TOP 3OO
        Backbone presents the Branham300 ranking of top Canadian technology companies.
      The list, researched and compiled by The Branham Group, found 2005 was a growth year
                           for many segments of Canada’s tech marketplace

                              B Y    A D N A N     R A H M A N      A N D   W A Y N E   G U D B R A N S O N

2005 was a tumultuous year, swinging from hurricanes to
earthquakes and from Gomery to gun registry, but it was
also a year that showed a continuous upward trend in the
Canadian information technology (IT) sector.
     Industry Canada statistics correlate with the results of the
Branham300 companies: since 2001 the GDP of Canada’s
high technology companies grew by 18 per cent, while the
Canadian economy’s output climbed by 12.7 per cent.
     Canada’s top IT companies produced approximately $5.5
billion more in revenue in 2005, compared to the results of
the previous Branham300—a 10.31 per cent year-over-year
increase. The growth in revenues can be attributed to the
positive performance of many of our returning companies,
as well as the addition of new organizations to the list; 192
companies from last year’s Top 250 are returning, while 58
are new (see bar graph on next page).
     When examining this year’s Movers and Shakers list, it
is apparent several companies had outstanding earnings in
2005. Finally, the average revenue growth rate experienced
by a single Branham300 company in 2005 was 33.75 per cent,
up slightly from 32.19 per cent last year. From these statistics,
we can clearly see Canada’s IT sector is greatly contributing
to the national economy.

                                                                                                              B A C K B O N E   /   M a r c h / A p r i l   2 0 0 6   23
            C OVER S T O R Y

                      Mergers and acquisitions played a key                                                                                         unfortunately has become a term synony-
                                                                                                    Top 250 Revenue Comparison 2004-2005
                  role in changing the face of this year’s list,                                     0)     $59,065,616                             mous with job losses in North America as
                                                                                                ($00 0
                                                                                                   ,00               $53,541,570
                  causing certain companies to refrain from                              $60
                                                                                             ,000                                                   high technology companies look towards
                  participating. Some of the previous partici-                           $50
                                                                                                      00                                            Asia for less expensive delivery models.
                  pants were acquired by foreign companies                                $30
                                                                                              ,0 00,0
                                                                                                                                                    Interestingly, Canada will play a large role in
                  that would not allow the disclosure of fi-                              $20
                                                                                                       00                                           nearshore outsourcing in the years to come.
                                                                                               ,0 00,0
                                                                                          $10                  05
                  nancial information, while other firms were                                          $0            04                10.31%
                                                                                                                                                    With a growing workforce and cultural sim-
                  in the process of being acquired and could                                                                         Growth% r ea   ilarities to the U.S. and Europe, companies
                  therefore not participate. Some of the most                                                                                       are looking to Canada as an option.
                  notable M&As include Brainhunter’s ac-                                                                                               While industries from banking to retail
                  quisition of AJJA Information Technology                            of companies from British Columbia and                        have embraced ICT, healthcare has lagged
                  Consultants, Eastman Kodak’s acquisi-                               Alberta. Quebec and British Columbia                          behind. Several of the Branham300 compa-
                  tion of Creo, and Golden Gate Capital’s                             produced almost identical percentages in                      nies are involved in healthcare ICT and this
                  agreement to purchase Geac Computer.                                this composition, while Prince Edward                         is especially important as we see a growing
                  In addition, some of this year’s companies                          Island and Saskatchewan, combined, make                       number of elderly people and increased need
                                                                                      up one per cent of the list. In an effort to                  for interconnected systems. Companies like
                                                                                      create the best national picture, Branham                     Imaging Dynamics are creating alterna-
                             Top 250 Companies Breakdown by Category
                                                                                      Group contacted organizations and asso-                       tives to X-ray film media. Branham found
                                                                  Software            ciations across Canada, in order to ensure                    healthcare ICT is changing, driven by con-
                                      Security                      38%
                                        4%                                            companies from all provinces have a chance                    cerns about patient safety and escalating
                               ICT Hardware
                                                                                      to be tracked. We also see many of the top                    healthcare costs. “We have reached the tip-
                               Infrastructure          Professional                   performers are again companies that serve                     ping point in terms of eHealth deployment,”
                                                                                      consumers, the xSP or x-Service Providers                     said Michael Martineau, project lead for
                                                                                      that offer Internet connection and wireless                   Branham’s annual assessment of the state
                                                                                      phone services. Reports released in 2005 in-                  of eHealth in Canada. Martineau states the
                  have started to realize revenues from 2004                          dicate 59 per cent of Canadian households                     emphasis has shifted from ‘why eHealth?’ to
                  acquisitions, creating higher revenues and                          own at least one mobile telephone and 60                      ‘how do we implement eHealth?’
