Deloitte

Deloitte

September 28, 2005 13:32 ET

Eleven GTA-based Companies Among 2005 Deloitte Technology Fast 50 Winners- Recognized for Leadership, Innovation and Growth

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

-- Redknee Honoured with the GrowthWorks Leadership Award; High Number of Recipients from the GTA Reinforces Canada's Tech Capital Status --

Eleven companies from the Greater Toronto Area (GTA) have been recognized as some of Canada's fastest growing technology companies in 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.

This year's Deloitte Fast 50 winners from the GTA demonstrate the significance of the metropolis as Canada's tech capital and one of North America's top information and communications technology clusters. Four of the eleven GTA Fast 50 recipients ranked among the top 10 in terms of revenue growth. Many of the GTA recipients focus on wireless-related technologies - backing the trend in this year's Fast 50 program of strong presence by companies that develop wireless-based technologies.

"This year's Fast 50 winners are not only innovators, but also operators who know how to take advantage of opportunities when they arise," said Garry Foster, National Leader with Deloitte's Technology, Media and Telecommunication practice. "The GTA is the third largest tech centre in North America along with San Francisco and New York. Being able to stand out from the crowd in a highly competitive market while demonstrating impressive growth, speaks volumes as to the leadership, innovation and business execution abilities of these companies."

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. 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.

Mississauga-based Redknee was honoured with the GrowthWorks Leadership award which recognizes superior business performance judged against the norms in the Software sector. Redknee 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.

Redknee's CEO Lucas Skoczkowski, credits innovation and customer focus for the company's impressive growth over the past few years. "Each and every employee made it possible for Redknee to win the GrowthWorks Leadership award in the Software sector; I am truly proud of our team effort," said Mr. Skoczkowski.

Leading the ranking among GTA recipients is HR and automated workforce management software developer Workbrain Inc., boasting a staggering revenue growth of 11,768% (ranked 2nd overall). Three places behind, ranked fifth with 4,724% growth is Bioscrypt Inc., which develops information security and identity management solutions based on biometric technologies.

Starting the "wireless-telecom string" of recipients who develop wireless and telecom related technologies is Electrovaya Inc. (ranked 7th with 3,567% growth) with its unique portable power technology for cellular phones and other wireless devices. Electrovaya is followed by telematics solution developer AirIQ (placed 8th, with 3,011% revenue growth) in its third consecutive appearances on the Fast 50 list. Video surveillance and emergency telecom solutions developer Strategic Vista International Inc. and Redknee Inc. are ranked 13 (1,681% growth) and 17 (962% growth) respectively. Sirit Inc. (24th place, 446%) that develops RFID technologies and Globalive Communications Corp. (#35, 278% growth), a global provider of added-value telecommunications services, complete the "wireless-telecom" string.

Repeat winner Sterner Automation Limited and financial analysis software developer Prophix Software Inc. are additional GTA Fast 50 recipients ranked 22nd and 42nd with 484% and 236% average five-year revenue growth.

Other Fast 50 Key Findings:

R&D Investments increased: Over the past year, the average R&D investment of Fast 50 recipients almost doubled to $9.2 million per company, up from $5.3 million the previous year.

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 per cent 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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