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Improved access to capital and good valuations keep technology companies in Canada

First-time winners take top two spots in Deloitte's Technology Fast 50

Toronto, Ontario – November 13, 2014 – Today, Deloitte announced the winners of its Technology Fast 50 program. Companies are selected for innovation, entrepreneurship, leadership and revenue growth over a five-year period. This year's Fast 50 award winners achieved an average five-year growth rate of 4,736%, a significant increase from last year’s growth rate of 832%. Winners of the Companies-to-Watch (CTW) and Leadership Award categories were also unveiled.

Making its debut in the top spot of the 2014 Fast 50 list, with five-year revenue growth of 69,800%, is Toronto-based digital media company, Chango. Established in 2008, Chango is an advertising platform that uses real time user data to implement targeted marketing campaigns for its clients to acquire new customers, retarget site visitors and build brand awareness.

In second place is Vancouver-based HootSuite with a five year growth rate of 56,514%, making its debut on the Fast50 list. Ottawa-based Shopify takes the third spot with a five year growth rate of 16,759%.

"The achievements of this year’s Fast 50 recipients are an indication that Canadian technology companies can excel here on home soil," said Robert Nardi, Partner and National Technology Media & Telecommunications Leader for Deloitte in Canada. "Fast-growing companies used to look solely to the US to secure sources of capital when domestic venture capital dried up after 2000, but the pendulum is now swinging back into balance. That is the result of recently added investments to the Canadian technology investing sector. "

Deloitte's annual survey of CEOs of Technology Fast 50 companies found that a strong majority (89%) of respondents believe the ability to access capital for technology companies has gotten better or remained the same in the past five years. Almost half of respondents (49%) agree that the various levels of government in Canada do enough to help Canadian tech companies, although that is down from last year’s number of 72%.

"Entrepreneurs can get good valuations in Canada," said Pascal Lamoureux, Partner and Leader for Deloitte's Fast 50 program.  "With the right business model, combined with support from investors and government, they will stay.”

Despite this, CEOs of Technology Fast 50 companies continue to face similar talent challenges as last year. Finding the talent that is needed and attracting the right talent remain as the two most important talent challenges.

Cybersecurity: Greater attention needed
According to the survey, 69% of Fast 50 CEOs believe the current frequency and severity of cyberattacks are worse than they have been in the past. Respondents felt they were doing well (22%) or above average (43%) in taking the right steps to protect against cyberattacks, yet only about half (52%) have a cyber-threat intelligence program in place. In fact, almost half (49%) of respondents have not conducted an independent review of its current cybersecurity program. The data shows that companies may believe that it's taking the right steps to protect itself from attacks, but greater attention is needed to ensure the right programs are in place to gauge the effectiveness and maturity of cybersecurity programs. 1 

Winner highlights:

  • Majority of the Technology Fast 50 winners are from Ontario (29), followed by Québec (9) and British Columbia (8), with the balance of the winners coming from Alberta (4). These levels are consistent with past years.
  • Both PointClickCare (Wescom Solutions) and Solium have placed on the list 7 years.
  • 5N Plus, Avigilon, iBwave, Real Matters, and Solace Systems have ranked on the list 5 times consecutively from 2010 to 2014.
  • 17 Fast 50 winners are new to the program.
  • Almost half of the CTW winners (7 companies) are from Ontario, followed by BC (4), Quebec (3) and Nova Scotia (1).
  • 8 of this year's Fast 50 winners have been selected as CTW winners in past years, including 2013 CTW winners: Uken Games and HootSuite.
  • The CTW category had the highest number of recipients with 15 companies receiving the honour in 2014.
  • Geotab Inc., Global Relay, HootSuite, PointClickCare and Shopify were recognized with the Leadership Award for growth, market attractiveness and effective management.

A complete list winners in the Technology Fast 50, Companies-to-Watch and Leadership Award categories is available here.

 

#

Growth %

Company Name

City

Province

1

69800%

Chango

Toronto

Ontario

2

56514%

HootSuite

Vancouver

British Columbia

3

16759%

Shopify

Ottawa

Ontario

4

14299%

Dejero Labs Inc.

Waterloo

Ontario

5

12332%

QuickMobile

Vancouver

British Columbia

6

11528%

Uken Games

Toronto

Ontario

7

10670%

Aeryon Labs

Waterloo

Ontario

8

6589%

AcuityAds Inc.

Toronto

Ontario

9

5857%

ScribbleLive

Toronto

Ontario

10

5499%

Clio

Burnaby

British Columbia

11

5339%

360incentives

Whitby

Ontario

12

4971%

Robots and Pencils

Calgary

Alberta

13

1268%

Firmex

Toronto

Ontario

14

1135%

Securefact

Toronto

Ontario

15

956%

Avigilon Corporation

Vancouver

British Columbia

16

865%

Zafin

Vancouver

British Columbia

17

851%

VIZIYA Corporation

Hamilton

Ontario

18

816%

EcoSynthetix Inc.

Burlington

Ontario

19

749%

Miovision Technologies Inc

Kitchener

Ontario

20

727%

Achievers

Toronto

Ontario

21

655%

SourceKnowledge

Montreal

Quebec

22

654%

Appnovation Technologies

Vancouver

British Columbia

23

581%

5N Plus Inc.

Saint-Laurent

Quebec

24

461%

Real Matters

Markham

Ontario

25

435%

Acquisio Inc.

Brossard

Quebec

26

434%

AskingCanadians

Toronto

Ontario

27

392%

Venngo

Toronto

Ontario

28

382%

CoolIT Systems Inc.

Calgary

Alberta

29

377%

Symbility Solutions

Toronto

Ontario

30

322%

CM Labs Simulations

Montreal

Quebec

31

319%

Solace Systems

Kanata

Ontario

32

275%

PointClickCare

Mississauga

Ontario

33

265%

PEER Group

Kitchener

Ontario

34

259%

Clevest

Richmond

British Columbia

35

248%

Etelesolv

Lachine

Quebec

36

246%

Solium

Calgary

Alberta

37

239%

Doxim

Markham

Ontario

38

236%

CloudOps

Montreal

Quebec

39

230%

Berkeley Payment Solutions

Toronto

Ontario

39

230%

Dominion Voting Systems Corporation

Toronto

Ontario

41

228%

iBwave

Saint-Laurent

Quebec

42

220%

Connexon Telecom Inc.

Montreal

Quebec

42

220%

Photon Control Inc.

Burnaby

British Columbia

44

211%

3esi

Calgary

Alberta

45

204%

Intelex Technologies Inc.

Toronto

Ontario

46

199%

TransGaming

Toronto

Ontario

47

196%

Phoenix Interactive Design Inc.

London

Ontario

48

192%

Klick Health

Toronto

Ontario

49

187%

Geotab Inc.

Oakville

Ontario

50

182%

Stingray Digital Group

Montreal

Quebec

 

About Deloitte
Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting, and financial advisory services. 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.

1The survey respondents are largely not in the cybersecurity field, but the views of a select group of fast growing technology companies provides a unique data set that likely indicates industry trends.

For more information, please contact:

Jeannie Tsang
Deloitte
416-643-8084
jeatsang@deloitte.ca

Marilyne Plouffe
Deloitte
514-393-5471
mplouffe@deloitte.ca

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