                  subsequent growth figures. For example,                             per cent have an Internet connection. Forty-                       Most of the Branham Top 10 companies
                  Manitoba Telecom Service is now known as                            three per cent have high-speed access. This                   have remained the same as last year, with a
                  MTS Allstream and its revenues are based                            shows technology continues to be an integral                  few position changes. Nortel Networks,
                  upon sales related to Internet and wireless                         part of everyday life, and it is no surprise                  Celestica and BCE remain the Top 3
                  phone service provision. Charon Systems,                            four of the top 10 companies are xSPs.                        Canadian IT companies just as they were
                  Nexxlink Technologies and CSB Systems                                    In relation to high-technology infra-                    last year. Rogers Wireless Communications
                  have been rolled into what is now Bell                              structure, Canada just celebrated 20 years of                 has seen a jump from number six last year
                                                                                      wireless technology. During the legal battle                  to number four, beating TELUS and CGI
                                                                                      that ensued in 2005, U.S. government users                    who are now in positions six and five respec-
                             Top 250 Companies – Provincial Breakdown                 of RIM’s BlackBerry admitted communi-                         tively. ATI Technologies remains at seven,
                                            Quebec          Alberta
                               PEI           14.1%          11.6%      BC             cation and performance would be hindered                      while Shaw Communications and Cognos
                               0.4%                                   14.5%
                                                                                      if the product were taken away from them.                     (positions 10 and nine respectively) were
                              Sask.                                        Manitoba
                              0.4%                                           0.8%     This type of demand for wireless commu-                       overtaken by Research in Motion (num-
                                                                          0.8%        nication has made the sub-sector one of the                   ber eight and a newcomer to the Top 10)
                                                                       1.6%           primary contributors to the growth of the                     after the wireless solution giant increased
                                                                                      ICT manufacturing sector.                                     revenues by 127 per cent.
                                                                                                                                                    Wayne Gudbranson is the president and CEO of
                  Business Solutions. In addition to changes                          Significant trends                                            Branham Group.
                  in company names, certain M&As have                                 The top issues for Canadian IT compa-
                  caused companies to shift their designation                         nies in 2005 included Voice-over-Internet-
                  from being a Canadian to a multinational                            Protocol (VoIP), outsourcing and healthcare
                  company. For example, Algorithmics and                              ICT. VoIP is seeing a definite surge in pop-
                  Cedara Software were both acquired by                               ularity as it challenges the conventional
                  foreign companies. For details, please refer                        means of telephone communication—espe-
                  to the footnotes appendix, and to www.                              cially when it comes to long-distance calls.
         or www.backbonemag.                                  As VoIP technologies continue to improve,
                  com/b300-05.                                                        issues surrounding them become opportuni-
                      From a geographic perspective, we see                           ties for companies. For example, we already
                  most companies are based in Ontario, al-                            see companies offering related hardware and
                  though we have noticed a steady influx                              VoIP security products. Next, outsourcing

24   M a r c h / A p r i l   2 0 0 6    /    B A C K B O N E
             C OVER S T O R Y

                                                                                                                                       250 Canadian
     Rank Rank Company                                                 Footnotes Web Site                          Business Specialty
                                                                                                                                                                                       2005 Revenues *       %
     2005 2004                                                                                                                                                                             ($000)            +/- Year End
      1      1      Nortel Networks, Brampton, Ont.                     68, 69          Communications and infrastructure technology.                         $11,105,640     C   13% Dec. 31
      2      2      Celestica, Toronto                                 22, 23, 24                Electronic manufacturing services (EMS).                              $10,057,031     C   -2% Dec. 31
      3      3      BCE (wireless and data) Montreal                                           Wireless and data service provider.                                     $7,075,586    C   10% Dec. 31
      4      6      Rogers Wireless Communications, Toronto               75                  Wireless communications services.                                       $3,985,476    C   43% Dec. 31
      5      5      CGI Group, Montreal                                   25                     Consulting, systems integration and management.                         $3,686,000    A   17% Sep. 30
      6      4      TELUS (wireless and data), Vancouver                                    Telecom products and services, incl. data and voice.                    $3,224,933    C -24% Dec. 31
      7      7      ATI Technologies, Markham, Ont.                                        Design, manufacture 3D graphics & media solutions.                      $2,589,223    A   11% Aug. 31
      8      12     Research in Motion, Waterloo, Ont.                                        Wireless communications solutions.                                      $1,573,271    A 127% Feb. 28
      9      8      Cognos, Ottawa                                                         Business intelligence and CRM solutions.                                  $962,290    A   21% Feb. 28
      10     10     Shaw Communications (Internet), Calgary                                   Internet and broadband services.                                          $914,385    C   21% Aug. 31
