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Technology sector shares increased optimism, despite reduced growth

Three first-time winners clinch the top spots in Deloitte’s Technology Fast 50™ program

Toronto, Ontario - November 13 – Deloitte today announced the winners of its Technology Fast 50™, Companies-to-Watch and Green 15 program™. Now in its 16th year, the Technology Fast 50™ program recognizes Canadian technology companies for technological innovation, entrepreneurship, rapid growth and leadership. This year the program welcomes 17 companies that are making the Fast 50 list for the first time.

All three companies in the top spots this year are new to the program. Vancouver-based QuickMobile, a developer of secure mobile event apps, took the top spot with a growth rate of 10,444%. Established in 2006, QuickMobile seized the opportunity to provide a more engaging event experience for conference, tradeshow and event-goers as the uptake on consumer use of mobile devices was catching on.

Placing second is Kitchener-based Miovision that creates intelligent solutions to address the challenges facing today’s global transportation networks, followed by Shopify, one of Canada's leading ecommerce website solutions from Ottawa in the third spot. The complete list of Technology Fast 50 winners can be found here.

“We have several newcomers to the Technology Fast 50™ program this year, particularly in the Companies-to-Watch category,” said Richard Lee, Technology, Media and Telecommunications Deloitte. “There were so many noteworthy Companies to Watch (CTW) that we have the highest number of recipients in this category this year. These companies represent the future of the tech sector in Canada.”

The average growth rate of this year’s Technology Fast 50™companies was 832%, which is down from 1,953% in 2012 and a decrease from 5,272% in 2011. Even so, findings from Deloitte’s annual CEO survey of Technology Fast 50™ companies suggest optimism within the industry. 66% Of respondents believe that outside of Canada, the global economy will grow significantly — a marked increase in optimism compared to 2012 when only 46% of respondents felt there would be strong growth in the overall world economy.

The survey revealed that 72% of CEOs agreed that the various levels of government do enough to support Canadian technology companies. Further, a strong majority of survey respondents who expressed an opinion (80%) agree that the SR&ED (Scientific Research and Experimental Development) tax credit program works well and needs no major improvement. 69% Of respondents who shared an opinion also agreed that Canada’s strong network of accelerator programs help early stage technology companies succeed.

“Finding and attracting people are two of the most important talent challenges facing the Fast 50 companies,” said Richard Lee. “Having the right talent is crucial for innovation and growth. Fast 50 companies look to networking and social network tools more than methods such as job firms and executive search firms to find talent.”

2013 Technology Fast 50™ winners highlights:

  • Ten companies made their fourth consecutive appearance on the list this year.
  • BlackBerry has made the Technology Fast 50 list for all 16 years of the program. Winners are selected based on their five year revenue growth. Although BlackBerry’s 2013 revenue is lower than the year before, its growth in revenue over a five-year period places it on the winners list again.
  • Both PointClickCare (Wescom Solutions) and Solium have placed on the list for six years.
  • CarProof and GuestLogix have each placed on the list for five consecutive years (2009-2013).
  • HootSuite has been selected for a second year as a CTW winner

A complete list of Technology Fast 50™, Companies to Watch™ and Green 15™ winners is available here.

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 operates in Quebec as Deloitte s.e.n.c.r.l., a Quebec limited liability partnership.

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 www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

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