October 19, 2005 09:31 ET

Deloitte: 53 Canadian Technology Companies Rank Among Fastest Growing in North America

TORONTO, ONTARIO--(CCNMatthews - Oct. 19, 2005) -

-Canada stakes claim with 4 of the top 50 in Deloitte Technology Fast 500-

Continuing to build on its reputation as a technology leader, Canada boasts 53 (11 percent) of the fastest growing technology companies in North America, according to the 11th annual Deloitte Technology North American Fast 500. Four Canadian companies placed in the first 50 spots on the 2005 ranking and Rutter Inc., of St. John's, Newfoundland, made history this year by placing 5th - the highest ranking of a Canadian company since the Fast 500's inception.

Rutter, developers of voyage data recorders and high resolution radar technology, posted the highest revenue growth among Canadian companies with an impressive revenue growth of 29,630% over the past five years. South of the border and making its debut on the Technology Fast 500, NuVasive Inc., of San Diego, California, a medical equipment company that develops minimally invasive back surgery products, stormed to the top of the Fast 500 list, boasting revenue growth of 73,752% over the past five years.

"We congratulate Rutter and all of our Fast 500 winners on their tremendous growth," said Garry Foster, National Director of Technology, Media and Telecommunications, Deloitte. "Rutter's 29,630% increase in revenue makes a powerful statement about what innovation, coupled with a solid business model and sound execution, can accomplish. What appears distinctive about this year's Fast 500, which includes representatives from all areas of the diverse technology ecosystem from biotech to software to communications, is the sense of commitment to both innovation and a sustainable business model."

41 of the 2005 Deloitte Canadian Technology Fast 50 recipients placed on the Fast 500, plus an additional twelve companies - TmBioscience Corporation, Response Biomedical Corp., Serenic Corporation, CardioComm Solutions Inc., C-COM Satellite Systems Inc., Stellar Pharmaceuticals Inc., Digital Connexxions, Glenbriar Technologies Inc., E-xact Transactions Ltd., Healthscreen Solutions, and QHR Technologies Inc.

"Technology is really the means by which our customers seek to establish competitive advantage. We work hard to understand their business objectives and evolve technologies to help them extract better value from new and existing assets," said Donald I. Clarke Chairman and CEO of Rutter. "And the reward for being market driven is growth."

"The top five winners average 45,531% growth. While this is impressive, it is among the lowest averages since the program's inception. However, more realistic growth rates may prove to be more manageable for the long term and certainly indicate a maturation of the tech industry," Foster said.

Additional statistics from Deloitte's Fast 500

- Staying Power: Repeat Winners Among the 2005 Fast 500
Three of this year's Top 10 Fast 500 companies ranked on previous
years' rankings:
Number 3 Acacia Research Corp. ranked Number 497 in 2004;
Number 5 Rutter Inc. ranked Number 26 in 2004; and
Number 6 I-trax Inc. ranked Number 285 in 2003.

- Software Companies Account for More Than One-Third of Fast 500
Once again, software industry companies account for the largest
group of the Fast 500, with 37% (186 companies), consistent
with 2004. Other significant industry groups include:
- Biotechnology and pharmaceutical companies with 16%
(82 companies) as well as companies in the medical equipment
category, accounting for 8% (39 companies); these new categories
were previously part of the life sciences category.
- Communications and networking companies, representing 14%
(70 companies) of the winners, consistent with 2004.
- Internet companies, accounting for 11% (57 companies) of the
winners, down from 14% (70 companies) in 2004.

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.

Note: For a complete list of the Deloitte Technology Fast 500 winners for 2005 (and past years), visit

Contact Information

  • Deloitte & Touche
    Lynn Cook
    (416) 874-3654 or 1 (877) 381-9611
    Cohn & Wolfe
    Gal Wilder
    (416) 924-5700 ext. 4074