Hootsuite’s revenue grew by 56,514% – or 565 times – over the past five years, making it the tech company with Canada’s second-highest rate of growth over that period according to Deloitte’ Technology Fast 50 listing released November 13.
This is the first time the Vancouver company made the Fast 50 list.
The social media firm has been growing by leaps and bounds; in September the company closed a US$60 million round of financing , bringing its total financing to US$250 million.
The average rate of growth for all companies on the list was 4,736% over the past five years. This is up from last year’s average of 832%.“The achievements of this year's Fast 50 recipients are an indication that Canadian technology companies can excel here on home soil,” said Robert Nardi, partner and national technology media and telecommunications leader for Deloitte in Canada.
“Fast-growing companies used to look solely to the U.S. to secure sources of capital when domestic venture capital dried up after 2000, but the pendulum is now swinging back into balance. That is the result of recently added investments to the Canadian technology investing sector.”
The company with the highest rate of growth was Toronto’s Chango, which grew 69,800% over the period. This is the first time the online marketing company made the list.
Other British Columbia companies that made the list were:
- 5th place: QuickMobile (up 12,332%);
- 10th place: Clio (up 5,499%);
- 15th place: Avigilon Corporation (up 956%);
- 16th place: Zafin (up 865%);
- 22nd place: Appnovation Technologies (up 654%);
- 34th place: Clevest (up 259%); and
- 42nd place: Photon Control Inc. (up 220%).
