co v e r s t or y / t o p 300 / da rren a nders on

t t t t t

The Canadian Information and Communications Technology (ICT) industry got back on track in 2011, with the economic downturn firmly entrenched in its rear-view mirror. While there were still bumps in the road, this years Branham300 data illustrates that many of Canadas ICT elite turned the corner in 2011 and changed gears from survival to growth mode. The Top 250 Canadian ICT companies on this years Branham300 combined to set a new revenue record in 2011, increasing sales by 11.75 per cent to $82.62 billion, surpassing the high of $75.97 billion achieved in 2008. Growth can be found throughout this years ranking, with 79.6 per cent of listed companies experiencing revenue increases in 2011, and more than half (56.4 per cent) of this years top tech players posting double-digit gains. Canadas number one ranked technology company, Research In Motion (RIM), played a big part in the industrys increase in 2011, with the wireless pioneer now accounting for 24.5 per cent of the Top 250s total revenues. However, breaking down this years data does show there were several other key drivers to the industrys rise over the past year. First and foremost, netting out RIMs revenues from the past two years shows that, without Canadas leading wireless player, the industry still experienced a 5.61 per cent increase in 2011. While this demonstrates that a significant chunk of the industrys overall growth was due to RIMs 33.13 per cent increase in sales to $20.25 billion, it also shows that the rest of the sector has come a long way from the unfavourable economic conditions of 2010, when its net-RIM revenues dipped 1.14 per cent compared to the previous year. All of Canadas major ICT sub-sectors also experienced growth in 2011, a first within the Canadian tech sector over the past half-decade. Leading the way in 2011 with a

For more on the Branham300, including the complete list of all companies recognized in 2011, please visit www.backbonemag.com or www.branham300.com.
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20.55 per cent growth rate was the ICT Hardware and Infrastructure sector, followed by the Software sector, which boosted annual sales by 16.92 per cent. Each of the Top 250s quintiles also realized positive gains last year, with companies ranking between 1 to 50 and 201 to 250 leading the way with 12.41 per cent and 5.34 per cent year-overyear growth, respectively. Comparatively, in 2010 only the top two quintiles of the Top 250 produced growth, with the bottom three quintiles realizing revenue setbacks ranging from two to 12 per cent. This is a strong indicator that Canadian technology companies of all sizes experienced improved market conditions in 2011. Lastly, each of Canadas major technology-driven provinces (Ontario, Quebec, British Columbia and Alberta), which house the overwhelming majority of the countrys top ICT companies, produced at least seven per cent growth in 2011. The success within each of these provinces, and the continued development of key technology hubs in the Atlantic and mid-west regions, is critical to the long-term future of the Canadian ICT industry. Based on these findings, it is clear that the Canadian tech industry has now completed its turnaround and recovered from the economic downturn that stalled its growth over the past three years. Factoring these positive industry results with the fact that Canadas start-up community is at its hottest point in more than a decadechurning out some of the worlds most innovative companies on an ongoing basisit looks as though the Canadian ICT industry is poised to take off in 2012.

c o v e r s t o r y / t o p 300

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Cumulative Top 250 revenues ($ billions)

Top 250 Canadian ICT Companies (2003-2011)

$80.00 $70.00 $60.00 $49.94 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 Year 2003 $55.83 $59.06 $65.40 $64.39 $75.97 $71.32 $73.93

Top performers
$82.62

2004

2005

2006

2007

2008

2009

2010

2011

Results by region
The geographic composition of Canadas Top 250 ICT companies remained fairly static in 2011, with 94.8 per cent of companies headquartered in Ontario, Quebec, B.C. or Alberta. These provinces also generated 97.86 per cent of the Top 250s total revenues. Despite this, some of the countrys most creative and leading-edge companies are located in places like Fredericton, N.B., Halifax and Winnipeg, a testament that Canadian ICT companies do not have to be at the epicentre of the ICT industry to be considered at the forefront of tech innovation.
Province
Ontario Quebec B.C. Alberta

The top-ranking companies in each industry sector maintained their leadership status in 2011. While each sector boasts a number of players that are recognized worldwide for their innovative offerings, the following companies currently champion the Canadian ICT industry. RIM. There is no getting around the fact that 2011 was a difficult year for Canadas leading technology company. While RIM posted another year of stellar results in fiscal 2011, which ended in late February, the rest of the year was not kind to the wireless pioneer. After posting declining sales and shrinking earnings through nine months of its 2012 fiscal year, the companys long-time co-CEOs resigned their positions, resulting in the first leadership change at RIM in 20 years. With acquisition rumours still surrounding the company
Sector
ICT Hardware and Infrastructure xSP ICT Professional Services Software

2011 revenues ($000)

$35,103,994 $31,652,514 $10,868,605 $4,997,849

2010 revenues ($000)

$29,119,420 $29,886,594 $10,653,640 $4,274,673

Growth %
20.55% 5.91% 2.02% 16.92%

% of Top 250 revenues

42.49% 38.31% 13.15% 6.05%

2011 revenues ($000)

$47,804,839 $17,999,935 $10,605,651 $4,444,246

2010 revenues ($000)

$41,104,312 $16,772,014 $9,869,396 $4,116,004

Growth %
16.3% 7.32% 7.46% 7.97%

% of Top 250 revenues

57.86% 21.79% 12.84% 5.38%

The ICT industry in Ontario saw the largest increase in revenues in 2011, rising 16.3 per cent to $47.80 billion from $41.10 billion; however, without the impact of RIMs fiscal 2011 results, the province would have only realized a 5.06 per cent bump in annual revenues. Each of the other major technology regions in Canada generated similar growth rates in 2011, with cumulative revenues for companies headquartered in Quebec, B.C. and Alberta rising between seven and eight per cent compared to 2010.

