The information technology industry has again raised its standing among the world’s corporate elite, according to Fortune magazine’s ranking of corporate prowess.

Fortune’s Global 500 for 2008, based on annual revenues, shows two new arrivals from the IT sector – Oracle and Lenovo – and companies as diverse as Microsoft, Cisco, Apple and Accenture ascending through the rankings.

Oracle, the world’s second largest software company, makes its first appearance in the Global 500 at number 462 – no little thanks to a string of acquisitions in recent years – while PC and laptop maker Lenovo, swollen by its buy-out of IBM’s Personal Computer division, squeezed in at 499. Unlike previous years, no tech companies were displaced from the list.

At the other end of the table, HP led the technology entries, holding its position as the world’s 41^st largest company, helped by revenue growth of 13.8%; IBM, which was only one place behind it last year, dropped a few places to 46, despite its strong revenue rise of 8%.

However, among some of the fastest risers were the leaders in laptop manufacturing, Taiwan’s Quanta and Asustek. Quanta, which makes devices sold by Apple, Dell, Toshiba and scores of others, jumped more than 100 places, while rival Asustek rose 64 places.

Also notable was the rise of France’s networking systems powerhouse Alcatel, which following its acquisition of US-based Lucent has risen by 76 places. Less prestigiously, though, Alcatel-Lucent appears in another ranking – the biggest loss-makers table – at number six.

IT companies in the Fortune 500

1	Hewlett-Packard	$104.3 bn
2	IBM	$98.8 bn
3	Dell	$61.1bn
4	Microsoft	$51.1bn
5	Fujitsu	$46.7bn
6	NEC	$40.4bn
7	Intel	$38.3bn
8	Canon	$38.1bn
9	Cisco Systems	$34.9bn
10	Flextronics Int’l	$27.6bn
11	Alcatel-Lucent	$24.6bn
12	Apple	$24.0bn
13	Quanta Computer	$23.7bn
14	Asustek Computer	$23.0bn
15	EDS	$22.1bn
16	Accenture	$21.5bn
17	Ricoh	$19.4bn
18	Oracle	$18.0bn
19	Xerox	$17.2bn
20	Lenovo	$16.8bn

Companies ranked by 2007 revenue. Included are companies that derive the majority of their revenue from sales of information technology products or services. Excluded are technology product distributors, electronic component makers, telecoms companies and mobile phone manufacturers.

Further reading

EDS buy to reshape Hewlett-Packard Analysing Hewlett-Packard's $13 billion acquisition of Texan IT services giant EDS

An interview with Steve Mills In a rare and exclusive interview, IBM’s software chief, Steve Mills, opens up on the company’s software agenda

Alcatel-Lucent loses $3.7 billion in one quarter