50 Canadian companies named to the 2009 Deloitte Technology Fast 500TM

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Toronto, October 20, 2009 — A total of 50 Canadian technology companies are being honoured today in the 2009 Deloitte Technology Fast 500^TM, a ranking of the fastest-growing North American technology, media, telecommunications and life-sciences companies, based on percentage revenue growth over five years.

At #12 on the list, Montreal-based ProSep, an oil and gas process equipment company, leads the parade of Canadian Fast 500^TM ranked companies with an 18,070% five-year revenue growth rate. ProSep also ranked first on the 2009 Deloitte Technology Fast 50™ ranking in Canada, and emerged as this year’s triple threat by securing its second, consecutive spot on the Technology Green 15™, as well as a Leadership Award – a first for any Quebec company – announced on October 1, 2009.

“The Deloitte Technology Fast 500^TM identifies some of the most promising technology companies in North America today,” said John Ruffolo, national leader, Technology, Media & Telecommunications, Deloitte Canada. “The performance of Canadian companies over the past year this year is a reflection of the survival instincts and unshakable entrepreneurial spirit of our country’s technology leaders. If this is how we perform amid a recession, I can only imagine how well we can do in full recovery mode.”

Top five-ranked Canadian companies break the top 50
The top five-ranked Canadian companies on this year’s Technology Fast 500^TM are:

#12 — ProSep (18,070 % growth), a publicly-traded Montreal, Quebec-based oil and gas process equipment company. This is their first appearance on the Technology Fast 500 ranking and they lead the Fast 50 2009 ranking.

• #38 — Impact Mobile (5,508% growth), a privately-held Toronto, Ontario-based mobile marketing solutions company. Their Fast 500 2008 ranking was #89 and they came in 5^th in the Fast 50 2009 ranking.
• #44 — Vision Critical (4,626% growth), is a privately-held Vancouver, British Columbia-based software company that develops interactive research. Their Fast 500 2008 ranking was #54 and they came in 6^th in the Fast 50 2009 ranking.
• #45 — Creaform (4,338 % growth) is a privately-held Lévis, Quebec-based 3D imaging software company. Their Fast 500 2008 ranking was #200 and they came in 7^th in the Fast 50 2009 ranking.
• #48 — Allegro Mobile Solutions (4,157% growth) is a privately-held Mississauga, Ontario-based enterprise mobility solutions company. This is their first appearance on the Technology Fast 500 ranking, and they came in 8^th in the Fast 50 2009 ranking.

“It’s encouraging to see many more Canadian technology companies included in the North American Fast 500^TM ranking compared to some of the U.S.’s most prominent technology hubs,” observes 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," concluded Ruffolo.

Sector Trends
The software sector comprised 38 percent of the overall list with 189 companies, followed by communications/networking (16 percent), biotechnology/pharmaceuticals (13 percent) and internet (9 percent). Medical equipment, scientific/technical instrumentation, computer/peripherals, semiconductors, media/entertainment and clean technology companies rounded out the remaining 24 percent.

However, no software companies cracked the top 10. Biotechnology and pharmaceutical companies made the strongest showing in this elite group, capturing four of the top 10 spots. There are 67 biotechnology and pharmaceutical companies on the full list and these companies recorded an average overall growth rate of 4,549 percent, the highest overall growth rate of any sector.

Economic factors impact the average growth rate
The average growth rate for Deloitte’s Technology Fast 500^TM fell by 720 percent to 2,486 percent in 2009, from 3,206 percent in 2008. The 10-year high was recorded in 2002, when the overall average growth rate was 6,772 percent. The 10-year low was in 2007 with average growth of 1,823 percent.

“The winning companies are not immune to the economy and their success in the challenging economic environment is truly impressive,” said Ruffolo. “As the economy eventually recovers, we expect the average growth rate to increase.”

Top ranked North American technology company posts 146,050 percent growth
ReachLocal, a global provider of localized internet solutions, achieved the coveted top spot on the list with 2008 fiscal year revenue of $146.69 million US and a whopping five-year fiscal growth rate of 146,050 percent. The company is privately held and based in Woodland Hills, California.

50 Canadian companies ranked in the 2009 Deloitte Technology Fast 500^TM

For a complete list of the 2008 North American Deloitte Technology Fast 500 ranking, visit www.fast500.com.

About the Technology Fast 500^TM
Technology Fast 500^TM provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500^TM website, and public company database research conducted by Deloitte. Technology Fast 500^TM award winners for 2009 are selected based on percentage fiscal year revenue growth during the five-year period from 2004 to 2008. 

In order to be eligible for Technology Fast 500^TM recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues. 

Technology Fast 500^TM award eligibility requirements also include base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. These revenues must have more than doubled between 2004 and 2008.   Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.

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, Wellington Financial, Stonewood Group, HKMB Hub, CATAAlliance, CleanTech Group, IGLOO Software, ITAC, MaRS and Microsoft. For further information, visit www.fast50.ca.

About Deloitte
Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting, and financial advisory services through more than 7,700 people in 57 offices. Deloitte operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. Deloitte & Touche LLP, an Ontario Limited Liability Partnership, 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.

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