      11     13     MTS Allstream (wireless and data), Toronto            63                      Services including connectivity and infrastructure.                       $877,500    C   38% Dec. 31
      12     11     MacDonald, Dettwiler and Assoc., Richmond , B.C.                           Systems for e-commerce and space technologies.                            $838,322    C   12% Dec. 31
      13     9      Creo (sub. of Kodak), Burnaby, B.C.                   36                    Imaging and software technology.                                          $799,961    A    8% Sep. 30
      14     17     Aliant (wireless and Internet), Halifax                           Multi-faceted communications solutions.                                   $570,817    C   13% Dec. 31
      15     15     NexInnovations, Mississauga, Ont.                     64          Consulting, infrastructure deployment and support.                        $520,000    B -14% May 31
      16     16     Geac Computer, Markham, Ont.                          43                    Global enterprise software to address CFO needs.                          $517,717    A    0% Apr. 30
      17     25     Aastra Technologies, Concord, Ont.                   8, 9                  Develops communication products and systems.                              $485,547    C   90% Dec. 31
      18     20     Open Text, Waterloo, Ont.                                            ECM solutions that combine people, processes, info.                       $483,275    A   43% Jun. 30
      19     18     Rogers Communications (ISP), Don Mills, Ont.                           ISP services.                                                             $425,180    C   13% Dec. 31
      20            Mitel Networks, Ottawa                                                  Communication and infrastructure solutions and services.                  $398,663    B    0% Apr. 24
      21     19     SaskTel (mobility and Internet), Regina                               Wireless solutions and ISP services.                                      $388,487    C    6% Dec. 31
      22     21     xwave, an Aliant Company, Halifax                     91                   Systems integration, software and infrastructure.                         $353,000    C    4% Dec. 31
      23     22     Minacs Worldwide, Toronto                                              Business process outsourcing services.                                    $293,000    B    7% Dec. 31
      24     23     Hummingbird, Toronto                                  45             Integrated data and content management products.                          $275,059    A    7% Sep. 30
      25     27     Compugen, Richmond Hill, Ont.                                        IT and system integration services.                                       $270,000    B   45% Dec. 31
      26     26     Zarlink Semiconductor, Ottawa                         92                 Communications semiconductor products.                                    $249,426    A    8% Mar. 26
      27            BreconRidge Manufacturing Solutions, Ottawa                       Electronic manufacturing services (EMS).                                  $230,204    C   31% May 31
      28     31     PROCOM (Procom Consultants Group), Toronto                              System integration and IT resourcing solutions.                           $220,000    B   18% Mar. 31
      29     30     Teranet, Toronto                                                       Secure eService solutions.                                                $212,700    B   11% Mar. 31
      30     37     Constellation Software, Toronto                                   Mission-critical enterprise software.                                     $186,400    C   47% Dec. 31
      31     32     Calian Technologies, Kanata, Ont.                                      Technology services to industry and government.                           $177,800    A    5% Sep. 30
      32            Dalsa, Waterloo, Ont.                                                   Digital imaging components and semiconductor manufacturing.               $171,533    C    2% Dec. 31
      33     33     CNC Global, Toronto                                   30               Staffing, vendor management, admin & HR consulting.                       $163,351    B   11% Jan. 31
      34     27     Emergis, Longueuil, Que.                                              E-bus. solutions for financial and healthcare industries.                 $159,000    C -27% Dec. 31
      35     34     Sierra Systems Group, Vancouver                                 Solutions delivery, consulting and managed services.                      $147,168    A    5% Sep. 30
      36            Bell Business Solutions, Lachine, Que.                17 Integrated IT and communication solutions.                                  $144,000    B   N/A Dec. 31
      37     35     Gennum, Burlington, Ont.                                               Designs and manufactures silicon integrated circuits.                     $142,766    A    4% Nov. 30
      38     24     Sierra Wireless, Richmond, B.C.                                Wireless data solutions.                                                  $118,345    C -52% Dec. 31
      39     39     Cogeco Cable (ISP and Data), Burlington, Ont.                          Cable/television services and high-speed ‘net access.                     $117,600    C   18% Aug. 31
      40     36     SR Telecom, Montreal                                  77               Develops and provides fixed wireless technology.                          $103,841    C -16% Dec. 31
      41     49     Workbrain, Toronto                                                  Enterprise workforce management software solutions.                       $100,190    C   51% Dec. 31
      42     38     Rand A Technology, Mississauga, Ont.                73, 74                    Engineering services and technology to businesses.                         $97,701    C    3% Dec. 31
      43     44     CryptoLogic, Toronto                                              Software for the global Internet gaming market.                            $96,695    C   30% Dec. 31
      44     50     Optimal Payments, Westmount, Que.                     71         Credit and debit card processing for businesses.                           $89,204    B   19% Mar. 31
      45     42     Eagle Professional Resources, Ottawa                              High tech staffing services.                                               $87,500    B   -2% Aug. 31
      46            Tundra Semiconductor, Ottawa                                           Semiconductor solutions.                                                   $79,614    A   15% Apr. 30
      47     43     CSI Wireless, Calgary                                 39            Designs and manufactures wireless and GPS products.                        $77,387    C   -5% Dec. 31
      48     47     Brainhunter, Toronto                                18, 19             HR staffing and software solutions.                                        $77,000    C   12% Sep. 30
      49            Memory Experts Int’l, St. Laurent, Que.                      Data storage media & biometric access control manufacturing.               $70,000    C   27% Apr. 30
      50     56     Matrikon, Edmonton                                  54, 55                Integrated industrial intelligence software and solutions.                 $67,813    A   25% Aug. 31
                                                                                 A indicates revenues are publicly available.                                    C indicates revenue figures are Branham estimates.
