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| Top 300 Software Companies |
February 27, 2007 |
The Top 25 Canadian Software Companies produced total revenues of $3.335 billion, a 1.9 per cent decrease from $3.4 billion, produced by last year’s list. While some companies experienced slower growth or revenue decreases in 2006, 12 of the top 25 companies experienced year-over-year growth of more than 10 per cent.
There was revenue growth among both the Top 25 and all 105 software companies reporting this year. The Top 25 of 2006 collectively produced total revenues of $3.335 billion, a 10.67 per cent increase from the $3.014 billion these 25 companies generated in 2005. Similarly, all 105 software companies produced $4.135 billion in aggregate revenues in 2006, an 11.41 per cent increase in 2006 from the group’s 2005 cumulative result of $3.7 billion.
While many of the companies in this category remained the same as last year, there were some changes. Cognos, Constellation Software, Open Text and Hummingbird have returned to the top five again this year. Geac is no longer on the list due to its acquisition, making way for Ottawa software company Corel to make an appearance amongst the top five software companies. Versatile Systems made a giant leap from number 24 last year to number nine this year, due to its 167 per cent year-over-year revenue growth. Another new company on the list is Logibec Groupe Informatique from Montreal—a health care software company that specializes in medical and clinical content integration. Logibec had year-over-year revenue growth of 37 per cent, placing it 17th overall.
Software companies account for 42 per cent of the Top 250 companies—up from the category’s 38 per cent contribution last year. Seven of the Top 25 companies are from Quebec (28 per cent), while 16 are from Ontario (64 per cent). British Columbia and New Brunswick each had one company in the Top 25 this year (representing four per cent each). In 2005, Ontario companies comprised 72 per cent of the Top 25 Software Companies, while Quebec and B.C. contributed 24 and four per cent respectively.
However, the provincial breakdown for all software companies shows the contributions of the other provinces as well. For all software companies in the Top 250, Ontario’s contribution is 44 per cent (down from 51 per cent last year), B.C. provides 19 per cent (up from 17 per cent last year) and Quebec 24 per cent (a significant increase from 16 per cent last year).
It is interesting to note that Alberta contributes eight per cent (down from 11 per cent last year) of all software companies, though none appear in the Top 25. The leaders in the Top 25 Canadian Software Companies list continue to progress and innovate through acquisitions, expansions and product creation. Cognos of Ottawa was the number one software company again this year with revenues of $1.02 billion and six per cent growth in 2006. The company gained new customers in 2006, including the City of Atlanta which purchased its Cognos 8 BI, software used to connect disparate data while also providing real-time access to it.
Open Text, a provider of Enterprise Content Management (ECM) solutions, had an interesting year due to its acquisition of Hummingbird (another ECM provider). Both companies are listed separately for the last time on the Branham300 due to the acquisition occurring after the fiscal year ends of both companies. While both companies saw slight reductions in revenues (Open Text’s revenues decreased by one per cent in 2006, while Hummingbird’s decreased by nine per cent), they each gained enough sales to jump one spot in the listing of Canada’s elite software vendors. Open Text continues to integrate Hummingbird’s products into its own. The company recently added advanced reporting and analytics capabilities to its Governance, Risk and Compliance solutions, and was selected by New Hampshire’s only academic medical centre to deploy Open Text Vista Plus, an Enterprise Information Management solution. Hummingbird had some notable events of its own during 2006. The company launched RedDot LiveServer 3.0, a content delivery and Web application integration solution, and a remote desktop access application for Linux.
Constellation Software of Toronto was the number four software company this year with an impressive 28 per cent year-over-year revenue growth that resulted in sales of $247 million in 2006. The company acquired firms in the local building and homebuilding markets. Corel of Ottawa had the fifth largest revenues among the software firms with $207 million in sales and eight per cent revenue growth in 2006. Corel recently acquired InterVideo and Ulead.
To read last year's results, please click here
To return to the table of contents, please click here
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