7 local tech companies named some of Canada’s 50 fastest-growing
A Husky robot, left, and a Jackal robot are pictured at the Clearpath Robotics warehouse in Kitchener, Ont., on Dec. 18, 2014. (Hannah Yoon / The Canadian Press)
Ryan Flanagan, CTV Kitchener
Published Wednesday, November 16, 2016 1:19PM EST
Deloitte’s 2016 list of Canada’s 50 fastest-growing technology companies contains no shortage of businesses based in Waterloo Region.
In total, seven of the region’s tech firms made the list, which was released Wednesday.
Companies were ranked based on their revenue growth over the past five years.
The top local performer on the list was Kitchener’s Sortable, in eighth place. Deloitte says Sortable, which specializes in online advertising operations, grew its revenue by 1,705 per cent during that period.
Two spots behind Sortable was corporate e-learning software provider Axonify, which is based in Waterloo and saw 1,520 per cent revenue growth.
Clearpath Robotics came in 17th with 662 per cent growth, two spots ahead of Magnet Forensics, which saw 587 per cent growth.
At 494 per cent, dronemaker Aeryon Labs finished in 24th spot on the list.
The lone Cambridge startup to make the list, eSentire, finished 35th, with Waterloo’s Dejero Labs in 37th place.
Waterloo Region had six companies on Deloitte’s list in 2015. Magnet Forensics, Aeryon Labs, Dejero Labs and eSentire were able to repeat that success, while Igloo Software and Miovision Technologies fell out of the top 50.
In total, 26 of the 50 businesses listed by Deloitte operate out of Ontario.
To be eligible for consideration, companies must be based in Canada, have revenues of at least $5 million, and have been in business for at least three years.