                                                                                 B indicates figures have been confirmed by the organization.                    Exchange rate used for all US dollar figures was 1.165
26    M a r c h / A p r i l   2 0 0 6   /   B A C K B O N E
Rank Rank Company                                                                                                                                                             2005 Revenues *             %
                                                               Footnotes Web Site                       Business Specialty                                                                                +/- Year End
2005 2004                                                                                                                                                                         ($000)
 51   59    Nurun, Montreal                                                      Interactive marketing and IT services.                                          $65,000     C     25% Dec. 31
 52   70    Systems Xcellence, Milton, Ont.                       82                    Healthcare solutions for pharmaceutical ind.                                    $61,162     C     59% Dec. 31
 53   51    OnX Enterprise Solutions, Thornhill, Ont.             70                    Managed, IT infrastructure, and Web solutions and services.                     $60,159     A     -3% Apr. 30
 54         Mitec Telecom, Pointe Claire, Que.                            Radio frequency products and solutions.                                         $57,483     A -32% Apr. 30
 55   46    The Descartes Systems Group, Waterloo, Ont.                      Supply chain execution and logistics services.                                  $54,056     A -22% Jan. 31
 56   73    S.i. Systems, Calgary                                            Supplies professional IT contractors.                                           $51,500     B     37% Jun. 30
 57   64    20-20 Technologies, Laval, Que.                      1-7       Computer-aided design and sales software for the design industry.               $50,300     C      4% Oct. 31
 58   80    MOSAID Technologies, Kanata, Ont.                     62                 Memory intellectual property and memory test systems.                           $49,743     A     75% Apr. 30
 59   52    Enghouse Systems, Markham, Ont.                                   Enterprise software solutions.                                                  $48,430     A -19% Oct. 31
 60   71    MKS, Waterloo, Ont.                                                    Application lifecycle management solutions.                                     $48,104     A     29% Apr. 30
 61   53    DataMirror, Markham, Ont.                             40             Real-time data integration, protection and Java database solutions.             $48,019     A     -6% Jan. 31
 62   58    MediSolution, Montreal                                        Develops and supports healthcare management software.                           $47,674     A     -5% Mar. 31
 63   60    Mediagrif Interactive Tech., Longueuil, Que.          57              E-business networks and solutions.                                              $46,300     A     -5% Mar. 31
 64   72    Blast Radius, Vancouver                                        Services and solutions including content lifecycle management.                  $43,000     B     15% Dec. 31
 65   68    RIS Resource Information Systems, Calgary                        Applications support and maintenance.                                           $42,699     B      8% Jul. 31
 66         March Networks, Ottawa                              52, 53          Manfucaturer of IP-based digital video recorders.                               $42,662     A 262% Apr. 30
 67   67    TES - The Employment Solution, Toronto                                 IT staffing, contract and permanent search recruitment.                         $42,000     B      5% Aug. 31
 68   95    AirIQ, Pickering, Ont.                                               Wireless GPS tracking services.                                                 $40,500     C     86% Dec. 31
 69   63    Axia NetMedia, Calgary                                16                   Managed broadband networks and e-learning services.                             $39,099     A     30% Jun. 30
 70   69    Cybermation, Markham, Ont.                                     Enterprise job scheduling and change management.                                $38,445     B      6% Dec. 31
 71   61    Look Communications, Milton, Ont.                                      Wireless broadband services.                                                    $38,000     A     33% Aug. 31
 72         Q9 Networks, Toronto                                                    Outsourced Internet infrastructure and managed services.                        $37,800     A     44% Oct. 31
 73   82    Polar Bear Corporate Ed. Solutions, Sydney, N.S.                 Learning methodologies designed for businesses.                                 $36,500     C     39% Dec. 31
 74   85    AJJA IT Consultants, Ottawa                           12                   IT/IM consulting and business solutions.                                        $35,749     B     38% Sep. 30
 75   100   CIMTEK, Burlington, Ont.                                            Services and solutions for design and testing of electronics.                   $35,000     B     98% Sep. 30
 76   76    Avotus, Mississauga, Ont.                           14, 15                 e-Procurement and expense management solutions.                                 $33,700     B     10% Dec. 31
 77   78    Longview Solutions, Markham, Ont.                                 Enterprise software for strategic finance.                                      $33,547     C     16% Jun. 30
 78   84    Belzberg Technologies, Toronto                                    Software and networks for seamless electronic routing.                          $32,047     C     24% Dec. 31
 79   92    Workstream, Ottawa                                           Enterprise workforce management solutions.                                      $31,243     A     56% May 31
 80   75    Redknee, Mississauga, Ont.                                         Telecommunications software solutions.                                          $30,000     B     -6% Sep. 30
 81   152   Imaging Dynamics Company, Calgary                          Manufactures, markets digital radiography technology.                           $29,607     C 360% Dec. 31
