Attracting the right talent, the rise of AI, and data protection at the forefront for Deloitte Technology Fast 50 winners

Toronto, November 7, 2019 – Deloitte is pleased to announce the 2019 winners of the Technology Fast 50, Companies-to-Watch, and Enterprise Fast 15 awards. Recognizing the world-class achievements of Canadian technology companies, the Technology Fast 50 program highlights commitment to innovation, leadership, and rapid revenue growth between 2015 and 2018. This year, the average three-year growth of the Fast 50 winners is 1,689 per cent.

At the top of the Fast 50 list is ApplyBoard, an SaaS-enabled recruitment platform designed to help international students study at the best institutions of higher education in the world. With three-year growth of 12,525 per cent, the Kitchener-based company is revolutionizing the way students experience the application process by empowering them to access the best education available.

Taking second place with three-year growth of 10,246 per cent is another Kitchener company: Intellijoint Surgical. It develops smart tools that enhance the accuracy of orthopedic surgery, increase hospital efficiencies, and improve patients’ lives by providing surgeons with effective, easy-to-use technology.

In third place is Waterloo-based Auvik Networks. With three-year growth of 7,913 per cent, Auvik is a cloud-based network-monitoring and management software for IT managed service providers, offering them an efficient and profitable way to manage network infrastructure.

“This year’s Fast 50 winners should be incredibly proud of the impact they are making across all industries. They are living proof that innovation and adaptability are key factors in remaining competitive and thriving in unpredictable times,” said Erica Pretorius, partner and national leader for the Technology Fast 50 program at Deloitte Canada. “This outstanding designation is being noticed and it enables companies to attract local and international talent to the sector, which will continue to fuel the fire of innovation and growth.”

Labour market top of mind for third year straight
Deloitte’s annual survey of Technology Fast 50 CEOs found the labour market to be the biggest challenge facing businesses in 2019. A reoccurring theme seen over the last three years, half of the respondents (49 per cent) ranked the labour market as their top challenge. Seventy-five per cent indicated the main difficulties are the availability of the talent they need and attracting the right talent.

There’s room for hope. While Fast 50 CEOs highlighted the labour market as a challenge domestically, there has been an 11-percentage point increase from last year in the number of respondents who believe it is becoming easier to attract international talent to Canada compared to other countries (68 per cent of respondents, up from 57 per cent in 2018).

AI is no longer on the horizon; it’s here
Cited as the second biggest challenge among this year’s Fast 50 CEOs, 31 per cent of respondents believe technology advancements pose a significant hurdle to their business. On a positive note, there has been a 5-percentage point increase in those who reported using more artificial intelligence and cognitive technologies than they did a couple of years ago; it now stands at 65 per cent. Forty per cent of the Fast 50 companies surveyed believe the primary impact of their use of AI and cognitive technologies is that it allows their business to grow faster and be more flexible.

With more companies using AI and cognitive technologies, 78 per cent of respondents also noted that recent news coverage of the ethical use of data has influenced how they protect their data. The second greatest change in the wake of this coverage is how they collect data (57 per cent).

“With advancements in technology acting as a big concern for Fast 50 CEOs in 2019 and in previous years, we’re seeing these companies lean more and more into emerging technologies like AI,” said Anders McKenzie, managing partner of Deloitte Canada’s Technology, Media and Telecommunications (TMT) practice. “While AI can and will transform decision-making, drive efficiencies, improve customer experiences, and power sustained profitable growth, Fast 50 companies understand they need to embrace this technology and start adopting it in a more meaningful way to ensure future growth and success for their companies and our country.”

The majority of this year’s Fast 50 winners are based in Ontario (27), followed by British Columbia (10), Quebec (7), with the balance from the Prairie region (4), National Capital Region (1), and Atlantic region (1).

The 2019 Companies-to-Watch category winners are Altus Assessments, Checkfront, d1g1t Inc., Daisy Intelligence, Encircle Inc., FlexPay, Jane App, Kognitiv Spark, Mistplay, Rewind, Sensibill, Traction Guest, Upchain, and Wavo.me Inc. These outstanding companies are key to the future success of the technology sector.

The 2019 winners of the Enterprise Fast 15 category are AcuityAds Inc., Aucerna, Behaviour Interactive, BroadbandTV, Buyatab Online Inc., Canada Drives Ltd., Doxim, ecobee, Fleet Complete, GSoft, Plusgrade, and Sangoma. This new award category is open to organizations that recorded a minimum revenue of $10 million in 2015 and a minimum revenue of $25 million in 2018. These winners dominate in their sector, and join the ranks of other global leaders across Canada.

A complete list of winners of the Technology Fast 50, Companies-to-Watch, and Enterprise Fast 15 categories is available at www.fast50.ca.

About the Deloitte Technology Fast 50™
The Deloitte Technology Fast 50 program is Canada’s pre-eminent technology awards program. Celebrating business growth, innovation, and entrepreneurship, the program features three distinct categories, including the Technology Fast 50 Ranking, Enterprise Fast 15 (recognizing the fastest-growing enterprise-level technology, media, and telecommunications companies by revenue-growth percentage over their last four years of operation), and Companies-to-Watch Awards (early-stage Canadian tech companies with the potential to be a future Deloitte Technology Fast 50 candidate). Program sponsors include Deloitte, Bank of Montreal, CBRE, First West Capital, Miller Thomson, OMERS Ventures, 3C, and Lafond. For further information, visit www.fast50.ca.

About Deloitte

Deloitte provides audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and service to address clients’ most complex business challenges. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.  Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

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