Canadian technology firm Genetec, which produces software solutions for network video management, access control and license plate recognition, is listed among the top fastest growing Canadian technology firms in the Deloitte Technology Fast 50. Genetec's rank was 24th by Deloitte. The position was based on a 799% percent increase in revenues from 2003 to 2007.
"Transforming technological innovation into business success is hard, and it's especially difficult to sustain such rapid revenue growth over five years. Genetec has rapidly built a highly successful company in the Canadian technology industry and we applaud their dedication and ability to transform their vision into reality," wrote John Ruffolo of the Deloitte technology, media and telecommunications industry group, in describing Genetec's position.
Genetec executive vice president Alain Cote said the company's growth has been based on two things: feedback from product users and the recruiting of talented staff.
"The expertise and knowledge that is generated from our team, as well as the long-standing partnerships that we have developed with our customers has allowed us to further enhance our solutions and consequently grow our business into new markets," said Cote.
Companies that qualify for the Deloitte Technology Fast 50 ranking must be headquartered in Canada, have been in business for at least five years, have revenues of at least $5 million, own their proprietary technology, and conduct research and development activities in Canada.