 82   91    TECSYS, Montreal                                   83, 84, 85                Supply chain management software and logistics solutions.                       $28,277     A     38% Apr. 30
 83   96    Versatile Systems, Vancouver                        89, 90              Wired and wireless mobile business solutions.                                   $26,125     A     34% Jun. 30
 84         Wi-LAN, Calgary                                                     Wireless communications products.                                               $25,744     A      2% Oct. 31
 85   94    T4G, Toronto                                                           Full-service consulting in telecom, tourism and retail.                         $25,500     B     26% Dec. 31
 86   81    GIRO, Montreal                                                         Public transit and postal software.                                             $25,400     B     -6% Jun. 30
 87   86    ACD Systems International, Saanichton, B.C.                     Digital imaging and technical illustration software.                            $23,872     A     -6% Mar. 31
 88   88    IT/net Ottawa, Ottawa                                                 Professional IT services to government and private industry.                    $23,277     B      0% Oct. 31
 89   89    Emerging Information Systems, Winnipeg                            Financial planning software.                                                    $22,300     A     -5% Oct. 31
 90   109   Quiettouch, Toronto                                             Services and products for PC network infrastructures.                           $22,000     B     34% Apr. 30
 91         Bridgewater Systems, Ottawa                         Subscriber-centric policy management software for IP-based services.                $21,781     C     59% Dec. 31
 92   112   Clarity Systems, Toronto                                    Corporate performance management solutions.                                     $21,000     C     31% Sep. 30
 92         Zentra Computer Technologies, Calgary                               Technology solutions for IT infrastructure.                                     $21,000     C     20% Dec. 31
 92   77    Burntsand, Toronto                                               Business consulting and technology services.                                    $21,000     C -28% Dec. 31
 95   128   VoiceGenie Technologies, Toronto                                VoiceXML and open communications solutions.                                     $20,970     C     64% Dec. 31
 96   102   BioWare, Edmonton                                                  Interactive computer and console video games.                                   $20,100     C      9% Sep. 30
 97   119   CORADIX Technology Consulting, Ottawa                              IT professional services.                                                       $20,000     C     45% Sep. 30
 97   101   Radiant Communications, Vancouver                                  Managed IP networks and Internet services for business.                         $20,000     A     10% Dec. 31
 97   98    Protus IP Solutions, Ottawa                                         Internet-based messaging solutions for business.                                $20,000     B      9% Dec. 31
100   90    Accovia, Montreal                                                  Travel package management and e-com services.                                   $19,503     B -10% Mar. 31

                                                                                                                                                                  B A C K B O N E   /    M a r c h / A p r i l   2 0 0 6   27
             C OVER S T O R Y

                                                                                                                                     250 Canadian
     Rank Rank Company                                                                                                                                                                   2005 Revenues *    %
                                                                        Footnotes Web Site                      Business Specialty
     2005 2004                                                                                                                                                                               ($000)         +/- Year End
     101            RDM, Waterloo, Ont.                                                Electronic payment processing solutions.                                      $19,451   A   12% Sep. 30
     102    121     CriticalControl Solutions, Calgary                   37, 38       Document management solutions for government and energy.                      $19,089   C   42% Dec. 31
     103            Thoughtcorp, Toronto                                           Technology consulting solutions.                                              $18,000   B   80% Sep. 30
     103    93      VERITAAQ Technology House, Ottawa                                  IT professional services to the public and private sector.                    $18,000   B -12% Mar. 31
     105    161     ISACSOFT, Montreal                                     49                   Interactive customer management solutions.                                    $17,800   C   92% Dec. 31
     106    127     Chartwell Technology, Calgary                          27 Develops and supplies Internet gaming systems.                                  $17,600   C   44% Oct. 31
     107    108     Intrinsyc Software International, Vancouver                      Mobility and interoperability software and services.                          $17,500   A   15% Aug. 31
     108    135     PG Mensys Systèmes d’Information, Rimouski, Que.                  Software for municipal corporations, forest industry, etc.                    $17,000   B   31% Dec. 31
     109    106     Maximizer Software, Vancouver                                    CRM and contact management software.                                          $16,800   C    2% Nov. 30
     110            Spectrum Signal Processing, Burnaby, B.C.                   Software defined platforms for defense electronics applications.              $16,664   C -20% Dec. 30
     111    103     Evolved Digital Systems, Laval, Que.                        Image and information mgmt. solutions for the medical industry.               $16,516   C    1% Dec. 31
     112    122     NUVO Network Management, Ottawa                                       IT managed (MSP) and security (MSSP) services.                                $16,482   A   30% Sep. 30
