Terabit Computer Engineering, 224 W. Cottage Ave., Sandy, has been selected as the 1990 Business of the Year by the Salt Lake Area Chamber of Commerce and will be honored Friday, Feb. 22, during a noon luncheon in the Salt Palace as part of the Business to Business Expo '91.
According to Fred S. Ball, chamber president, Terabit has carved a unique market niche with integrated computer hardware and software solutions for aerospace and government customers worldwide.Ball said the award is given annually to a chamber member that has creatively and imaginatively developed its products or services, actively involved itself in chamber activities, successfully responded to challenges or adversity and demonstrated growth in employment, sales and volume.
The award is sponsored by Equitable Life and Casualty.
Allen Tanner founded Terabit in 1977 and he served as the only employee when the company had $20,000 in total sales. Between 1977 and 1983, the company had three employees and sales grew to more than $125,000, but after hiring Jacob Helland, vice president, and Lorin Bice, president, the company grew to 11 employees and sales increased to $617,000.
In the next three years the company had 100 percent growth every year and by 1989 the company employed 46 and sales grew to $5 million. Sales increased to $6 million last year.