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Waterloo companies take top two spots on Deloitte Technology Fast 50

Waterloo-based Intellijoint Surgical and ApplyBoard have claimed the top two spots on the 2020 Deloitte Technology Fast 50 list.

For the second year in a row, Waterloo can claim the two fastest growing tech companies in Canada, according to a new ranking from Deloitte.

Intellijoint Surgical and ApplyBoard top the Deloitte Technology Fast 50 list, which ranks companies by revenue-growth percentage over their last four years of operation. In that timeframe, ApplyBoard has grown 12,597% with Intellijoint topping the list at 19,311%.

In total, eleven companies with a presence in Waterloo made the list, accounting for 22% of the fastest growing tech businesses in Canada. This includes five companies – VitalHub, Sportlogiq, Tulip, Ecopia and ImmuniPrecise – that are headquartered elsewhere but have operations in Waterloo. Voltera, another company located in Waterloo, was on the 2020 Companies-to-Watch list.

Here are the companies headquartered in Waterloo:

Intellijoint Surgical (Ranked #1; 19,311% growth)

Innovators in the medtech space, Intellijoint Surgical is the creator of Intellijoint HIP, a product that makes hip replacement surgeries more accurate. The company’s founder, Armen Bakirtzian, also launched Canada’s first industry-led hub for medtech startups earlier this year.

ApplyBoard (Ranked #2; 12,597% growth)

The world’s largest platform for international student recruitment to Canada and the United States, ApplyBoard has raised $170 million in 2020 and became a unicorn in May. A true “Made in Waterloo” story, the company plans on continuing its aggressive year-over-year growth.

Update: In June 2021, ApplyBoard raised an additional $375 million and is now valued at $4 billion.

Avidbots (Ranked #8; 2,146% growth)

Manufacturers of autonomous connected robots used in cleaning applications, you can find Avidbots products in airports, malls, universities and manufacturing sites around the world.

Auvik Networks (Ranked #12; 1,307% growth)

Focused on helping IT managed service providers (MSP) do their jobs, Auvik Networks is a venture-backed company making software that’s changing the way IT networks are managed.

Waterloo's Tech Sector

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Bonfire (Ranked #30; 649% growth)

A company that makes government and public sector procurement easier, Bonfire was helping clients make fast, better remote procurement decisions even before COVID-19. As the pandemic struck, Bonfire pivoted to offer free access to their Strategic Sourcing tool. (Ranked #48; 400% growth)

The world’s largest reward program provider, has 50+ million participating members, hosts more than 25,000 active rewards programs and partners with 100 agencies around the globe. In addition to their Waterloo headquarters, has remote teams in Europe, Asia and South America.

Deloitte also released its Fast 500 list, which ranks the fastest growing tech companies in North America. This list included five Waterloo-based companies: ApplyBoard (14th), Auvik Networks (84th), (275th), Vidyard (449th) and eSentire (478th). This is the sixth consecutive appearance on the list for eSentire, which puts the company in very exclusive company. Over the last six years at least 17 different Waterloo-based companies have made the list.

The Fast 500 list also included multiple companies with substantial Waterloo operations, including Insticator, Tulip, Ecopia and Search Realty. Arctic Wolf, also on the Fast 500, was founded in Waterloo and recently became a unicorn, but its headquarters are in the US.

Want to learn more about Waterloo’s incredible tech community? Download our free ecosystem maps, which provide full business listings for artificial intelligence, autotech, cybersecurity, fintech and quantum technology.