Deloitte Technology Fast 50 Awards program goes green as part of 10th anniversary, and special award presented to Research In Motion
Toronto, September 20, 2007 - Today's announcement of the 2007 Deloitte Technology Fast 50 winners celebrates a decade of remarkable growth. The Deloitte Technology Fast 50, the country's leading technology awards, recognize top companies across Canada for their innovation and entrepreneurship. Waterloo-based Sandvine, which creates network equipment for broadband service providers, tops the list with a blistering 42,120% five-year average revenue growth.
Celebrating its 10th anniversary, the program also honours Research In Motion for achieving a top 50 ranking each year since the program's inception. New this year is the Deloitte Technology Green 15, an award that recognizes companies in the rapidly evolving sector of "green technology" solutions. The Honourable John Baird, Minister of the Environment, revealed the inaugural recipients at a private reception.
"Canadian technology companies chart some of the highest revenue growth in North America, while playing in some of the world's largest, most competitive and exciting market sectors," said John Ruffolo, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. "Over the past decade, Canadian companies have displayed an incredible business acumen and entrepreneurial spirit that we now see emerging in an entirely new field which we're recognizing this year with the Deloitte Technology Green 15."
Canadian technology continues explosive growth on world stage
This year's winning companies posted an average growth rate of 3,732%. Waterloo-based Sandvine tops the list, followed by Toronto-based PlateSpin (21,519% growth,) a developer of data centre automation software. Two companies share third spot at 16,610%: Ottawa-based BTI Photonic Systems Inc., which makes optical networks and Toronto-based Tira Wireless Inc., whose software enables wireless applications. Rounding out the top five are Toronto-based MyThum Interactive Inc. (13,900%), a mobile interactive media technology-provider and Impact Mobile Inc. (10,455%), which provides mobile marketing solutions.
Dotcom bust sowed seeds for today's second wave of technology success
The astounding success Canadian technology companies are achieving today has its roots in the dotcom boom from 1997-2001. In fact, 60% of ranked companies were founded during this time and today we're starting to see the coming of age of companies created when venture capital reached its funding peak in the late 1990s. In addition, the dotcom bust that followed 2001 laid the foundation for the success of many of today's winning companies - seasoned management teams and world class research and development.
The future is green and wireless: software sector still dominant but evolving
Software is still the dominant category in the ranking at 53%, but enterprise software applications are giving way to new applications such as digital media, server virtualization and managed services. Telecommunications remains the second-largest represented sector at 30%, followed by hardware at 16% and emerging technologies at 2%. Although the wireless sector continues to thrive, the big story in 2007 is the unprecedented emergence of green technology companies. Although some of these companies have been around for years, they have finally arrived, with venture capitalists and major technology players taking note and a stake in the game.
CEOs reveal strategies and concerns around growth
A recent survey of this year's winning company CEOs found that although they are generally optimistic about the future, they are concerned about two major issues that have the potential to impact company growth: Canadian taxation policy and currency exchange rates. The survey also found that CEOs plan to achieve growth this year by focusing on hiring world-class Canadian talent, developing world-class intellectual property (research and development continues to be a major focus for investment) and expanding into global markets (due to Canada's small domestic market for their products.)
Regional representation of Canada's technology hotspots
While the Greater Toronto Area (GTA), Ottawa, and companies from Southwestern Ontario combine to produce more than half of Deloitte Technology Fast 50 winning companies, other regions also show strength. Quebec and the Greater Vancouver Area (GVA) each boast nine winners, four hail from Calgary, and Atlantic Canada has two winners.
A decade of recognizing Canada's leading technology companies
Since 1997, the Deloitte Technology Fast 50 program has mirrored the tremendous evolution of the Canadian technology industry. In addition to the Technology Fast 50, the program now includes Leadership Awards, Companies-to-Watch Awards, and Deloitte Technology Green 15 Awards.
Leadership Awards single out companies that are the elite members of the Canadian technology industry, whose ability to create a distinct competitive advantage in a high-growth market is allowing them to dominate their sector and quickly join the ranks of other Canadian global leaders. This year's four Leadership Awards recipients are: Technology Fast 50 winner, Sandvine; Bridgewater Systems, a developer of access control software for wireless and wireline service providers; SMART Technologies Inc., which makes business collaboration tools; and Xantrex Technology Inc., which supplies advanced power electronics.
Based on the same criteria as the Deloitte Technology Fast 50, this award honours early-stage Canadian technology companies in business less than five years, with the potential to be a future Deloitte Technology Fast 50 candidate. For example, two Companies-to-Watch winners from last year, Sandvine and Impact Mobile Inc., rose to the upper echelon of the 2007 Deloitte Technology Fast 50 ranking this year. Ten companies are recognized as Companies-to-Watch this year: Airline Intelligence Systems, Axiom Real-Time Metrics Inc., Brandimensions, ENABIL Solutions Ltd., Enablence Technologies Inc., First Coverage, Octopz Inc., RapidMind Inc., Spatial View Inc., and xkoto Inc.
Deloitte Technology Green 15 Awards
New in 2007, these awards honour companies creating innovative, important and economically-viable intellectual property in the burgeoning field of green technology. Deloitte Technology Green 15 companies are judged on technology solutions that deliver a significant environmental impact and a compelling return for their clients. The 15 inaugural winners are: 6N Silicon Inc., Azure Dynamics Inc., Distech Controls, Inc., EnviroTower, GEEP Inc., Optimal Technologies, Plutonic Power Corporation, QuestAIR Technologies Inc., REGEN Energy Inc., Sempa Power Systems Ltd., Smartcool Systems Inc., Sustainable Energy, VRB Power Systems Inc., Westport Innovations Inc., and Xantrex Technologies Inc.
About the Deloitte Technology Fast 50
This year marks the 10th anniversary of the Deloitte Technology Fast 50 program, which celebrates business growth, innovation and entrepreneurship. The program features four distinct categories including the Technology Fast 50 Ranking, Companies-to-Watch Awards (early-stage Canadian tech companies in business less than five years, with the potential to be a future Deloitte Technology Fast 50 candidate,) Leadership Awards (companies that demonstrate technological leadership in four industry subcategories: hardware/semiconductor, software, telecommunications/wireless and emerging technologies) and the Deloitte Technology Green 15 Awards (recognizing companies creating innovative and economically-viable intellectual property in the field of green technology). Program sponsors include Deloitte, Gowlings, GrowthWorks, CIBC World Markets, Stonewood Group, Behr & Associates, and CATAAlliance. For further information, visit www.fast50.ca or call 1-888-6FAST50.
Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting, and financial advisory services through more than 6,800 people in 51 offices. Deloitte operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. The firm is dedicated to helping its clients and its people excel. Deloitte is the Canadian member firm of Deloitte Touche Tohmatsu. Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other related names. Services are provided by the member firms or their subsidiaries and not by the Deloitte Touche Tohmatsu Verein.