Branham300

The Branham300 companies set another record

2017 marks the 24th annual Branham300 ranking of public and private technology companies in Canada.

The companies that comprise the Top 250 have set a new revenue record. The numbers are:

$96.1 billion, fiscal 2015: a year-over-year increase of 5.7%

$105.3 billion, fiscal 2016: a year-over-year increase of 9.6%

So we have a new revenue record for Canada's Top 250 technology companies, and a growth rate almost double the previous year.


The geography of Canada's tech sector
Branham Group is once again partnering with Esri Canada to create impressive and useful maps of:

  • the Top 250 list
  • the Top 25 Multinationals
  • the Top Up and Comers
  • and our Top 4 Movers and Shakers.

Use this innovative technology to look up your company, assess competitors and perform a number of queries.

Interactive results map

Interactive Results Map

Movers and Shakers story map

Movers and Shakers story map

We thank Esri for their work on this project.


The Branham300
The Branham300 is the definitive listing of Canada's top public and private ICT companies. We rank companies by revenues, with the exception of the Up and Coming companies; this list is based on our assessment of innovation and long-term promise.

The 2017 Edition of the Branham300 consists of the following major listings:

We also recognize leaders within industry sectors:

TheBranham300 lists are a snapshot of the companies surveyed, taken at the conclusion of the fiscal year end of the calendar year before the list is published. That means the 2017 edition of the Branham300 is based on 2016 fiscal year-end results.


Canada's ICT Industry: seven consecutive years of growth

$105.3 billion in total Top 250 revenue

9.6% year-over-year growth, a substantial increase from last year's 5.7%

73% of the Top 250 companies grew their revenue

54% achieved double- or triple-digit growth

ICT Revenue, 2005 to 2016

BCE holds the number one spot
The 2016 edition of the Branham300 saw BCE supplant BlackBerry as Canada's number one provider of technology products and services, and BCE holds the lead position again this year. We once called BCE and its competitors telecoms, but that term is now far too limited: BCE is now a wireless, data service and multi-faceted ICT provider. And, even though Branham Group excludes the company's media, wireline and voice revenue as irrelevant to our ranking, its revenue grew 8% year over year.

That is a slower growth rate than the 15% we calculated for fiscal 2015, but BCE still continues to impress.

Canada's multi-faceted communications and ICT providers had another good year. All eight generated revenue increases in the categories we track, although SaskTel's growth was nominal. The growth leaders were Shaw (44%), MTS (17%) and Rogers (13%).

A note about MTS: the acquisition of the company by BCE took place after its fiscal year end, so it is still a standalone entity in terms of the 2017 edition of our lists.

Tough times continue for BlackBerry
BlackBerry's fiscal 2016 generated a revenue decline of 33%. The company's fiscal year end is early in the calendar year, and unfortunately its struggles continued throughout the remainder of 2016 as it worked to transition to a software-focussed business and released phones running Android and made by an OEM.


Results by region

The majority of Canada’s ICT activity takes place in four provinces:

Top 250 companies
Alberta: 27 companies
Quebec: 26 companies
British Columbia: 41 companies
Ontario: 147 companies

These four provinces represent:
96% of the Top 250 companies
98% of Top 250 revenues

Top 250 Companies by Province

Overall revenue figures also repeated the trends seen last year.

Province 2015 revenue (billions) 2016 revenue (billions) Growth (%)
Ontario $41.48 $45.94 10.8
Quebec $32.42 $34.96 7.8
B.C. $15.27 $15.87 3.9
Alberta $5.34 $6.53 22.3

 

Biggest growth: Alberta shows the largest growth of the top 4 provinces, although this is mainly due to the addition of UrtheCast to the Top 250 list. The satellite and geospatial data company, based in Vancouver, earned $112 million in fiscal 2016.

Ontario generated a significant year-over-year change: in fiscal 2015 its growth was moderate at 0.9%; the jump to 10.8% this year is impressive. Again, the addition of some heavy-hitters — Pivot Technology Solutions with $1.95 billion in revenue, for example — account for much of this growth.


Sector Performance

The Top 250 is divided into the industry's four major sectors:

Software: The Software sector generated 16.7% of the Top 250 revenue and accounted for 37% of Top 250 companies. This is almost unchanged from last year, when the numbers were 18.5% and 37%.

BlackBerry retained its first-place ranking in the category, but only barely: its $2.86 billion in fiscal 2016 revenue just edged out the $2.82 billion earned by Constellation Software.

X Service Providers: Once again, the x Service Provider category (which includes, for example, Internet Service Providers and Application Service Providers) generated by far the most revenue, 46.2% of the total, while only containing 5.6% of the companies.

BCE again led the group, with earnings of $15.2 billion, excluding media, wireline and voice.

ICT Professional Service: The sector saw little change; its 36% share of the Top 250 companies is almost the same as the 37% last year, and its share of revenue came in at 22.2% compared to 21.5% in fiscal 2015.

CGI was again the flagship for overall services revenue, and its $10.7 billion in earnings is a 4% increase compared to the previous year.

ICT Hardware and Infrastructure: This sector declined again this year. In fiscal 2015, Hardware revenue dropped to $15.8 billion, down from $22.3 billion in 2014. For fiscal 2016, the sector's performance declined again, to $15.6 billion.

The sector accounts for 14.8% of the Top 250 revenue. Celestica is again Hardware champ, posting revenue growth of 7%.


Top 25 ICT Multinationals

Branham Group made some significant changes this year to the list of multinational companies tracked. Companies new to the list this year include Apple, Facebook, Dell and the two companies HP created when it divided its business.

Because of that, comparisons to last year's multinational results are less useful.

We estimate that the Top 25 Multinationals operating in Canada generated $73.4 billion in revenue in this country in fiscal 2016.

Notable growth performers include Amazon and Alphabet, which respectively earned increases of 31.7% and 24.7%. The big standout in terms of Canadian revenue was Nokia, which significantly increased both its worldwide revenue and the percentage of that revenue allocated to Canada. We estimate the company generated $1.2 billion in Canadian earnings.


Top 25 ICT Up and Comers

With the Top 25 Up and Comers, Branham Group recognizes promising young companies at the beginning of their successes. It is the only Branham300 list not based on revenue.

Ontario holds the most companies on the Up and Comers list with 68% of firms. We were pleased to recognize innovation in the Atlantic region with 16% representation, a large increase from 4% last year.

Top 25 Up and Comers by Province


Top 20 Movers & Shakers and Top 10 Growth Companies

The Movers and Shakers list recognizes the companies which climbed the most spots on the Top 250 over the year.

In 2015, the 25 Movers and Shakers climbed a total of 624 spots. This year that total was less at 475. The best climbers on the 2016 list were:
Syncordia Technologies and Healthcare Solutions, up 66 spotsspots
Spectra7 Microsystems, up 38 spots
AcuityAds, up 30 spots
theScore, up 28 spots.

The big story again this year is the total revenue of the 25 Movers and Shakers.
2014 $325.4 million
2015 $893 million
2016 $1.2 billion

This year, the average growth was 6,620%. That is clearly an outlier result. It is driven by the remarkable performance of one Branham300 newcomer: Goldmoney. Founded in 2015, the fintech start-up generated revenue growth of 96,073%.

Removing this outlying performance creates a more standard growth rate of 230%. At one time, Branham Group analysed the Hardware sector with and without BlackBerry's results, as that company threw off an understanding of the overall sector. That happened this year with Goldmoney's massive fintech growth.


Fiscal 2016: a growth year

Branham Group was pleased to discover that the ICT industry in Canada set yet another revenue record. A total of $105.3 billion in revenue and growth of 9.6% is remarkable.

Branham Group validates its data in a number of ways. One of those is by analyzing results against Statistics Canada's data. The following table compares the total revenue of the Top 250 Branham300 companies against the total for Canada's ICT sector as reported by Statistics Canada. This analysis extends only to 2014, the most recent StatsCan data available.

Year Statistics
Canada
Top 250 % Top 250 vs.
Statistics Canada
2007 133.44 64.4 48
2008 138.27 76 55
2009 138.87 71.3 51
2010 143.82 73.9 51
2011 150.27 82.6 55
2012 155.72 83 53
2013 158.79 85 54
2014 169.03 90.9 54
Average 53
Revenue in billions Canadian
  • The companies on Branham's Top 250 list represent less than 1% of the 36,000 firms in Canada but account for an average of 53% of the country's total ICT revenue.

  • The variation between the figures over eight years is only +/- 7% (low of 48, high of 55).

These two facts indicate Branham300 data is an accurate assessment of Canada's technology sector and that the Top 250 companies included on Branham Group's annual list truly represent the top performers in Canada's technology sector.

Because of that, the growth displayed by the Top 250 indicates that the overall ICT industry in Canada is healthy.

Those top performers delivered impressive results in fiscal 2016: 9.6% year-over-year growth, almost double the 5.7% from the year previous.

Part of the increase is attributable to the companies we used to call telecoms: BCE, Telus, Rogers, Shaw, Cogeco, Videotron, SaskTel and MTS. The eight generated average growth of 11.6% on large revenues, and account for 45% of the total Top 250 revenue.

Also notable this year were a number of large players that are new to the list. Beyond Goldmoney, these include:

  • Pivot Technology Solutions, revenue of $1.94 billion
  • Tucows, $251.5 million
  • Pure Technologies, $115 million
  • Urthecast, $112 million
  • ISC, $88 million

Much of the Branham300 process is about jockeying for position. Which firms made the cut, which is number one and how many places did different companies move? We have entire lists devoted to those races.

But if you put aside the specific changes and the competition for rank, what the Branham300 shows is that the Canadian tech industry is strong in a business sense and deep in its technical ability and innovation. That is the only way our companies could deliver such significant revenue growth.

Total revenue of $105.3 billion is remarkable, and the 250 Canadian ICT companies on our list should be very proud of that accomplishment.

2017 Branham300 Sponsors


Country Sponsors

MINISTRY OF ECONOMIC DEVELOPMENT AND TRADE OF UKRAINE

CUCC - Canada-Ukraine Chamber of Commerce (CUCC)

The Canada-Ukraine Trade and Investment Support (CUTIS)


Platinum Sponsors

Softserve


Gold Sponsor

Finalta


Contributing Sponsors

Billingham Marketing

Esri Canada


Silver Sponsor

ScreenIT

Nova Scotia Business Inc


Academic Sponsor

Dalhousie University


Industry Partners

Accelerate Okanagan

Venture Labs

Volta Labs


TechConnex

Invest Ottawa

L’Association québécoise des technologies

Digital Nova Scotia



Interested in sponsoring next year's listing? Please contact us for more information.