Sector performance
The Top 250 consists of leading players from each of the Canadian ICT industrys four major sectors: Software, ICT Professional Services, ICT Hardware and Infrastructure, and x Service Providers (xSP). The Software and ICT Professional Services sectors combined to account for 66.8 per cent of the companies listed on the Top 250 in 2011. Despite this significant share, the two sectors only account for 19.2 per cent of the listings total revenues, with the Software sector boosting sales by 16.92 per cent to slightly less than $5 billion and the ICT Professional Services sector producing $10.87 billion in sales in 2011, up 2.02 per cent compared to 2010. The ICT Hardware and Infrastructure space in Canada realized the sharpest rise in revenues over the past year, relative to each of the other industry sectors, as cumulative revenues increased 20.55 per cent to $35.10 billion in 2011 from $29.12 billion in 2010. The xSP sector realized more modest gains, with sector revenues rising 5.91 per cent to $31.65 billion, compared to $29.89 billion in 2010.

and product delays stalling any sort of turnaround for the wireless leader, new CEO Thorsten Heins has been charged with the task of returning the lustre to the once impeccable BlackBerry brand. The Big Three. Canadas three largest national telecommunication playersBCE, Rogers Communications and TELUScontinued their reign in the Canadian wireless and Internet space in 2011. BCE and Rogers Communications posted more modest gains, with each company increasing sales by an estimated two per cent in 2011, while TELUS churned out an estimated nine per cent increase in wireless and Internet sales to $7.98 billion. With increased competition between The Big Three, potential consolidation among the wireless upstarts and the upcoming wireless spectrum auction, the communications space in Canada is set to get a lot more cloudy than clear in 2012. CGI Group. CGI Group spent much of its fiscal 2011 campaign building on its $923.15 million acquisition of Stanley, with the IT and business process services provider closing the year with $4.32 billion in sales, up 15.84 per cent compared to 2010. The Montreal-based company also launched new stand-alone business units in the areas of government and health; the latter unit generated approximately $350 million or eight per cent of worldwide sales in 2011. With more than $5 billion in new business signed over the past 12 months, expect CGI Group to continue to post stable growth figures in 2012. Open Text. Open Text surpassed the $1 billion mark in annual sales for the first time in company history in 2011, increasing revenues by 13.30 per cent compared to the previous year. The enterprise content management leader continued its strategy of pursuing acquisitions in order to fuel expansion, completing three deals in 2011 (Metastorm, weComm and StreamServe) for an aggregate purchase price of approximately US$275 million. With more than 50 per cent of its sales coming from recurring revenue sources, along with an impressive first quarter in its 2012 fiscal year (+33 per cent), it is likely the company will continue to build on its 2011 successes going forward.

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c o v e r s t o r y / t o p 300

t t t t t

Top 250 Canadian ICT Companies

Rank Rank 2011 2010 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 42 47 50 38 48 52 89 54 53 65 56 1 2 3 4 5 6 7 8 12 9 11 13 18 15 20 10 16 21 19 17 24 22 23 29 27 26 36 30 35 34 32 28 39 31 41 40 Company Research In Motion61-64 BCE (wireless, Internet)8 Rogers Comm. (wireless, Internet)65 TELUS (wireless, Internet) Celestica15 CGI Group Shaw Comm. (Internet) CAE11-14 Open Text50-52 Softchoice73 MTS Allstream (wireless, Internet) Telesat76 Business specialty Wireless mobile solutions Wireless and Internet service provider Wireless and Internet service provider Wireless and Internet service provider End-to-end product lifecycle solutions IT and business process services provider Internet service provider Modelling, simulation, training solutions Enterprise content management (ECM) Technology solutions and services Wireless, Internet and security services 2011 revenue * $20,245,419 $9,050,900 $7,989,760 $7,980,667 $7,335,621 $4,323,237 $2,586,520 $1,629,000 $1,050,869 $1,022,113 $840,026 $806,379 $803,486 $792,000 $788,159 $767,929 $689,353 $687,820 $660,745 $589,792 $585,160 $440,165 $430,000 $329,358 $307,882 $305,050 $274,329 $263,500 $250,000 $234,137 $226,651 $221,953 $203,609 $203,195 $183,313 $170,278 $145,000 $141,570 $137,000 $127,415 $122,559 $120,016 $114,736 $113,200 $110,629 $110,542 $108,424 $102,782 $101,000 $100,861 A C C C A A C A A C C C A C C C C C A C B C B C A C A B B A A C B A C C C C B C A % +/33 2 2 9 11 16 10 7 13 14 6 -2 22 14 23 11 -4 2 0 -11 69 -7 23 32 7 5 33 1 23 13 5 -17 21 -8 28 6 -2 8 32 31 30 Rank Rank 2011 2010 51 52 53 54 55 56 57 58 59 60 61 62 63 63 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 84 87 65 96 69 93 85 104 117 131 92 95 106 126 99 105 97 113 121 103 118 100 73 45 60 63 76 55 74 68 77 65 57 71 79 78 64 70 72 83 75 44 86 88 58 80 51 Company RuggedCom ViXS Systems Sandvine70 SelectCore The Herjavec Group78,79 Vecima Networks Adastra MOSAID Technologies42 StarTech.com NRT Technology MKS41 Axia NetMedia Scalar Decisions Business specialty Rugged communications networking solutions Fabless semiconductors Network equipment and solutions for ISPs Transaction processing and POS solutions Security solutions, WAN acceleration, emerging tech Broadband access solutions Data warehousing, data integration, BI, and MDM Licensing, innovation of intellectual property Manufacturer of hard-to-nd connectivity parts Cash & nancial processing solutions Application life-cycle management solutions Sells services over bre optic infrastructure Virtualization, cloud, data man., HPC, networks 2011 revenue * $95,564 $93,289 $90,858 $85,159 $85,000 $84,533 $83,022 $80,537 $79,809 $79,564 $78,472 $78,159 $75,000 $75,000 $74,800 $72,199 $72,000 $71,650 $71,191 $71,000 $69,885 $69,000 $66,581 $65,000 $63,395 $62,000 $60,073 $59,866 $55,798 $53,929 $52,000 $51,985 $51,870 $51,827 $50,566 $50,250 $48,675 $48,183 $47,076 $46,684 $46,000 $45,474 $45,240 $45,157 $45,000 $44,564 $44,500 $42,898 $41,627 $41,059 A B A C C B A B B C A B B B A C C B B A B B B C B A C C C B C C A C B B C A A C A C C B B B B B C % +/29 59 0 -17 33 22 13 29 3 23 14 25 7 3 13 16 26 27 0 5 9 27 8 -41 24 23 85 1 9 -28 33 -28 14 0 32 63 79 3 4 24 69 10 20 7 38 58 10 38 -1

