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Waterloo well-represented on Deloitte Technology Fast 50

For the third consecutive year, Waterloo companies have made their mark on the vaunted Deloitte Technology Fast 50 list.

Once again, Waterloo is home to some of Canada’s fastest-growing tech companies, according to a new ranking from Deloitte.

The Deloitte Technology Fast 50 list ranks companies by revenue growth percentage over their last four years of operation. In past years, Waterloo has dominated the list, scoring the top three companies in 2019 and top two companies in 2020.

This year, a total of five companies operating in Waterloo made the list, accounting for 10% of the fastest-growing tech businesses in Canada. SkyWatch, another company located in Waterloo, was on the 2021 Companies-to-Watch list.

Here are the companies headquartered in Waterloo:

ApplyBoard (Ranked #7; 5,089% growth)

The world’s largest platform for international student recruitment to Canada and the United States, ApplyBoard raised $170 million in 2020 and an additional $375 million in 2021, reaching a $4 billion valuation. A true “Made in Waterloo” story, the company plans on continuing its aggressive year-over-year growth.

Auvik Networks (Ranked #36; 448% 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.

Rapid Novor (Ranked #39; 439% growth)

A life science startup in Waterloo’s burgeoning health innovation ecosystem, Rapid Novor uses next generation protein sequencing technology to enable biotech and pharmaceutical companies to extract the full potential of antibodies.

Bonfire (Ranked #41; 425% 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.

Roadmunk (Ranked #45; 277% growth)

For product managers, there wasn’t a simple way to build, share and align on a roadmap, until Roadmunk came along. Their product makes roadmapping quick, effective and collaborative across an entire organization, while also remaining adaptable enough to work for companies of all sizes.

Deloitte also released its Fast 500 list, which ranks the fastest-growing tech companies in North America. This list includes six Waterloo-based companies: ApplyBoard (41st), Auvik Networks (293rd), Rapid Novor (#296), Roadmunk (#434), Tulip (#476) and Avidbots (#483). Four companies from the top-50 are located in the Toronto-Waterloo Corridor, which makes our region the most-represented outside of Silicon Valley.

This is the most recent in a number of prestigious accolades given to the Waterloo tech community in 2021. Earlier this year, Waterloo was named the #1 small tech talent market in North America and the University of Waterloo was named “Canada’s Most Innovative University.” The University of Waterloo also continued to climb the global university rankings, reaching top-25 in computer science. A number of companies seeing massive success also aren’t on the list, including Faire – which just raised $400 million on a $12 billion valuation – and Arctic Wolf, which has a $4.3 billion valuation.

Visit the Deloitte website for the full Technology Fast 50 and Technology Fast 500 lists.

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