Toronto, November 12, 2008 — A total of 43 Canadian technology companies are being honoured today in the 2008 Deloitte Technology Fast 500, a ranking of the fastest-growing North American technology, media, telecommunications and life-sciences companies, based on percentage revenue growth over five years.

At #10 on the list, Markham, Ontario-based Nightingale Informatix Corporation (Nightingale), a healthcare service and software company, takes the top spot among Canadian entries with a 23,078% five-year revenue growth rate. Nightingale also ranked first on the 2008 Deloitte Technology Fast 50™ ranking in Canada, announced in September 2008.

Canadian representation is in decline due to Canada’s crisis in venture capital.

Canadian representation is down over the last five years
In 2008, 43 Canadian entries account for 8% of the North American Technology Fast 500, down by almost half from 68 companies (14%) in 2003. In addition, the average growth rate for the 2008 Technology Fast 500 is 3,043%, up from 1,823% in 2007. This is the opposite of what occurred in Canada with the Technology Fast 50™: combined, this year’s winning companies posted an average growth rate of 2,457%, down dramatically from last year’s average growth rate of 3,732%.

“While we have our share of Canadian success stories — led by companies like Research In Motion and Nightingale — Canada’s decreasing overall representation in this year’s Technology Fast 500 ranking spotlights our country’s ongoing venture capital funding crisis,” warns John Ruffolo, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. “In addition, we are worried that the minimum growth rate that companies need to be considered for the Canadian Technology Fast 50 has significantly dropped from 2007 to 2008, which is not the case for the North American list. This growth-rate decline suggests that in future years, Canadian representation could decline even further unless we begin to remedy Canada’s venture capital crisis.”

Canada holds its own to world-renowned U.S. technology hubs
With 43 companies making this year’s list, Canada finishes ahead of all states except California (168 companies) and Massachusetts (46 companies), showing Canadian tech companies are fully capable of competing with world-renowned U.S. technology hubs, including Silicon Valley and Boston. However, excluding the life-sciences industry, Canadian representation is second only to California’s Silicon Valley.

“It’s encouraging to see many more Canadian technology companies included in the North American Fast 500 ranking compared to some of the U.S.’s most prominent technology hubs,” observes Deloitte’s Ruffolo. “This is a testament not only to Canadian technology leadership, but also to the world-class talent and entrepreneurial spirit that continues to fuel the industry despite its current venture capital crisis," he concludes.

Canadian contingent based in technology clusters across the country
With 22 Ontario-based companies accounting for 51% of the Canadian contingent, more than half of Canadian companies hail from technology clusters in the Greater Toronto Area, Ottawa, and Southwestern Ontario. Emerging software hotspots such as Quebec, B.C. and Alberta propelled 10 (23%), six (14%) and four (9%) companies respectively onto the list. Newfoundland added one (2%).

Top five-ranked Canadian companies make the top 100
The top five-ranked Canadian companies on this year’s Technology Fast 500 are:

• #10 — Nightingale Informatix Corporation reported revenues of $14,077,000 in 2007, a leap of 22,978% from its 2003 revenues of $61,000. This is its first appearance on the Technology Fast 500 ranking.
• #11 — PlateSpin, a Novell company, (22,353% growth), from Toronto, Ontario, is a developer of data-centre automation software.
• #44 — MyThum Interactive Inc., (6,820% growth), also from Toronto, Ontario, is a mobile interactive media technology provider.
• #54 — Vision Critical, (5,291% growth), based in Vancouver, B.C. placed fourth. It is a software company that develops interactive research.
• #70 — Corinex Communications Corp., (3,598% growth), based in Vancouver, B.C., provides connectivity solutions that distribute high-speed Internet signals on electrical wiring, coax and phone lines.

Software remains the leading technology sector in Canada
Software companies constitute 35% of the North American Deloitte Technology Fast 500 companies. However, in Canada, more than half (22 companies) are in software, followed by just under a third (13 companies) in communications and networking, three in scientific and technical instrumentation, two in Internet technologies and one in each of semiconductor, medical equipment, and computers and peripherals. Ruffolo explains that the continued strength of the software sub-sector can be attributed to the relatively lower cost of software development, especially in these troubled economic times.

RIM recognized for nine years and is sixth largest company in ranking
Waterloo-based Research In Motion (RIM) (#141) has made the Technology Fast 500 ranking for nine consecutive years. Not including life-science companies, RIM has been part of the Technology Fast 500 more times than any other company in North America. In addition, there are only 20 companies on the list whose 2007 revenues exceed $1 billion U.S. Of these 20 companies, RIM is the sixth largest, with 2007 revenues of $6 billion U.S. — just behind Yahoo! at $7 billion U.S. and ahead of Symantec at $5.2 billion U.S.

Fastest growing North American technology company grew almost 14,000%
First-time entrant Hughes Communications Inc. of Germantown, Maryland, is named the fastest-growing technology company in North America, topping the 2008 Deloitte Technology Fast 500. A publicly-traded provider of broadband networks and services, Hughes Communications has a five-year revenue growth of 138,762%, growing from $699,000 U.S. in 2003 to $970,648,000 U.S. in 2007.

43 Canadian companies ranked in the 2008 Deloitte Technology Fast 500

About the Deloitte Technology Fast 500
The Deloitte Technology Fast 500 is an annual ranking of the 500 fastest-growing technology, media, telecommunications and life sciences companies in North America, based on percentage of revenue growth over five years. It is compiled from Deloitte’s 16 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To be considered, entrants must meet the following criteria:

• Own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues, or devote a significant proportion of revenues to research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify.
• 2003 revenues must be at least $75,000 (or $50,000 U.S.), and 2007 revenues must be at least $5 million (or $5 million U.S.). Companies are required to submit tax returns or audited financial statements with their submitted nominations to complete their eligibility.
• Must be in business a minimum of five years.
• Must be headquartered within North America. Subsidiaries or divisions are not eligible (unless they have some public ownership and are separately traded).

Deloitte selects 10 fast growing young companies as “Rising Stars.” To qualify, companies must have been in business a minimum of three years, but less than five years. Rankings are based on companies’ percentage fiscal year revenue growth over three years (2005-2007). Other qualifications are the same. For a complete list of the 2008 North American Deloitte Technology Fast 500 ranking, visit www.fast500.com.

About the Deloitte Technology Fast 50™
The Deloitte Technology Fast 50™ program is Canada’s pre-eminent technology awards program. Celebrating business growth, innovation and entrepreneurship, the program features four distinct categories including the Deloitte 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 and emerging technologies) and the Deloitte Technology Green 15™ Awards (Canada’s leading GreenTech companies that promote a more efficient use and re-use of the earth's resources in industrial production and consumption.) Program sponsors include Deloitte, Gowlings, GrowthWorks, RBC Capital Markets, Wellington Financial, Stonewood Group, CATAAlliance and IGLOO. For further information, visit www.fast50.ca.

About Deloitte
Deloitte, one of Canada’s leading professional services firms, provides tax, audit, consulting, and financial advisory services through more than 7,600 people in 56 offices. Deloitte operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. The firm is dedicated to helping 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, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its Member Firms.