in the Greater Washington region. It will once again bring together leaders from across the quantum ecosystem around the globe to address pressing challenges and emerging trends and share insights that help to accelerate and commercialize quantum technologies. Programming will take many forms — from presentations and panels to fireside chats and networking sessions. QWC will enable relevant, timely, and industry-leading information sharing and relationship building across these formats to foster a responsible environment for quantum growth. If your expertise and experience position you as a thought leader, then you are invited to complete the speaker application. Please also review the sponsorship packages to explore ways to showcase your brand at the event. Click here for more information.

FCEDA is Here to Help Your Business Thrive

Fairfax County EDA is here to connect businesses of all kinds to resources and information. For direct assistance, email the FCEDA at, or call 703-790-0600 to leave a voice message for our staff. And click here for resources available in the other nine jurisdictions that make up the Northern Virginia Economic Development Alliance.