Four city firms on fast track to growth

Shopify is No. 3 on Deloitte Fast 50 list

Four Ottawa technology firms have cracked a Top 50 list that could be the most comprehensive of the many such rankings in the Canadian business world.

Shopify Inc., with sales growth of 2,163 per cent over five years, was the top Ottawa company on the Deloitte Fast 50 list and third overall, though still well behind topranked QuickMobile of Vancouver with five-year growth pegged at 10,444 per cent.

Other Ottawa finishers on the list released Wednesday: data-flow hardware supplier Solace Systems, 19th place, 395 per cent growth; “smart” thermostat producer Energate Inc., 34th, 247 per cent; and communications security specialist Titus Inc., 50th, 163 per cent.

Shopify, which supplies software for Internet merchants, also won a leadership award from sponsor Deloitte, while Energate was named to its Green 15 list. Another Ottawa company, 360pi, which makes price-comparison software for businesses, was designated a “company to watch.”

The annual rankings from Deloitte, a giant accounting and professional services firm, are among the most established of an ever-growing crop of “top” and “best” awards and compilations. Many require stiff entry fees from companies seeking consideration and some, at least, seem designed as much to promote the sponsoring organization as the candidates selected.

Companies apply to take part in Deloitte’s Top 50 program, which was launched in 1998 as an offshoot of its North American Fast 500 ranking, but do not pay any fee. They must, however, provide verified financial information. They also must be at least five years old, have annual sales of $5 million, and be involved in research and development.

With more than 300 yearly applicants, the program provides a representative picture of the Canadian tech sector, says John Muffolini, a partner in Deloitte’s media, technology and telecommunications group.

And with a rigorous assessment process that includes face-to-face interviews, it offers credibility to the firms that make the list, raising their public stature and making them more attractive to investors.

“We put integrity in the process,” Muffolini said in an interview. “We make sure we’re looking at companies that have growth but are also really technology companies that actually invest in R and D and innovation and future development.”