     113    111     Gemcom Software Int’l, Vancouver                            Mine production management solutions.                                         $16,225   A   10% Mar. 31
     114    120     Gallium Software, Ottawa                                           Software tools for mission-critical display applications.                     $16,000   C   21% Sep. 30
     114            CONPUTE, Oshawa, Ont.                                              IT infrastructure services.                                                   $16,000   B    0% Apr. 30
     116    92      Sirit, Toronto                                                       RFID products and solutions.                                                  $15,900   C -22% Dec. 31
     117    113     Epic Data International, Richmond, B.C.                           Implementation of shop floor information systems.                             $15,456   A    9% Sep. 30
     118    124     Computer Modelling Group, Calgary                                      Advanced reservoir simulation software.                                       $15,164   A   23% Mar. 31
     119    129     Navantis, Toronto                                                 Strategic consulting, design and deployment services.                         $15,000   B   46% Dec. 31
     120    115     D.L.G.L., Blainville                                                  Enterprise HR, payroll, pension, scheduling systems.                          $14,500   B    4% Feb. 28
     121    104     Xenos Group, Toronto                                                 Solutions that automate processing and delivery of data and documents.        $14,470   A -11% Sep. 30
     122            Stoneworks Technologies, Ottawa                                        Infrastructure architecture sales, service and support.                       $14,000   C   22% Dec. 31
     123            Atrion International, St. Laurent, Que.                         Materials compliance solutions.                                               $13,980   C   20% Dec. 31
     124    125     Uniserve Communications, Vancouver                                Internet services, dial up and high-speed Internet.                           $13,648   A   12% May 31
     125            Tranzeo Wireless Technologies, Pitt Meadows, B.C.      87               High-speed wireless broadband communication systems.                          $13,646   C   85% Dec. 31
     126    118     Ivara, Burlington, Ont.                                              Asset reliability software and services.                                      $13,500   B    2% Dec. 31
     127    65      Certicom, Mississauga, Ont.                                       Digital encryption products, services for the mobile industry.                $13,456   A -67% Apr. 30
     128    153     Absolute Software, Vancouver                                      PC theft recovery and secure asset tracking solutions.                        $13,230   A   89% Jun. 30
     129    117     Bridges Transitions, Kelowna, B.C.                                 Career and education planning products for schools.                           $13,147   A   -5% Jun. 30
     130    105     Zi, Calgary                                          93, 94                Software for mobile and consumer electronic devices.                          $13,093   C -16% Dec. 31
     131    97, Montreal                                    51                 Online direct marketing for ‘net search industry.                             $12,778   C -31% Dec. 31
     132            Zycom Technology, Kingston, Ont.                                  IT infrastructure and services.                                               $12,600   B   20% Nov. 30
     132    99      CARIS, Fredericton, N.B.                                             Geomatics software.                                                           $12,600   C -17% Dec. 31
     134    115     Engenuity Technologies, Montreal                       41         Software for high-end visualization/simulation.                               $12,509   A -10% Jun. 30
     135    129     Cinnabar Networks, Ottawa                                          IT risk management services.                                                  $12,500   B   15% Nov. 30
     136    141     WaveRider Communications, Toronto                                Fixed wireless Internet access products.                                      $12,067   C    9% Dec. 31
     137            Maplesoft Consulting, Ottawa                                     IT consulting services.                                                       $12,026   B   32% Jul. 31
     138            MaxSys, Ottawa                                                       IT staffing.                                                                  $12,000   C   94% Dec. 31
     138    135     Raymark Xpert Business Systems, Montreal                           Real-time integrated retail management solutions.                             $12,000   C   20% Jun. 30
     140    139     Geosoft, Toronto                                                   Large-volume geospatial data software solutions.                              $11,900   B   23% Dec. 31
     141            ZIM, Ottawa                                            95                   SMS text messaging application developer and service provider.                $11,681   A 376% Mar. 31
     142            Oceanwide, Montreal                                              ASP software for the insurance and logistics markets.                         $11,400   B 104% Apr. 30
     143    133     Whitehill Technologies, Moncton, N.B.                        BPI, document composition and data transformation software.                   $11,254   C   10% Aug. 31
     144    129     Versa Systems, Toronto                                            Case management and portal solutions for e-gov’t.                             $11,200   B    1% Sep. 30
     145    132     Quartech Systems, Burnaby, B.C.                                   IT solutions for business.                                                    $11,153   B -22% Mar. 31
     146    143     Cistel Technology, Ottawa                                           Consulting and IT services.                                                   $10,500   C   37% Dec. 31
     147            WebTech Wireless, Burnaby, B.C.                            Mobile telematics.                                                            $10,316   A   57% Jul. 31
