Martello Technologies tops Ottawa firms on Growth 500 list for second straight year

While nearly two dozen established Ottawa firms are proving themselves among the fastest-growing in Canada, the National Capital Region was shut out of a list ranking up-and-coming Canadian startups, according to an annual report released Thursday.

Every year, Maclean’s Magazine and Canadian Business rank the top 500 companies across Canada based on five-year revenue growth. This year’s Growth 500 list, previously called the Profit 500, named 22 Ottawa-based companies among its ranks – four more than last year.

Leading the pack locally for a second year in a row was Kanata’s Martello Technologies at No. 28. The local communication services firm moved up 20 spots from last year’s list with five-year growth of 2,231 per cent.

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It’s been a good week for the local firm, as the company went public on the TSX Venture Exchange Wednesday following a reverse takeover transaction.

Rounding out Ottawa’s top five were cloud-based IT company HostedBizz at No. 50, digital agency OPIN at No. 69, sensor developer Giatec Scientific at No. 80 and consulting firm Napkyn Analytics at No. 141.

Alongside the Growth 500, the business magazines also release the Startup 50, a ranking of Canada’s most promising young firms based on two-year revenue growth. No Ottawa companies placed on this list. Womp womp.

Here’s the full list of Ottawa companies with their overall ranking on the Growth 500 and their five-year growth percentage: