Ottawa, Ontario, November 14, 2012 – Solace Systems has been named one of Canada’s fastest growing technology companies in the 15th annual Deloitte Technology Fast 50™ awards. The Fast 50 program recognizes the 50 fastest growing technology companies in Canada, based on the percentage of revenue growth over five years. Solace’s increase in revenues of 1, 512 percent from 2007 to 2011 resulted in a ranking of 11.
“Canadian Fast 50 companies innovate, demonstrate entrepreneurship, create jobs, and invest in R&D, ” said Richard Lee, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. “Solace Systems is an example of a company that shows passion, determination and drive that are so important for growth in the technology sector.”
CEO Craig Betts attributes Solace’s 1, 512 percent five year growth to the mainstream acceptance of middleware appliances across a wide range of verticals including financial services, energy, government, internet, gaming, telecom and transportation. “Companies are simultaneously facing rapid growth in the amount of information they need to manage, a move to more real time requirements, and globalization of their business processes. We help our customers deal with these challenges while lowering costs by as much as 80%, ” said Betts.
The Deloitte Technology Fast 50™ program recognizes leaders in the Canadian technology industry and tracks the successful growth of Canadian-grown global leaders. The program augments the broader Deloitte North American Technology Fast 500™ initiative, with winners automatically eligible for this elite ranking.
To qualify for the Deloitte Technology Fast 50™ ranking, companies must have been in business for at least five years, have revenues of at least $5 million, be headquartered in Canada, own proprietary technology, and conduct research and development activities in Canada. A panel of industry experts evaluates and judge companies based on four key criteria: competitive advantage; size, growth, and market attractiveness; management effectiveness and organization; and financial performance.
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 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 50TM 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, Wellington Financial, TMX Group, HUB International HKMB, National Angel Capital Organization, CVCA, MaRS and IGLOO Software. For further information, visit www.fast50.ca.