A -25

Vidotron (wireless, Wireless and Internet service provider Internet) Constellation Mission-critical enterprise software Software16 MacDonald, Dettwiler and Advanced information solutions Assoc.39 Aastra Technologies Business communications products, applications SaskTel (wireless, Wireless and Internet service provider Internet) Business communications software Mitel solutions Mobile computing and M2M Sierra Wireless communications Procom Consultants IT stafng and contract administration Group Hartco ICT products, services and solutions IT infrastructure and lifecycle Compugen management Oileld instrumentation and data Pason Systems55 acquisition Evertz Microsystems Video and audio infrastructure solutions Cogeco Cable Internet service provider (Internet) Test and service assurance for the EXFO telecom industry Teranet Electronic registration systems OnX Enterprise Professional, digital and cloud services Solutions Zarlink Mixed-signal semiconductor products Semiconductor83 Technology services for industry and Calian Technologies government SMTC72 Advanced electronic manufacturing S.i. Systems68 IT professional stafng services COM DEV Designer, manufacturer of space International hardware Miranda HW/SW for broadcast, cable, satellite Technologies & IPTV Enterprise risk solutions for nancial Algorithmics4 institutions End-to-end IT solution and service Soroc Technology provider Semiconductor solutions and intellectual Gennum28 property TES - The IT stafng, contract and permanent Employment Solution placement Points.com Currency management for loyalty rewards Enghouse26 Enterprise software solutions provider High-capacity packet microwave DragonWave solutions Peer 1 Hosting IT hosting provider Nurun Digital technology and interactive media 81 82 WiLAN , Intellectual property licensing programs Eagle Professional Sources contract and full-time IT professionals Resources VendTek Systems Automated transaction systems software March Networks Intelligent video management solutions Maplesoft Group Systems integrator Descartes Systems Multi-modal global logistics network, applications Group20-22

Global xed satellite services operator Interactive solutions for education and SMART Technologies business

A -25 A 15 C 21 C 114 B 28 A -11 A 19 B 44 A 34

The ADGA GROUP of ICT solutions and professional services Companies Logibec Groupe IS for health and social-services sector Informatique Firmware-embedded endpoint security, Absolute Software management Vision Critical Market research software and solutions Hemisphere GPS GPS (GNSS) technology manufacturer Management and information technology R3D Consulting consulting ESI Information Storage, security, availability and Technologies compliance 20-20 Technologies CAD, sales, manufacturing SW for design industry Esri Canada GIS software and services Real Matters Property information services Systematix IT consulting services Online publishing, customer acquisition Cyberplex19 strategies Retail man. software and interactive iQmetrix retail technology Communication software solutions and Redknee services Avigilon7 High-denition surveillance solutions Redline Wireless systems for industrial Communications applications Firan Technology Electronics products and related Group subsystems ParetoLogic PC security and utility software Zedi (technology Systems and services for the oil and gas 84 segment) industry IMRIS Integrated medical imaging solutions Computer Modelling Advanced reservoir simulation software Group CriticalControl Data capture, doc. imaging, database Solutions17,18 mgmt VERITAAQ IT consulting services QA Consultants Quality assurance and testing Stock plan admin. technology and Solium Capital services Mediagrif Interactive E-commerce solutions and network Technologies40 operations Business-critical information technology Versatile Systems solutions Klick Technology-inspired marketing solutions TekSavvy Solutions Internet service provider DDS Wireless Application software for the International transportation industry TeraGo Networks77 Broadband service provider for businesses National Computer IT stafng solutions and application Professionals development SaaS Enterprise Resource Planning for PointClickCare the long-term care industry Systems integration and bus. Illumiti effectiveness solutions 23 EISI Financial planning software Telepresence, videoconference, CBCI Telecom AV solutions WebTech Wireless GPS vehicle tracking, telematics solutions

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Rank Rank 2011 2010 101 102 103 104 104 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 127 129 130 131 131 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 107 GIRO

Company

Business specialty Software for public transit and postal optimization Comm. solutions for remote environments Building automation and energy mgmt. 3D optical measurement, CAD, metrology technology Process measurement and control for harsh conditions Consulting and packaged implementation Internet hosting services and IT infrastructure Cloud-based multi-channel bill payment processing Software for public sector (local govt & education) Server virtualization, print opt., telecom technology Supply-chain management and logistics Test engineering solutions Infra. architecture sales, service and support Managed comm., Ethernet, and IT services Electronics manufacturing services provider Point-to-multipoint multimedia content distribution Oper. support systems, telecom, cable Broadband controls for network operators Radar systems & security and surveillance applications Integrated wireless solutions Managed network and hosting services Enterprise CRM solutions Communications and infrastructure technology Implementation of Microsoft solutions Designs, manufactures, sells optical sys. Onboard tech. for passenger travel industry Data centre co-location services and sol. Net. management, IT outsourcing, hosted services Online and in-store digital media sol. Picture archiving and comm. systems (PACS) Exploration solutions using geospatial data EMR and EMS software for health care Enterprise infrastructure solutions and services IT solutions for business Infrastructure, security and collab. consulting Ent. construction and capital project sw Electronic and mobile com. solutions Software/hardware for electronic payment processing Vendor authorized IT training provider Cloud-based time & expense software Corporate performance mgmt.software Enterprise solutions with Adobe software Optical lters for comm. and instrumentation Secure exible IT support and solutions Ent. infrastructure, managed & professional services Compliance messaging and archiving Global retail software provider Satellite-based mobile broadband solutions IT consulting architecture, mobile, SOA and Java Technology-based gaming solutions

2011 revenue * $40,000 $39,989 $39,000 $37,000 $37,000 $36,800 $36,612 $36,565 $36,300 $36,050 $35,654 $35,462 $35,000 $34,956 $34,624 $34,411 $34,070 $33,670 $32,977 $32,463 $32,443 $30,000 $27,459 $26,871 $25,502 $25,344 $24,000 $24,000 $23,686 $23,248 $23,100 $23,100 $22,500 $22,153 $22,000 $21,970 $21,536 $21,180 $20,759 $20,435 $20,430 $20,287 $20,200 $19,600 $19,500 $19,000 $18,675 $18,503 $18,367 $18,245 B C B B B B B A B B A B C

% +/8 98 32 36 3 55 24 32 13 1 -3 -9 40

Rank Rank 2011 2010 151 152 153 154 155 156 157 158 159 159 161 162 163 164 165 166 167 167 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 184 184 187 188 189 190 190 190 193 194 195 196 196 198 199 200

