OTTAWA, September 23, 2010 – Solace Systems is ranked among the Deloitte Technology Fast 50™, a ranking of the 50 fastest growing technology companies in Canada, based on the percentage of revenue growth over five years. Solace Systems’ increase in revenues of over 2, 000 percent from 2005 to 2009 resulted in a 14th ranking overall, first amongst Ottawa-based companies.
For over 13 years, the Deloitte Technology Fast 50 program has tracked the successful growth of Canadian-grown global leaders. Now Canada’s pre-eminent technology award program, the Deloitte Technology Fast 50 augments the broader Deloitte North American Technology Fast 500 initiative, with winners automatically eligible for this elite ranking.
“We are delighted to be included in the Deloitte Technology Fast 50 based on our 5-year revenue growth rate of 2, 296%, ” said Craig Betts, CEO of Solace Systems. “Our rise from technology startup to profitable market share leader in messaging middleware appliances has been driven by a relentless focus on helping our customers deliver real value in the way they manage and share information.”
“Canadian technology companies have demonstrated some very impressive growth numbers over the past year, amid the challenges of an uncertain global economic recovery, ” said John Ruffolo, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. “Solace Systems is an example of the determination, drive and skill that will serve to position them for further growth and success in the years to come.”
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 evaluate and judge companies based on four key criteria: competitive advantage; size, growth, and market attractiveness; management effectiveness and organization; and financial performance.