Talent labour market and technology advancements are top of mind for Deloitte Technology Fast 50 winners

Toronto, November 15, 2018 – Deloitte is pleased to announce today the 2018 winners of its Technology Fast 50, Companies-to-Watch and Leadership awards programs. The Technology Fast 50 program celebrates the world-class achievements of Canadian technology companies, highlighting their true commitment to innovation, leadership, and rapid revenue growth between 2014 and 2017. This year, the average three-year growth rate of the Fast 50 winners is 2,124 per cent.

Topping the Fast 50 list this year is Vanrx Pharmasystems, a manufacturer of aseptic filling machines for the pharmaceutical industry. With an average three-year growth rate of 19,342 per cent, the Burnaby, BC-based company dramatically sets itself apart in the pharmaceutical technology industry.

Taking second place for revenue growth is Mojio, a connected car platform and SaaS provider based in Vancouver, BC. With an average three-year growth rate of 11,949 per cent, Mojio delivers smarter, safer and more convenient car ownership experiences for subscribers of mobile network operators.

In third place, with an average three-year growth rate of 10,942 per cent, is COLO-D, a Canadian leader in wholesale data centre solutions. Based in Drummondville, QC, it develops and operates cutting-edge hyperscale data centres to meet the evolving technological needs of today’s largest organizations.

“This year’s Fast 50 winners are demonstrating just what it takes to stay ahead of the curve, in an era of rapid and constant change,” said Anders McKenzie, Managing Partner of Technology, Media and Telecommunications (TMT) for Deloitte Canada. “Spanning a variety of industries, these companies are united in their unrivaled achievements in innovation, leadership and incredible growth. Every winner should feel a sense of pride for this success, and motivation to continue striving to succeed in the future.”

Deloitte’s annual survey of Technology Fast 50 CEOs found the labour market to be the biggest challenge for respondents, a reoccurring theme from 2017. More than half (64 per cent) of the respondents cited the talent labour market and technology advancements as the top two challenges facing their businesses today. While Fast 50 CEOs highlight the labour market as a challenge domestically, more than half (57 per cent) believe it’s becoming easier to attract international talent to Canada compared to other countries.

Although the 2018 data shows a small drop in female applicants compared to 2017, 38 per cent of respondents say that more than 41 per cent of new hires for all positions are women, a 12-percentage point increase from 2017.

More companies believe diversity is a driving force in success
Seventy-five per cent of the Fast 50 companies surveyed believe creating and maintaining a diverse and inclusive workplace is one of the top three strategic drivers of a company’s success. Sixty-seven per cent believe the best way to achieve an inclusive and engaged workplace is to hire a more diverse employee base, which represents a 13-percentage point increase from last year.

In 2018, 89 per cent of respondents consider their employee base to be diverse across age, skill level and cultural background.

“This year’s Fast 50 winners operate with a global mindset and commit to investment in research and development, two elements that are critical for growth and future success,” said Erica Pretorius, National Leader of the Technology Fast 50 program at Deloitte Canada. “By encouraging a more diverse and inclusive workplace and uniting through differences, Fast 50 companies will be able to capitalize on Canada’s diversity and ensure future growth and success for their companies and our country.”

Adopting emerging technologies
This year’s survey results reveal an increase in companies using emerging technologies. Sixty per cent of Fast 50 companies surveyed report they are using more artificial intelligence (AI) and cognitive technologies than they did just a couple of years ago, an eight-percentage point increase since 2017. Zero respondents say they are using less AI technology in 2018.

In line with 2017 results, the primary purpose of AI and cognitive technology for Fast 50 winners is to increase their flexibility to grow faster. Twenty-nine per cent of respondents claim AI technology allows them to do things they wouldn’t otherwise be able to do.

The majority of this year’s Fast 50 winners are based in Ontario (23), followed by Quebec (13), British Columbia (12) and the Prairie region (2).

The 2018 Companies-to-Watch category winners include 7shifts, Algolux, Ample Organics, Auvik, Dialogue, eCompliance, Kira Systems, Klue, League, Loopio, Pressboard, Ritual Technologies, SOLINK, SPORTLOGiQ and Voltera. These outstanding companies are key to the future success of the technology sector.

The 2018 Leadership award winners include eSentire, Global Relay, Index Exchange, Plusgrade, Prodigy Game, Solium and TouchBistro. Ranging from British Columbia to Quebec, 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 Leadership Awards categories is available at www.fast50.ca.

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