     148    135     Graycon Group, Calgary                                             IT security and network infrastructure solutions.                             $10,000   C   25% Sep. 30
     148    134     PCI Geomatics, Richmond Hill, Ont.                            Image-centric geomatics software solutions.                                   $10,000   C    2% Nov. 30
     148    135     PIKA Technologies, Ottawa                                 Telephony hardware and software for TDM and IP.                               $10,000   B    0% Jul. 31

28    M a r c h / A p r i l   2 0 0 6   /   B A C K B O N E
             C OVER S T O R Y

     Rank Rank Company
                                                                                                                                 250 Canadian                                         2005 Revenues *    %
                                                                      Footnotes Web Site                     Business Specialty                                                                          +/- Year End
     2005 2004                                                                                                                                                                            ($000)
     151            Intelliware Development, Toronto                             Custom business applications and software products.                            $9,600   B   19% Dec. 31
     152    149     Momentum Healthware, Winnipeg                     Software solutions for healthcare.                                                $9,500   B   27% Oct. 31
     153    160     Cactus Commerce, Gatineau, Que.                          E-business solutions for retail and manufacturing.                             $9,215   B   47% Oct. 31
     154            Genex Systems Professionals Group, Toronto                   Consulting and IT services.                                                    $9,107   B   66% Apr. 30
     155    126     FreeBalance, Ottawa                                         E-government apps for performance and accountability.                          $9,080   B   -6% Dec. 31
     156    153     Filbitron Systems Group, Markham, Ont.                        Tablet PC solutions.                                                           $8,619   B   27% Apr. 30
     157            Homeserve Technologies, Toronto                                Software services for real-estate, relocation and banking.                     $8,608   A 330% Feb. 28
     158    151     BSD Software, Calgary                                       Telecom billings, clearinghouse and info. management.                          $8,563   A   21% Jul. 31
     159            Decision Dynamics Technology, Calgary                           Well life-cycle software solutions for the petroleum industry.                 $8,500   C   33% Dec. 31
     160    147     VantagePoint Systems, Vancouver                                 Software solutions for the packaging industry.                                 $8,330   A    3% Sep. 30
     161            InfoTouch Technologies, Burnaby, B.C.                         Manufactures, distributes and sells public Internet kiosk technology.          $8,190   A   33% Jul. 31
     162            BlueCat Networks, Richmond Hill, Ont.                   DNS, DHCP, and IPAM solutions for mission-critical IP infrastructures.         $8,155   B   75% Aug. 31
     163    146     Accubid Systems, Concord, Ont.                                  Estimating and project mgmt. software for contractors.                         $8,005   A   -1% Mar. 31
     164    158     iSTARK, Concord, Ont.                                            Web portals for int’l cement, concrete and aggregates ind.                     $7,733   C    3% Dec. 31
     165    178     Eloqua, Toronto                                                  Automated demand generation solutions for B2B companies.                       $7,500   C   60% Dec. 31
     165    172     WellPoint Systems, Calgary                                     Applications for the oil and gas industry.                                     $7,500   C   35% Dec. 31
     165    145     Metasoft Systems, Vancouver                                   Software developer and electronic information provider.                        $7,500   C   23% Aug. 31
     168    197     QA Labs, Vancouver                                               Software quality assurance services.                                           $7,202   B   96% May 31
     169    149     Spyre Solutions, Toronto                                 PeopleSoft/Oracle consulting and staffing services.                            $7,200   B    3% Dec. 31
     170    162     CLINICARE, Calgary                                            Electronic Medical Records (EMR) software and services.                        $7,104   B   17% Dec. 31
     171            Stratix Consulting, Toronto                                      IT management consulting: governance, strategy, CxO advisory.                  $7,100   B   46% Nov. 30
     172            MakePlain, Markham, Ont.                                      Business intelligence and data warehousing consultancy.                        $7,000   B 614% Dec. 31
     172    159     CPAS Systems, Toronto                                              Pension administration software systems.                                       $7,000   C   17% Mar. 31
     174    143     Cyberplex, Toronto                                            Advanced applications based on intelligent integration.                        $6,970   C -23% Dec. 31
     175            Parlay Entertainment, Oakville, Ont.                        Developer and licensor of Internet bingo solutions.                            $6,698   C   53% Dec. 31
     176    168     Stockgroup Information Systems Group, Vancouver              Financial media and technology software solutions.                             $6,685   C   19% Dec. 31
     177    194 Combat Networks, Ottawa                                      Data, voice and video communications.                                         $6,500    C   71% Jun. 30
     177    167 PROPHIX Software, Mississauga, Ont.                                 Planning and financial reporting software.                                    $6,500    B   11% Dec. 31
     179            Macadamian Software Engineering, Ottawa                      Product development outsourcing for software and telecom vendors.             $6,400    B 137% Sep. 30
     180    156 Cogsdale, Charlottetown PEI                                        Service-oriented business solutions for local gov’t and utilities.            $6,300    B   -8% Jan. 31