Company

Business specialty Infrared imaging and video security tech. Digital commerce technology and services POS system software/enterprise man. ASP electronic medical records (EMR) Mission-critical mobile workforce management Managed database services SaaS employee engagement software HR, payroll, pension and scheduling systems Cust. experience management software IT service management best practice services Real-time medical imaging technologies POS solutions and transaction services Developer and supplier of real estate tech. Passive radio frequency products and solutions Computer-based digital audio/video capture Network integration Software and user experience design BI, architecture, development and mobile Security consulting, integration, managed services IPTV products, IT software engineering services Video and USB extension solutions Software development Simulation-based training systems

2011 revenue * $18,091 $17,791 $17,638 $17,374 $17,300 $17,200 $17,092 $17,000 $16,984 $16,984 $16,498 $16,092 $16,032 $15,690 $15,635 $15,500 $15,000 $15,000 $14,900 $14,800 $14,797 $14,788 $14,778 $14,698 $14,602 $14,500 $14,451 $14,309 $14,213 $13,340 $13,221 $13,207 $13,000 $12,800 $12,800 $12,800 $12,703 $12,600 $12,256 $12,000 $12,000 $12,000 $11,939 $11,862 $11,830 $11,800 $11,800 $11,540 $11,350 $11,250 A B C A B B B B B B C C B C B C B B B

Norsat 139 International44 119 Distech Controls 124 Creaform 109 George Kelk Ideaca 120 iWeb.com37 123 TIO Networks StarDyne 114 Technologies 111 WBM Ofce Systems 108 TECSYS 112 Averna Stoneworks Technologies Navigata Communications Adeptron 91 Technologies2,3 132 International Datacasting Sigma Systems 49 Bridgewater Systems9, 10 102 Rutter9,10 101 Glentel (wireless business division) 116 Radiant Communications 134 NexJ Systems43 14 Nortel Networks45-47 148 Navantis 82 Enablence 24,25 Technologies 125 GuestLogix 133 Care Factor 115 Nitro IT Business Solutions 130 PNI Digital Media 145 Intelerad Medical Systems 141 Geosoft 143 QHR Technologies57,58 134 Gibraltar Solutions 137 Quartech Systems59 Victrix 136 CMiC Fireswirl Technologies 138 RDM 151 152 168 158 ExitCertied Replicon PROPHIX Software 4Point 149 Iridian Spectral Technologies 157 Graycon Group 168 Zycom Technology 161 Global Relay 150 Raymark60 206 C-COM Satellite Systems 167 TechSolCom 257 Amaya Gaming Group5

CANTRONIC 160 Systems Elastic Path 164 Software 177 Dexit 156 Nightingale Informatix Complete 174 Innovations Pythian Achievers 152 D.L.G.L. 163 Empathica Pink Elephant Novadaq 165 Technologies48 VersaPay 173 Lone Wolf Real Estate Technologies 129 Mitec Telecom

% +/98 17 17 5 26 44 68 3 8 12 9 27 17 28 13 59 15 9 22

A -18

B -11 C -28 A B 48 6

189 VIQ Solutions 172 Boardwalk Communications 211 Macadamian 191 Sourcevolution 175 NCI 190 Mariner

A -29 A 11

C -12 C C B A C B A B C C C B C C C A B C B B B B B C C C B 4 33 52 9 -1 4 -7 20 18 21 2 6 10 3 6 2 20 25 40 26 16 22 34 23 7 77 29

C -96

B -14

C 202

207 Icron Technologies34 162 DRN Commerce 146 Atlantis Systems6 203 Annex Consulting IT consulting and recruitment Group 178 Espial Group On-demand TV software and services Managed services, app. delivery, 192 IT Weapons virtualization 176 BSM Technologies Fleet management, diagnostics, security Quartet Service Outsourced IT for SMBs Factory automation software for highPEER Group tech manufacturing 56 qdata Bar coding, RFID and wireless solutions Silanis Electronic signature solution provider 159 OSI Geospatial53,54 Navigation and command and control systems Intelliware Custom business applications and 188 Development software dev. 200 L-IPSE Services IT consulting services conseil Business, predictive analytics and enter. 204 Newcomp planning 194 Tenzing Managed IT SaaS, e-commerce and cloud solutions Services Web apps, integration, search and info Architech discovery 140 HighVail Systems IT infrastructure and services provider CONTAVA Security solutions integrator 198 Habaero Consulting IT consulting services and solutions Group Triware Technologies IT consulting, hardware and service provider VistaCare Fibre optics, splicing comm., security Communications solutions 233 PrecisionERP ERP, CRM and BI consulting services 184 Sangoma 71 Hardware/software for IP comm. systems Technologies 208 Momentum Oracle and Java consulting services Technologies IT security & privacy, managed services, 182 Cistel IT stafng Messaging Email lifecycle and risk management Architects solutions Homeserve Software for real-estate, relocation and 195 Technologies31 banking 197 TRM Technologies Security, enter. architecture, ICT infr. and risk solutions 214 NetPulse Services Business process and IT outsourcing services

C 38 B -4 C -26 B C B A C B 43 10 22 7 20 25

B 24 C 105 C B B B B 11 8 17 27 8

B 171 B -37 C -17 C B B B A B B B A B B 5 20 33 64 -5 22 -1 19 1 2 25

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c o v e r s t o r y / t o p 300

