Fredericton- and Miami-based Introhive has cracked the Deloitte Technology Fast 50 awards for the third year in a row, making it the first Atlantic Canadian company to score a hat trick in the rankings of Canada’s 50 fastest-growing tech companies.
Deloitte announced Wednesday that Introhive had placed 32nd with 493 percent revenue growth over the period from 2017-2020, improving on 938 percent growth between 2016 and 2019, but slipping down the rankings compared to last year’s 19th place finish. In June, Global Vice-President of Sales Adam Draper told Entrevestor the company had passed the US$20 million mark in annual revenue.
Unlike last year, which saw three Atlantic companies make the list, Introhive is the only Eastern Canadian startup to rank in 2021. But Newfoundland and Labrador’s Mysa Smart Thermostat received an honourable mention: it made Deloitte’s Companies-to-Watch list of possible future contenders.
"We are thrilled to be recognized for the third consecutive year as a Fast 50 company," said Introhive CEO Jody Glidden in a press release. "This success and recognition would not be possible without the trust of our customers, the commitment of our partners, and the dedication and hard work of our team
“As we continue to grow and have increasing impact, we are honored to bring attention to the thriving technology scene in the Atlantic Canadian region."
The Technology Fast 50, now in its 24th year, ranks companies based on their revenue growth over a four-year period. The participants are required to give Deloitte access to audited financial statements this year and had to show revenue of at least $50,000 in 2017 and $5 million in 2021.
Introhive also rated 272nd on Deloitte’s Technology Fast 500 list for North America, which is in its 27th year and uses similar assessment criteria.
Introhive also made office culture consultancy Great Place to Work’s list of Canada’s Best Workplaces in Technology 2021, which is published in a collaboration with The Globe and Mail. The list is not ranked, but Great Place to Work builds the list based on its Trust Index Survey, which is sent to companies that have received its in-house certification.
Introhive Co-Founders Glidden and Stewart Walchli are serial entrepreneurs who sold two companies to Research in Motion, now BlackBerry, early in the century. In 2012, they launched Introhive to help corporate sales teams increase their connections by understanding who their colleagues knew. They eventually expanded their product offering to help sales teams use customer relationship management software more effectively.
In June, Introhive booked the largest capital raise in New Brunswick history and one of the largest ever in Atlantic Canada — a mammoth US$100 million Series C round.
At the time, Vice-President of Sales Draper said the US$100 million will be spent mostly on continuing to develop Introhive’s technology, as well as on new hires in sales and marketing. The company currently has more than 300 employees and plans to reach 400 by the end of the year, with the capital raise helping to pay for the new hires.
He added that acquisitions could be in Introhive’s future, although his team has so far not announced any such deals.
“At the moment, our primary goal is to grow as fast as we can possibly grow,” he said. “And we don't want pure organic growth to be the limiting factor. So with this amount of money, it just gives us the option (to buy) companies that maybe did well in a certain vertical but couldn't expand beyond that... or maybe had some sales hiccups, or whatever.”