Profit Magazine has unveiled its 24th annual Profit 200 list of Canada’s fastest-growing companies. As usual, tech firms dominate most of the list, including the top five.
The number one this year is Toronto’s NexJ Systems, a private cloud software company that grew its revenue by a staggering 15,000% in just five years. Ontario’s Mood Media, which specializes in in-store background music and signage, came second, clocking in its five-year growth at a blistering 14,200%. The average rate of growth in the top 200 is more than 1,000%.
“It’s a challenging time to be an entrepreneur, but it’s also a very exciting, opportunity-rich time,” says Profit Editor-in-Chief Ian Portsmouth. “There are a significant number of growth stars in IT services, marketing and software, but the ranking also shows you can build a fast-growing business in practically any niche.”
Other fast-growing tech companies include Clevest Solutions (mobile workforce management software, ranked sixth with 6,000% growth) and GuestLogix (retailing software for airlines and railways, ranked 17th with 2,200% growth).
30% of this year’s Profit 200 are involved in software development, by far the most of any category (besides the very broad “business services,” of which 79% are involved in).