t t t t t

Top 250 Canadian ICT Companies

226 254 Broadview Networks System integrator, software, infrastructure sales Internet and related communications 227 166 Uniserve $10,743 C -15 Communications services 228 235 Doxim Ent. content management applications $10,680 B 54 Filbitron Systems Tablet computer solutions for eld 228 219 Group 205 202 Serenic $10,552 A -2 workers 230 228 CPAS Systems Pension administration software 206 221 Superclick Internet access management solutions $10,096 C 37 Networks74,75 231 Vital Insights Customer experience management 232 222 Angoss Software Predictive analytics software Information mgmt, system conn. and 207 209 Sylogist $10,087 A 4 portal apps 233 239 Concept Computer Microsoft Dynamics hosting and Citrix delivery 208 DataWind Mobile Internet devices and services $10,000 B 150 234 274 IDC Digital radiography technology solutions 208 218 IPS Security, compliance and network infra. $10,000 B 18 235 252 Automated Benets Claims processing for the insurance ind. Tenet Computer 208 Design, dev., implementation & support $10,000 C 0 Group 236 227 Quorum Information Dealership management for auto industry Technologies 208 199 Visual Defence Solutions for mission-critical security $10,000 B -9 237 240 End to End Networks Network, security mgmt. solutions 212 183 ODESIA Group49 BI, decision processes, data warehousing $9,991 C -20 238 234 Pandell SaaS O&G software/services 213 201 Oceanwide Business-to-business applications $9,927 B -8 Electronic product development, stafng, Enterprise information and content 239 237 Fidus Systems 214 C3 Associates $9,900 B 7 consulting management strategy 240 Enick Innovative mobile application solutions 215 229 ThinkWrap Solutions E-commerce, portal and location services $9,700 B 29 241 Ergoresearch Technologies for ergonomic applications Tranzeo Wireless High-performance wireless network 216 170 Technologies80 $9,510 C -14 equipment Multiforce 242 Business and IT consulting services Technologies CoreTech Stafng 217 and Professional People and technology stafng solutions $9,143 B 134 VoodooVox (formerly 243 281 Call Genie) Mobile advertising solutions, services Services 218 219 Procura Software for home and community care $8,937 B -3 244 243 Sand Technology69 Enterprise analytic database platform 219 224 Lionsbay Media Online lead generation/trafc ow man. $8,868 B 10 IT services for nancial and investment 245 155 Frontline In-Touch Insight Integrated market research hardware Technologies27 institutions 220 250 Systems $8,764 C 49 and software Designer, manufacturer of motion 246 D-BOX Technologies simulation systems 38 221 231 Lyrtech Digital signal processing technologies $8,557 C -1 Software and content QA, learning, 247 244 PQA Testing 222 277 Search Engine SEO, PPC and social media marketing $8,342 B 84 content development People 248 244 istcl.com IT stafng, outsourcing, managed ser. 223 217 Accreon IT and business solutions $8,300 C -5 248 204 PIKA Technologies Telephony appliances, apps, boards, SDKs Insite Computer 223 226 Group Managed infrastructure service provider $8,300 B 6 Fixed wireless Internet and broadband 250 256 Platinum 225 238 Evoco Construction project and program man. $8,210 B 17 Communications solutions A indicates revenues are publicly available C indicates revenues are Branham estimates A indicates revenues are publicly available C indicates revenues are Branham estimates B indicates revenues have been conrmed by the organization Exchange rate used for all U.S. $ was 1.0170 and for all Euro was 1.3193 B indicates revenues have been confirmed by the organization Exchange rate used for all U.S. $ was 1.0170 and for all Euro was 1.3193 Rank Rank Company 2011 2010 201 225 CounterPath 202 210 FoxNet 203 180 Intrinsyc Software International 204 216 Spyre Solutions Business specialty Desktop and mobile VoIP software Enterprise IT infrastructure solutions Next-generation intelligent connected devices PeopleSoft and Oracle consulting services Financial & operational software for not-for-prots 2011 revenue * $11,228 $10,800 A B % +/38 14 Rank Rank 2011 2010 Company Business specialty 2011 revenue * $8,192 $8,161 $8,100 $8,100 $8,075 $8,000 $7,998 $7,992 $7,874 $7,774 $7,488 $7,440 $7,356 $7,300 $7,231 $7,230 $7,200 $6,932 $6,872 $6,772 $6,685 $6,580 $6,500 $6,500 $6,368 B B C B C C B C C C B B B % +/40 14 -4 7 29 1 15 46 33 -3 8 3 3

A -16

B 110 A 9 B C A C A C B C A 80 65 5 25 47 5 0 -35 14

Top 25 ICT Up and Comers

Over the past year, the start-up scene across each of Canadas technology hubs has continued to heat up. Several former Branham300 Up and Comerssuch as Radian 6, Rypple, Tynt, Five Mobile, Post Rank and Tunglewere acquired, while many other rising technology stars closed prominent funding rounds in order to fuel their next major growth milestones. While Canada has long been known as a hotbed for innovative start-up activity, it seems that more recently the worlds most prominent technology brands have begun to take further notice, with companies such as Zynga, Twitter, Salesforce. com, Google, Groupon and many others adding top Canadian startup talent to their technology arsenal over the course of 2011. This years group of Top 25 ICT Up and Comers represents the next crop of innovative Canadian technology companies that are on the leading edge. Headquartered from coast to coast, these companies are pushing the limits in existing markets such as health care, security and education, and paving the way in new areas such as social microvideo platforms, real-time shared Web browsing and mobile payment solutions. Look for these companies to continue to make some noise in 2012 and beyond.
Top 25 Up and Comers provincial breakdown
QC 12% AB 8% BC 16% NB 4% ON 52% NS 8%

Company
AffinityClick Caristix ConnectionPoint Systems Empire Avenue Enflick GoInstant I Think Security Infersystems Keek Locationary Payfirma SeaWell Networks SecureKey Shiny Ads SilkStart TitanFile Top Hat Monocle TribeHR Trilogy Software VidCruiter Vidyard Visier Vortex Connect Wave Accounting Whatsnexx

Year est.
2009 2009 2008 2009 2009 2011 2010 2009 2010 2009 2011 2008 2008 2009 2010 2011 2009 2009 2010 2009 2011 2010 2009 2009 2008

Business specialty
Online advertising platform for retailers and publishers HL7 interface management software for health care Social commerce applications for social networks Social stock market simulation platform Innovative mobile application solutions Real-time shared Web-browsing solutions Data Protection and IT security solutions Predictive analytics and decisioning solutions Social microvideo sharing platform Data management solutions for local business data Payment acceptance hardware and software solutions Video experience optimization and subscriber management Security technologies for online and mobile transactions Self-serve advertising platform for online publishers Membership and association management software Secure online document transfer and tracking solutions Interactive learning platform for the classroom Cloud-based social human resources SaaS for SMBs Source document management software for tax professionals Automated online video interview solutions Business video hosting and analytics solutions Cloud-based workforce analytics for HR professionals Mobile solutions to manage a workforce Online accounting applications for small businesses Automation software for integrating multichannel marketing

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Top 25 ICT Multinationals

Rank 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
22 20 21 19 23 14 15 13 17 18 8 7 10 9 12 11

