Deloitte & Touche’s Canadian Technology Fast 50 Rankings Announced

Yesterday Deloitte & Touche’s “Technology Fast 50″ rankings were released. This award, presented annually, showcases the 50 fastest-growing tech firms in Canada.

The take away from the announcement:

Growth rates of Canadian technology companies [are] falling after a decade of remarkable gains. Deloitte’s survey of Canadian tech CEOs reveals a “perfect storm” scenario: little venture capital, few IPOs, a tightening credit crunch and slowing markets.

So, what were the results? This year’s firms averaged a growth rate of 2500%. By itself, this is an excellent growth rate, showing growth most companies would be envious of. However, when compared to the performance of last year’s companies that averaged a growth rate of just under 4000%, this year’s performance is not quite as impressive.

The causes, as stated by John Ruffolo, Partner, Deloitte, Global Tax and Canadian Industry Technology, Media & Telecommunications Leader, in an interview with BNN this morning included a shortage of venture capital in Canada, rise of the Canadian dollar and a slowing of the US economy.

The impact? Canadian technology companies may have to limit their investments in new technologies and focus on profits rather than growth.

There are, however, a few bastions of growth left in the technology industry in Canada, according to Ruffolo. These include the wireless industry and the green/clean technology industry.

To learn more about the Technology Fast 50 program and apply for the 2009 awards, please visit www.fast50.ca.