Seven Ottawa companies featured on this year’s Deloitte Technology Fast 500, released last week.
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Seven Ottawa companies featured on this year’s Deloitte Technology Fast 500, released last week.
TryCycle Data Systems was the top-placed Ottawa company on the list, coming in 64th with 1,508 per cent revenue growth.
In September, the Ottawa-based software firm was the region’s highest-ranked entry on the Globe and Mail’s 2024 list of Canada’s top-growing companies, coming in at No. 20 with three-year revenue growth of 1,845 per cent.
TryCycle also placed third on OBJ’s 2024 list of Ottawa’s fastest-growing companies.
TryCycle specializes in apps that provide clinical and peer-to-peer mental health support to Indigenous groups, military veterans and other users. The firm’s founding CEO, John MacBeth, stepped down earlier this year to focus on acquiring new customers. He was replaced by Brett Merriman, who joined TryCycle as chief financial officer in 2022. The firm employs about 35 full-time staff as well as 190 part-time Indigenous peer advocates in Saskatchewan
Other local companies in the Deloitte Technology Fast 500 rankings were:
Raven Connected Inc. at 185th place with 444 per cent growth
Noibu at 248th with 321 per cent growth
MindBridge at 285th with 268 per cent growth
Fullscript at 307th with 246 per cent growth
Solink Corp. at 326th with 229 per cent growth
Knak at 455th with 148 per cent growth
Deloitte’s North America Technology Fast 500 is an annual ranking of the fastest-growing North American companies in the technology, media, telecommunications, life sciences, fintech and energy tech sectors, now in its 31st year.
Awardees are selected based on percentage fiscal-year revenue growth from 2021 to 2024. Overall, this year’s Technology Fast 500 companies achieved revenue growth ranging from 122 per cent to 29,738 per cent over the three-year timeframe, with an average growth rate of 1,079 per cent.
“This year’s rankings highlight both enduring leadership and breakthrough growth,” said Wolfe Tone, U.S. Deloitte private and emerging client portfolio leader, in a news release. “More than half of the winners are prior honorees, yet the majority of the top ten are first-time entrants — demonstrating the staying power of established leaders alongside the accelerating growth of new innovators across key sectors. As in previous years, private companies continue to dominate, underscoring the agility that private enterprises bring to competitive markets, enabling the exceptional triple and quadruple digit growth reflected in these rankings.”
Impiricus, based in Atlanta, Ga., claimed the top spot with a growth rate of 29,738 per cent from 2021 to 2024. Impiricus was created to connect physicians to pharmaceutical resources and accelerate patient access to life-saving care.
The Deloitte Technology Fast 500 winners represent 36 states in the U.S. and nine provinces across Canada. California’s Bay Area continued to lead the regional pack with 17 per cent of the winners, followed by the Tri-State Area representing 14 per cent of the winning companies. Software and services was the leading industry in most markets, except for New England, where life sciences dominated.
Companies in the software and services sector comprised more than half (52 per cent) of the list. Among those, digital platforms represented 29 per cent of winners, with enterprise infrastructure and productivity following closely with 25 per cent. Security (15 per cent), consumer software (eight per cent), and education (two per cent) comprised the rest of the sub-sectors within software and services. Life sciences (14 per cent) and fintech (13 per cent) swapped positions from last year to round out the top three industry categories.
This year, the Deloitte news release noted, there were notable shifts, with artificial intelligence catapulting into fourth position while both hardware and semiconductors and communications networking slipped in the sector rankings. Energy and sustainability technology held the top spot for the highest median revenue growth rate at 616 per cent.