Rank 2010
1 2 5 4 6

Company
IBM Canada32,33 HP Canada Cisco Systems Canada Microsoft Canada Xerox Canada Honeywell Canada Oracle Canada Ericsson Canada SAP Canada Wipro Alcatel-Lucent Canada General Dynamics Canada Christie Digital Amdocs ADP Canada Nokia Canada Fujitsu Canada Pitney Bowes Canada Randstad Canada CSC Symantec Canada CA Technologies SunGard PMC-Sierra TEKsystems Canada

Year est. in Canada

1917 1961 1990 1985 1953 --1984 1953 1989 ----1948 1999 --1979 1979 1973 1923 1997 1994 --1979 --1992 1995

Business Specialties
IT products and services Technology solutions provider IP-based networking and technology products Software, services and tech. solutions Document technology and services Tech. and manufacturing solutions Integrated bus. hardware and software Telecommunication equipment and services Enterprise application software IT consulting and outsourcing services Mobile, fixed, IP and optics technologies Electronic systems and support Visual display tech. and solutions Customer experience systems innovation Business outsourcing solutions Mobile technologies and devices Consulting, integration and man. services Software, hardware, services for digital com. IT staffing solutions (recruiting, payroll, MSP) Consulting, system int. and outsourcing Security, storage and systems management IT management software and solutions Software, IT services and business continuity Semiconductors for storage, optical, mobile Technology staffing and related services

2011 revenues
$5,746,050 $4,645,656 $1,642,455 $1,627,200 $1,236,000 $1,230,000 $1,193,958 $1,055,000 $965,798 $797,525 $786,117 $508,500 $470,871 $441,300 $435,479 $388,534 $318,000 $313,000 $289,175 $195,264 $180,518 $177,975 $171,365 $153,505 $150,000

*
C C A C C C A C C C C C B A A C C B C C C C C C C

% change
10 1 21 14 6 6 32 6 18 11 27 0 47 7 12 -9 3 0 8 19 11 4 2 5 3

Employees in Canada
22500 5600 1200 1100 4000 5000 1000 3300 2058 350 3000 1450 751 n/a 1800 850 2400 1550 800 1200 365 195 n/a 500 151

A indicates revenues are publicly available. B indicates revenues have been confirmed by the organization. C indicates revenues are Branham estimates. Exchange rate used for all U.S. $ was 1.0170, for all Euro was 1.3193 and for all INR was 0.01918

Foreign ICT multinationals made their presence known within the Canadian ICT industry in 2011. Some made big splashes by acquiring toptier and up-and-coming Canadian technology companies, while many others increased their investment by boosting Canadian workforce numbers and in some cases shifting critical R&D activities to take advantage of Canadas robust talent pool of tech workers. While these companies were not founded and are not headquartered in Canada, there is no questioning the role they play in developing and supporting Canadas ICT industry. IBM Canada tops this years listing of the Top 25 ICT Multinationals with operations in Canada, generating an estimated $5.75 billion in 2011, a 9.71 per cent increase compared to 2010 figures. The global IT product and services provider made headlines in late 2011 when it announced the US$387 million acquisition of Algorithmics in September, followed by the takeover of Platform Computing for an undisclosed sum in October. With its long track record of acquiring top Canadian technology companies, expect IBM to continue to look north of the border to bolster its innovative technology portfolio. HP Canada maintained its position as the second-largest foreign ICT multinational in Canada, increasing revenues by 0.95 per cent to an esti-

mated $4.65 billion, while Cisco Systems Canada boosted sales by 20.52 per cent year-over-year to $1.64 billion, jumping into third position in 2011. Rounding out the top five Foreign ICT multinationals were Microsoft Canada and Xerox Canada, which boosted sales by 14.29 per cent and 6.43 per cent to $1.63 billion and $1.24 billion in 2011, respectively. Four newcomers landed on this years listing, with Honeywell Canada leading the way in the sixth position, generating an estimated $1.23 billion in revenues in 2011, up 5.88 per cent compared to 2010. Honeywell increased its footprint within the Canadian technology space in 2010 when it acquired Edmonton-based Matrikon in a deal valued at approximately $145 million. The transaction proved significant for the diversified technology and manufacturing solutions conglomerate, as Matrikon provided the foundation for Honeywells new Advanced Solutions business unit. Other companies making their debut on the Top 25 ICT Multinationals listing this year include Christie, a global visual display technologies and solutions player with deep roots within the Kitchener-Waterloo technology hub; Randstad Canada, a long-time leader in the worldwide IT staffing space, and PMC-Sierra, a semiconductor leader with significant operations in the Burnaby, B.C., area.

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Top 25 Software Companies

Following a year that saw total revenues slip by 4.65 per cent, the Canadian Software sector produced 16.92 per cent year-over-year growth in 2011, as cumulative sector sales increased from $4.27 billion to slightly less than $5 billion. Several sector leaders contributed to this turnaround, as 15 of the Top 25 Software companies produced annual growth in excess of 10 per cent in 2011. Solidifying its status as Canadas largest independent software company, Open Text increased sales by 13.3 per cent from $927.53 million in 2010 to $1.05 billion in 2011, surpassing the billion-dollar mark in sales for the first time in the companys 20-year history. During its 2011 fiscal year, the Waterloo, Ont.-based company realized positive growth across each of its product segments
Software companies: revenue comparison 10 list11 list
$6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 0

$3,553,912

$4,080,521
+15%

$4,274,673

$4,997,849
+17%

2010

2011

2010

2011

Top 25 software companies

All software companies

and across all its major geographic markets. Given the enterprise content management markets stable operating conditions, and Open Texts diversified and growing customer base, it is expected that Canadas top software company is poised for continued growth into the foreseeable future. Constellation Softwares buy-and-build strategy continued to churn out double-digit growth in 2011, as total revenues for the Toronto-based company climbed 22.85 per cent to $788.16 million. Over the past three years, the company has finalized between 10 and 20 acquisitions annually, contributing significantly to its current position as Canadas second-largest software player. Mitel slipped one spot on this years Top 25 Software Companies listing to the third position, as revenues at the Ottawa-based company remained stagnant in 2011 at $660.75 million. Several other players produced impressive growth in 2011, including Solium Capital, which boosted sales by 79.03 per cent, PointClickCare (38.2 per cent), Descartes Systems Group (34.44 per cent), Zedi (33.27 per cent) and TIO Networks (31.67 per cent).

