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Noibu, Fellow among Ottawa startups to crack Deloitte’s 2024 Technology Fast 50 rankings

November 6, 2024

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Four Ottawa-based organizations made Deloitte’s 2024 ranking of Canada’s 50 fastest-growing tech companies, while another local startup was named to the global professional services firm’s list of ventures to watch. Deloitte released its Technology Fast 50 list this week, ranking the top Canadian tech companies by four-year revenue growth. Qualifying companies must have been in business for at least four years, have a minimum revenue of $50,000 in 2020 and $5 million in 2023, be headquartered in Canada, own proprietary technology, and invest a minimum of five per cent of gross revenues in R&D activities that are conducted in Canada. The firm also published a list of the country’s 15 fastest-growing companies in two other categories – cleantech and enterprise-level tech, media and telecommunications firms – ranked by revenue growth over a consecutive four-year period as well as its top 15 companies to watch ranked on their potential to become future Fast 50 candidates based on three-year revenue growth. Leading the way among Ottawa’s Fast 50 recipients is Noibu, coming in at No. 15 with four-year revenue growth of 1,444 per cent. The seven-year-old company, which helps retailers detect and resolve glitches in their online stores, is one of the National Capital Region’s brightest rising tech stars. Noibu recently signed a deal to provide its software to customers of BigCommerce, a major U.S.-based e-commerce platform. Noibu co-founder and president Kailin Noivo told Techopia the agreement opens the door to thousands of potential new customers for his firm. “This could easily poise us for triple-digit growth in the near future from our overall (annual recurring revenue) base,” Noivo said in an interview this summer. “What this does for us is it further solidifies our brand as the leading error-monitoring solution being chosen by the largest retailers in the world.” Close behind Noibu in 18th place is Fellow, an Ottawa meeting-management software provider that recorded four-year revenue growth of 1,128 per cent. Other local firms to crack Deloitte’s top 50 include Knak (No. 45 with four-year growth of 445 per cent), which makes software that creates marketing emails and landing pages without the need for coding, and AI-powered fraud-detection software specialist MindBridge Analytics (No. 48, 414 per cent). While Ottawa companies were shut out of the cleantech and enterprise lists, local startup Kahi ranked 14th among Deloitte’s companies to watch with three-year revenue growth of 542 per cent. Founded in 2019, Kahi makes high-tech sensors and software that track equipment used to clean up after disasters such as floods and wildfires.