September 28, 2005 14:11 ET

Canada's Fastest Growing Tech Companies Showcase Sustainability, Leadership and Growth According to the 2005 Deloitte Technology Fast 50

TORONTO, ONTARIO--(CCNMatthews - Sept. 28, 2005) -

Tech Companies Double R&D Investment Over 2004

Canada's fastest growing technology companies are growing even faster than in previous years, getting bigger and more profitable. The findings are drawn from the 2005 Deloitte Technology Fast 50, the annual program which recognizes excellence in Canadian companies through factors such as strong business performance, intellectual property, strength of management and growth rate. To sustain this growth, there has also been a significant increase in R&D investment, with the average R&D expenditure of Fast 50 recipients up almost double to $9.2 million, from $5.3 million in the previous year.

The 2005 Fast 50 ranking also reveals that more than half (52%) of this year's winners have been placed on the Deloitte Technology Fast 50 for two consecutive years or more with 32% boasting multiple appearances - proving their ability to sustain growth over a longer period.

"This year's Fast 50 winners are not only innovators, but also operators who know how to take advantage of opportunities when they arise," says Garry Foster, National Leader with Deloitte's Technology, Media and Telecommunication practice. "This year's ranking features several bigger companies and companies that have excelled at competing on an international basis."

Deloitte has taken a new approach to the Fast 50 program in recognition that as the tech sector in Canada develops, the dynamics are changing. As a result, award categories for sector leadership, sustained excellence and next generation technology overachievers have been established. These awards expand beyond recognizing only financial performance to take into account other business practices such as quality of management, competitiveness, market size and a range of financial performance measures.


The GrowthWorks Leadership awards recognize superior business performance judged against the norms of individual technology sectors. The 2005 winners in this category are:

- Vancouver-based ID Biomedical Corp. was honoured as the winner of the GrowthWorks Leadership award, which recognizes superior business performance judged against the norms in the Life Sciences sector. The award was given to ID Biomedical based on the company's outstanding success in winning contracts and awards for its various vaccine products and for ID Biomedical's plans for growth through developing other vaccines for strep and meningitis. In addition for this award, ID Biomedical is also being recognized on the Fast 50 for the fifth consecutive year (#29, 343% growth).

- Mississauga-based Redknee Inc., won in the Software sector for its strong business strategy execution and strong management team that have placed the company on an impressive growth path. Redknee was founded five years ago and has already made an impressive footprint in its industry sector developing diversified solutions that enable wireless carriers to introduce new and advanced services such as enhanced SMS, Multimedia Messaging and location based services. In addition to the GrowthWorks Leadership award recognition, Redknee made its debut appearance on the Fast 50 ranking this year.

- Calgary-based CSI Wireless Inc., was honoured for its leadership and innovation in the Telecommunications/wireless sector. CSI Wireless' diversified solutions such as GPS, telematics and fixed-wireless meet the needs of emerging markets and offers substantial growth potential for the company on a global basis. CSI Wireless is also a repeat Fast 50 recipient.

- Waterloo-based DALSA Corporation, which develops semiconductors for the imaging industry, was recognized for its leadership in the Hardware/semiconductor sector. This is the second consecutive year that DALSA was honoured for its consistent and outstanding business performance and profitability, turning the company into a key player in its industry sector. This year, DALSA also made its debut appearance on the Fast 50.


The Sustained Excellence Award recognizes a company that has consistently demonstrated growth, defined a market through innovation and generates significant earnings growth. This year, Ottawa-based Cognos Inc., a global leader in the development of Business Intelligence (BI) solutions, was honoured with the award for its consistent growth, strong balance sheet, profitability and delivery of superior gross margins among its direct competitors.

Fastest of the Fast:

St. John's-based Rutter Inc., which develops voyage data recorders and marine-certified electronic interface technologies made history this year as the first Fast 50 company to own the top rank with the highest revenue growth (29,630%) for two years in a row. Following Rutter are Toronto-based Workbrain, Inc. (2nd place) and Vancouver-based Cardiome Pharma Corp. (ranked third) with 11,768.48% and 11,531.28% five year revenue growth rates respectively.

Regional Breakdown:

Ontario continues to be the largest tech hub with 19 recipients on the Fast 50, followed by British Columbia which fielded 12 companies, Alberta with 10 and the province of Quebec with seven finalists. Manitoba and Newfoundland made the ranking with one winner each. The regional breakdown reflects the important role of Canada's tech clusters in supporting the establishment and growth of tech companies. In each region the presence of national and multi-national companies, as well as leading research and academic centres in these provinces acts as an incubator that attracts and nourishes tech companies.

Repeat Winners:

Fifty two percent of this year's winners have been recognized on the Deloitte Technology Fast 50 rank for two consecutive years or more with 32% boasting multiple appearances - proving their ability to sustain growth over longer periods. Most noticeable are Waterloo-based Research In Motion Limited, the only company that has appeared on the Fast 50 in each of the eight years since the program's inception, and Vancouver-based ID Biomedical Corp. that has ranked on the Fast 50 for five years in a row.

About Deloitte

Deloitte, Canada's leading professional services firm, provides audit, tax, financial advisory services and consulting through more than 6,100 people in more than 47 offices. Deloitte & Touche LLP operates in Quebec as Samson Belair/Deloitte & Touche s.e.n.c.r.l. The firm is dedicated to helping its clients and its people excel. Deloitte is the only professional services firm to be named to the Globe and Mail's Report on Business Magazine annual ranking of Canada's top employers for two consecutive years: 35 Best Companies to Work for in Canada in 2001 and 50 Best Companies to Work for in Canada in 2002. "Deloitte" refers to Deloitte & Touche LLP and affiliated entities. Deloitte is the Canadian member firm of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, 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 name "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu" or other related names. The services described herein are provided by the Canadian member firm and not by the Deloitte Touche Tohmatsu Verein.

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