Rank Rank 250 2011 2010 Ranking 1 1 9 Open Text

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 17 19 23 20 21 25 18 12 15 16 11 8 14 9 13 7 3 2 4 15 19 36 40 41 47 50 61 65 66 67 71 76 77 81 82 84 88 89 90 96 98 101 108 Mitel Algorithmics Points.com Enghouse

Company

Constellation Software

VendTek Systems Descartes Systems Group MKS Logibec Groupe Informatique Absolute Software Vision Critical 20-20 Technologies iQmetrix Redknee ParetoLogic Zedi (technology segment) Computer Modelling Group Solium Capital Mediagrif Interactive Technologies Versatile Systems PointClickCare EISI GIRO TIO Networks

Top 25 ICT Hardware & Infrastructure Companies

The ICT Hardware and Infrastructure sector completed its turnaround in 2011, posting a 20.55 per cent increase in total revenues to $35.1 billion from $29.12 billion. In the two years prior, the sector posted a drastic decline of 21.48 per cent in 2009, followed by a modest gain of 1.31 per cent in 2010. Netting out the rise of RIM and the decline of Nortel illustrates that, beyond these two companies, the health of the ICT Hardware and Infrastructure sector in Canada is improving, as cumulative sales without these two companies increased to $14.83 billion in 2011 from $13.48 billion in 2010, a gain of more than 10 per cent.
Hardware companies: revenue comparison 10 list11 list ($000)
$40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 0

$34,211,149 $28,225,267
+21%

$35,103,994 $29,119,420
+21%

2010

2011

2010

2011

Top 25 hardware and infrastructure companies

All hardware and infrastructure companies

Prior to its major management shakeup in early 2012 and its shareholder revolt in mid-to-late 2011, RIM strengthened its grasp as the top ICT Hardware and Infrastructure player by boosting annual revenues by 33.13 per cent to $20.25 billion in 2011. With a new CEO and flat sales to date in its fiscal 2012 campaign, Canadas most prominent technology company has a lot on the line in the coming year as it attempts to reposition itself as a leader within the global wireless space. Celestica and CAE again maintained their positions in the top three for 2011, with both companies posting strong revenue growth (Celestica 11.24 per cent, CAE 6.73 per cent). Calgarys SMART Technologies realized a 21.93 per cent increase in sales to $803.49 million in 2011, as the interactive whiteboard product specialist gained further traction in the education sector in both North America and the EMEA region. Aastra Technologies rounds out this years Top 5 ICT Hardware and Infrastructure companies in Canada again in 2011, despite a 4.37 per cent drop in sales to $689.35 million.

Rank Rank 250 Company 2011 2010 ranking 1 1 1 Research In Motion

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 21 18 24 19 20 22 2 3 7 5 6 10 8 14 13 9 11 16 17 15 5 8 13 17 20 24 25 27 30 32 34 35 38 42 45 48 51 52 53 54 56 58 59 60 Celestica CAE SMART Technologies Aastra Technologies Sierra Wireless Pason Systems Evertz Microsystems EXFO Zarlink Semiconductor SMTC COM DEV International Miranda Technologies Gennum DragonWave WiLAN March Networks RuggedCom ViXS Systems Sandvine SelectCore Vecima Networks MOSAID Technologies StarTech.com NRT Technology

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Top 25 ICT Professional Services Companies

Compared to each of the other major sectors that comprise the Canadian ICT industry, the leading players within the ICT Professional Services sector generated lower levels of growth in 2011. The sectors 82 companies on this years Top 250 combined to produce $10.87 billion, up only 2.02 per cent from $10.65 billion in 2010. However, it was corporate restructurings and changes in revenue reporting amongst some of the sectors leading companies, and not poor performance, that were the key contributors to the sectors stagnant growth in 2011. For the eighth consecutive year, CGI Group headlines Canadas Top 25 ICT Professional Services companies listing. Strengthening its hold on the number one position, the Montreal-based company increased sales by 15.84 per cent to $4.32 billion, with much of the companys growth in 2011 coming from its acquisition of Stanley. While the company did not finalize any major acquisitions in 2011, it has a long-standing strategy of pursuing deals that complement core offerings and expand its geographical footprint. Look for
Rank Rank 250 2011 2010 ranking
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 18 20 21 22 23 24 25 22 24 14 15 16 17 20 23 19 25 20 1 2 3 6 4 5 8 10 9 12 6 10 16 21 22 23 28 29 31 33 37 39 44 46 49 55 57 63 63 69 72 74 75 85 86 CGI Group Softchoice MacDonald, Dettwiler and Associates Procom Consultants Group Hartco Compugen Teranet OnX Enterprise Solutions Calian Technologies S.i. Systems Soroc Technology TES - The Employment Solution Nurun Eagle Professional Resources Maplesoft Group The Herjavec Group Adastra Scalar Decisions The ADGA GROUP of Companies R3D Consulting Esri Canada Systematix Cyberplex CriticalControl Solutions VERITAAQ

CGI Group to continue to act as a consolidator in the near term. Softchoice jumped one position into the second spot in 2011, with sales increasing 13.69 per cent year-over-year to $1.02 billion. Late in its 2011 fiscal year, Softchoice announced the take-over of UNIS LUMIN, another leading Canadian ICT Professional Services player, in a deal valued at US$17 million. It is expected that Softchoice will increase its cloud-related offerings, an area in which UNIS LUMIN had invested heavily, prior to its acquisition. MacDonald, Dettwiler and Associates slid to the third spot this year, due to the $815 million divesture of its Property Information business unit to TPG Capital in January 2011. With the sale, the companys revenues from continuing operations increased an estimated 11.45 per cent from $689.03 million in 2010 to $767.93 million in 2011. Several other sector leaders posting notable growth in 2011, with Procom Consultants Group, Maplesoft Group, The Herjavec Group, VERITAAQ, and TES The Employment Solution all experiencing year-over-year gains of 30-plus per cent in 2011.

