Three Kitchener-Waterloo Startups Ranked Fastest Growing Canadian Technology Companies

Waterloo Region startups took the top 3 spots on the 2019 Deloitte Technology Fast 50 list, which ranks Canada’s fastest-growing technology companies by their reported (%) revenue growth over a three-year period.

The Deloitte Technology Fast 50™ celebrates leadership, innovation, and excellence in the technology sector by recognizing forward-thinking companies at the cutting edge of innovation. 

First and second places went to Kitchener-based ApplyBoard (12,525%) and Intellijoint Surgical (10,246%), while Waterloo-based Auvik Networks was ranked third (7,913%) in the list of Canada’s fastest-growing tech companies.

ApplyBoard is the world’s largest SaaS-enabled international student recruitment platform that enables student to access the best education available.

Intellijoint Surgical, a portfolio company with our sister firm, NorthSpring Capital Partners, is revolutionizing surgical navigation solutions for total joint replacements. Their flagship product, Intellijoint HIP® is a 3D mini-optical navigation solution that assists surgeons in reaching preoperative surgical targets by providing real-time, intraoperative measurements for cup position, leg length, offset and hip center of rotation during a Total Hip Arthroplasty (THA). Intellijoint recently launched a med-tech hub in Kitchener, The Medical Innovation Xchange (MIX) that will help local companies to scale up.

Auvik Networks develops cloud-based software that simplifies and automates network monitoring and management for IT managed service providers by providing instant network insight and automating complex and time-consuming network tasks.

Toronto’s Borrowell (7,680%) and Ecopia.AI (6,186%) were ranked 4th and 5th fastest growing tech companies, respectively.

Out of the 50 winners, 27 companies were from Ontario, 10 were from British Columbia, and 7 were from Quebec.

Two companies from BC and two companies from Quebec made it into the top 20, including Vancouver’s Mojio (4,056%), Maple Ridge’s Left (1,424%), Montreal’s AlayaCare, and Saint-Laurent’s VOTI Detection Inc.

To qualify for the Deloitte Technology Fast 50 ranking, companies must be in business for at least four years, headquartered and conducting R&D in Canada, with proprietary technology, at least $5M in revenue and a minimal 5% investment of gross revenues in R&D. 

R&D investments can be offset by combining various government funding programs. Contact us today for a free assessment of your funding eligibility.

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