November 13, 2014 05:00 ET

Improved Access to Capital and Good Valuations Keep Technology Companies in Canada

First-time winners take top two spots in Deloitte's Technology Fast 50

TORONTO, ONTARIO--(Marketwired - Nov. 13, 2014) - Today, Deloitte announced the winners of its Technology Fast 50 program. Companies are selected for innovation, entrepreneurship, leadership and revenue growth over a five-year period. This year's Fast 50 award winners achieved an average five-year growth rate of 4,736%, a significant increase from last year's growth rate of 832%. Winners of the Companies-to-Watch (CTW) and Leadership Award categories were also unveiled.

Making its debut in the top spot of the 2014 Fast 50 list, with five-year revenue growth of 69,800%, is Toronto-based digital media company, Chango. Established in 2008, Chango is an advertising platform that uses real time user data to implement targeted marketing campaigns for its clients to acquire new customers, retarget site visitors and build brand awareness.

In second place is Vancouver-based HootSuite with a five year growth rate of 56,514%, making its debut on the Fast50 list. Ottawa-based Shopify takes the third spot with a five year growth rate of 16,759%.

"The achievements of this year's Fast 50 recipients are an indication that Canadian technology companies can excel here on home soil," said Robert Nardi, Partner and National Technology Media & Telecommunications Leader for Deloitte in Canada. "Fast-growing companies used to look solely to the US to secure sources of capital when domestic venture capital dried up after 2000, but the pendulum is now swinging back into balance. That is the result of recently added investments to the Canadian technology investing sector. "

Deloitte's annual survey of CEOs of Technology Fast 50 companies found that a strong majority (89%) of respondents believe the ability to access capital for technology companies has gotten better or remained the same in the past five years. Almost half of respondents (49%) agree that the various levels of government in Canada do enough to help Canadian tech companies, although that is down from last year's number of 72%.

"Entrepreneurs can get good valuations in Canada," said Pascal Lamoureux, Partner and Leader for Deloitte's Fast 50 program. "With the right business model, combined with support from investors and government, they will stay."

Despite this, CEOs of Technology Fast 50 companies continue to face similar talent challenges as last year. Finding the talent that is needed and attracting the right talent remain as the two most important talent challenges.

Cybersecurity: Greater attention needed

According to the survey, 69% of Fast 50 CEOs believe the current frequency and severity of cyberattacks are worse than they have been in the past. Respondents felt they were doing well (22%) or above average (43%) in taking the right steps to protect against cyberattacks, yet only about half (52%) have a cyber-threat intelligence program in place. In fact, almost half (49%) of respondents have not conducted an independent review of its current cybersecurity program. The data shows that companies may believe that it's taking the right steps to protect itself from attacks, but greater attention is needed to ensure the right programs are in place to gauge the effectiveness and maturity of cybersecurity programs. (1)

Winner highlights:

  • Majority of the Technology Fast 50 winners are from Ontario (29), followed by Québec (9) and British Columbia (8), with the balance of the winners coming from Alberta (4). These levels are consistent with past years.

  • Both PointClickCare (Wescom Solutions) and Solium have placed on the list 7 years.

  • 5N Plus, Avigilon, iBwave, Real Matters, and Solace Systems have ranked on the list 5 times consecutively from 2010 to 2014.

  • 17 Fast 50 winners are new to the program.

  • Almost half of the CTW winners (7 companies) are from Ontario, followed by BC (4), Quebec (3) and Nova Scotia (1).

  • 8 of this year's Fast 50 winners have been selected as CTW winners in past years, including 2013 CTW winners: Uken Games and HootSuite.

  • The CTW category had the highest number of recipients with 15 companies receiving the honour in 2014.

  • Geotab Inc., Global Relay, HootSuite, PointClickCare and Shopify were recognized with the Leadership Award for growth, market attractiveness and effective management.

A complete list winners in the Technology Fast 50, Companies-to-Watch and Leadership Award categories is available here.

# Growth % Company Name City Province
1 69800 % Chango Toronto Ontario
2 56514 % HootSuite Vancouver British Columbia
3 16759 % Shopify Ottawa Ontario
4 14299 % Dejero Labs Inc. Waterloo Ontario
5 12332 % QuickMobile Vancouver British Columbia
6 11528 % Uken Games Toronto Ontario
7 10670 % Aeryon Labs Waterloo Ontario
8 6589 % AcuityAds Inc. Toronto Ontario
9 5857 % ScribbleLive Toronto Ontario
10 5499 % Clio Burnaby British Columbia
11 5339 % 360incentives Whitby Ontario
12 4971 % Robots and Pencils Calgary Alberta
13 1268 % Firmex Toronto Ontario
14 1135 % Securefact Toronto Ontario
15 956 % Avigilon Corporation Vancouver British Columbia
16 865 % Zafin Vancouver British Columbia
17 851 % VIZIYA Corporation Hamilton Ontario
18 816 % EcoSynthetix Inc. Burlington Ontario
19 749 % Miovision Technologies Inc Kitchener Ontario
20 727 % Achievers Toronto Ontario
21 655 % SourceKnowledge Montreal Quebec
22 654 % Appnovation Technologies Vancouver British Columbia
23 581 % 5N Plus Inc. Saint-Laurent Quebec
24 461 % Real Matters Markham Ontario
25 435 % Acquisio Inc. Brossard Quebec
26 434 % AskingCanadians Toronto Ontario
27 392 % Venngo Toronto Ontario
28 382 % CoolIT Systems Inc. Calgary Alberta
29 377 % Symbility Solutions Toronto Ontario
30 322 % CM Labs Simulations Montreal Quebec
31 319 % Solace Systems Kanata Ontario
32 275 % PointClickCare Mississauga Ontario
33 265 % PEER Group Kitchener Ontario
34 259 % Clevest Richmond British Columbia
35 248 % Etelesolv Lachine Quebec
36 246 % Solium Calgary Alberta
37 239 % Doxim Markham Ontario
38 236 % CloudOps Montreal Quebec
39 230 % Berkeley Payment Solutions Toronto Ontario
39 230 % Dominion Voting Systems Corporation Toronto Ontario
41 228 % iBwave Saint-Laurent Quebec
42 220 % Connexon Telecom Inc. Montreal Quebec
42 220 % Photon Control Inc. Burnaby British Columbia
44 211 % 3esi Calgary Alberta
45 204 % Intelex Technologies Inc. Toronto Ontario
46 199 % TransGaming Toronto Ontario
47 196 % Phoenix Interactive Design Inc. London Ontario
48 192 % Klick Health Toronto Ontario
49 187 % Geotab Inc. Oakville Ontario
50 182 % Stingray Digital Group Montreal Quebec

About Deloitte

Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting, and financial advisory services. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

(1) The survey respondents are largely not in the cybersecurity field, but the views of a select group of fast growing technology companies provides a unique data set that likely indicates industry trends.

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