Company
Amaya Gaming Group C-COM Satellite Systems Search Engine People WiLAN Macadamian Solium Capital PrecisionERP IDC VoodooVox (formerly Call Genie) Norsat International Icron Technologies TekSavvy Solutions QA Consultants In-Touch Insight Systems Annex Consulting Group ViXS Systems Broadview Networks PROPHIX Software Texada Software Illumiti Navantis Dexit VIQ Solutions Sourcevolution CounterPath

Number of Rank Rank places moved 2011 2010

107 58 55 44 44 43 40 40 38 37 36 34 30 30 29 28 28 27 26 24 24 24 24 24 24 150 148 222 45 167 88 193 234 243 102 171 92 87 220 174 52 226 141 252 97 124 153 165 167 201 257 206 277 89 211 131 233 274 281 139 207 126 117 250 203 80 254 168 278 121 148 177 189 191 225

Company

Top Movers & Shakers and Top 10 Growth Companies

While growth can be found throughout this years Branham300, several Canadian ICT companies surged ahead of the pack in 2011. Amaya Gaming Group led all listed companies this year, rising 107 spots from the 257th position in 2010 to the 150th spot in 2011. The company generated an estimated $18.25 million in sales in 2011, up 201.62 per cent from $6.05 million in 2010. Much of the companys growth can be attributed to its $22.77-million acquisition of fellow Canadian Chartwell Technologies, in addition to several large software licensing contracts in Europe and the Caribbean over the course of its 2011 fiscal year. Two other companies also realized notable leaps on this years listing. C-COM Satellite Systems experienced increased demand for its mobile broadband solutions in Asia-Pacific markets, fuelling its estimated 76.64 per cent increase in revenues, allowing it to jump 58 ranks to the 148th spot in 2011. Search Engine People also realized notable growth, increas-

ing sales by 84.44 per cent to $8.34 million as the company transitioned from The Next 50 listing to the Top 250 listing by leaping 55 positions to the 222nd spot in 2011. The Top 10 Growth Companies listing is dominated by several young, nimble and up-and-coming technology leaders. Edmontons Virtutone Networks stormed onto this years listing, increasing total revenues by 238.78 per cent in 2011 to $2.88 million from $850,000. The aforementioned Amaya Gaming Group ranked as the second-fastest growing technology company in Canada, followed closely by Novra Technologies and Architech, which increased sales by 186.07 per cent and 170.97 per cent in 2011, respectively.
Rank 2011
298 150 284 187 271 208 217 45 240 181 89 257

Rank 2010

Company
Virtutone Networks Amaya Gaming Group Novra Technologies Architech DevFacto Technologies DataWind CoreTech Staffing and Professional Services WiLAN Enflick Silanis

% Change
239 202 186 171 168 150 134 114 110 105

www.edc.ca/realize
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2011 trends and developments

Several existing ICT industry trends continued to evolve over the past year, while market conditions prompted a few net-new ones to emerge over the course of 2011. The following provides a high-level snapshot of what to look for in Canadas ICT industry in 2012.
Halifaxare churning out agile and cuttingedge start-ups that are receiving recognition not only at home but also across the globe. Increased attention from media outlets and the accelerated adoption of social media among the masses have given startups a platform to get their message out at virtually no cost. With major start-up exits making headlines on what seems to be a week-to-week basis, theres little wonder why budding entrepreneurs are taking their shot to cash in or, better yet, build the next great Canadian technology company. Watch for some of this years Branham300 Up and Comers to be the next wave of innovative tech players to lead the Canadian ICT industry forward. upstarts out of the gates in 2010, shook up its management team a couple of times in 2011. Fellow wireless newcomer, WIND Mobile also made headlines throughout 2011 as its inaugural CEO left the firm halfway through the year, with Globalive chairman (WINDs parent company) Anthony Lacavera shifting into the chief executive role. The outspoken young telecom exec stated he wants WIND Mobile to be the consolidator, likely with the hopes of building up its arsenal to take on The Big Three. The company has the financial backing, with the support of Egyptian-based Orascom, but foreign ownership worries have continually bogged down its plans. If consolidation is going to take place within the sector, expect it to happen close to the impending spectrum auction, with the much-desired 700 MHz band being put on the auction block soon.

Darren Anderson is a research analyst and project manager at Branham Group

Foreign players circling top talent

Foreign players with war chests of cash were on high alert for Canadas top tech talent in 2011. Several tech multinationals, mainly headquartered in the U.S., picked off leading Canadian technology companies over the past year, acquiring companies such as Zarlink Semiconductor, Algorithmics, Bridgewater Systems, Dalsa, Platform Computing, MKS and others. The buying spree continued in 2012, with the recent acquisitions of Gennum and RuggedCom. Many of the public companies acquired over the past year were trading at suppressed market values, with large tech companies and prominent private equity players seeing more long-term value in Canadian companies than current and potential investors. If this trend persists into 2012, and potential buyers remain content to scoop up Canadian players by paying acquisition premiums in the high double-digits and sometimes in excess of 100 per cent of market value, look for several other public Canadian ICT companies to be involuntarily put on the M&A block in the near term.

Canadians say no to IPOs

While the U.S. IPO market showed some signs of heating up with offerings launched in 2011 by the likes of LinkedIn, Zynga, Pandora and Groupon, public markets in Canada remain very cold. Only two prominent Canadian technology companies went public in 2011: Avigilon and NexJ Systems. If economic conditions in Europe stabilize and North American markets continue to improve, look for IPO markets in Canada to show some signs of life in the second half of 2012. It is well known among inner tech circles that several private ICT players in Canada are on the verge of IPOs, so its just a matter of time.

Leaving the downturn behind

The Canadian ICT industry turned the corner in 2011 and left the memories of the economic downturn in the dust. All the major sectors that comprise the Canadian ICT industry and each of the major technologydriven provinces produced positive gains over the past year. Growth can be found throughout this years Branham300, with companies ranging in size from $5 million to $10 million all the way to $1 billion-plus experiencing improved market conditions compared to previous years. While Canadas top technology player, RIM, must overcome some of its major challenges in 2012, the rest of the ICT contingent in Canada possesses the talent and level of innovation to drive the technology space forward for years to come. Based on these indicators and the long-term outlook for the industry, Branham expects Canadas ICT industry to post high single-digit cumulative growth in 2012. Further analysis of Canadas ICT industry sub-sectors and accompanying listings can be found online: www.backbonemag.com/ branham or www.branham300.com. B

Wireless wars heat up

As 2011 came to a close, buzzwords like consolidation and public offerings were being thrown around the Canadian wireless sector. Mobilicity, one of the first wireless

Start-up scene is hot

It seems there has never been a better time to take a shot and start a business or join an emerging start-up. Technology hubs across CanadaWaterloo, Toronto, Vancouver, Montreal, Ottawa, and even Moncton and
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