     181    243 PlateSpin, Toronto                                                 Solutions to optimize enterprise datacenters.                                 $6,291    C 350% Dec. 31
     182    182 TRM Technologies, Ottawa                                                 Network technologies and IT security services.                                $6,200    B   39% Sep. 30
     183    164 Angoss Software, Toronto                                             Data mining and predictive analytics solutions.                               $6,154    C    1% Nov. 30
     184    212 Solium Capital, Calgary                                              Solutions for equity-based employee incentive programs.                       $6,000    C   96% Dec. 31
     184            ViaSafe, Ottawa                                                 Int’l trade IT services provider.                                             $6,000    B   46% Mar. 31
     186    173 Sylogist, Calgary                                                  Mobile work force solutions.                                                  $5,922    A   15% Sep. 30
     187    244     Dexit, Toronto                                                    Cash replacement RFID tags to replace small cash transactions.                 $5,886   C 235% Dec. 31
     188    182     Quorum Information Technologies, Calgary                       CRM systems for the automotive dealership market.                              $5,799   C   50% Dec. 31
     189    171     B Wyze, Richmond Hill, Ont.                                       Staffing, training and consulting services.                                    $5,619   B    8% Jul. 31
     190    185     Clemex Technologies, Longueuil, Que.                             Image analysis systems and software.                                           $5,510   A   32% Apr. 30
     191            The Herjavec Group, Toronto                               Internet security integrated solutions.                                        $5,500   C   34% Dec. 31
     191    175     bitHeads, Ottawa                                               Custom software development.                                                   $5,500   B    9% Dec. 31
     193    169     Digital Connexxions, Oakville, Ont.                               E-mail marketing solution and data services for marketers.                     $5,498   B   18% Jul. 31
     194    196     IP Applications, New Westminster, B.C.                            Provides outsourced Internet services.                                         $5,332   A   42% Mar. 31
     195    181     ADB Systems International, Toronto                               Asset management technology solutions.                                         $5,261   C    7% Dec. 31
     196    177     Promatek Industries, Montreal                                  Cost control and expense recovery solutions.                                   $5,188   A    6% Jun. 30
     197    213     Meridex Software, Richmond, B.C.                     58               Business management software for SMEs.                                         $5,185   A   86% Jun. 30
     198    206     CityXpress, Vancouver                                        Online marketplaces and auctions for newspapers.                               $5,149   B   44% Jun. 30
     199            Newcomp Solutions, Toronto                                      Corporate performance management systems.                                      $5,000   C   25% Dec. 31
     199    190     VertigoXmedia, Montreal                                   Broadcast graphics automation and digital signage solutions.                   $5,000   C   22% Dec. 31

30    M a r c h / A p r i l   2 0 0 6   /   B A C K B O N E
Rank Rank Company                                                                                                                                                                              2005 Revenues *          % Year End
                                                                          Footnotes Web Site                        Business Specialty
2005 2004                                                                                                                                                                                          ($000)               +/-
 199          Iserve Technology Consulting (ISTCL), Toronto                                  IT contract staffing, IT solutions, outsourcing and managed services.              $5,000     B      0% Dec. 31
 202          Eiger Technology, Toronto                                            VoIP telecommunication services.                                                   $4,904     A -15% Sep. 30
 203    170   Glenbriar Technologies, Calgary                                            Business workflow improvement solutions for SMEs.                                  $4,886     A     -3% Sep. 30
 204          GEOCOMtms, Quebec                                                          Fleet management and mobile communications.                                        $4,500     B     73% Jan. 31
 204    184   Municipal Solutions Group, Victoria, B.C.                          Out-of-the-box solutions for local government.                                     $4,500     C     26% Dec. 31
 204          Octacom, Markham, Ont.                                                        Integrated electronic and document management services.                            $4,500     B     12% May 31
 207          SAMSys Technologies, Richmond Hill, Ont.                                      RFID reader solutions.                                                             $4,487     A     34% Sep. 30
 208          Capital Technology Partners, Ottawa                                        Siebel CRM information technology solutions and services.                          $4,400     A 115% Oct. 31
 209    227   M3K Solutions, Montreal                                                 Consulting services.                                                               $4,300     B 226% Aug. 31
 210    237   Serenic (formerly Vision HRM Software), Edmonton                             Human capital asset management software.                                           $4,184     A 164% Feb. 28
 211    193   Caro Systems, Toronto                                                        Project mgmt, business analysis and application development.                       $4,167     B      5% Mar. 31
 212    188   Pronexus, Ottawa                                                            Computer telephony RAD and speech-enabled bus. apps.                               $4,160     B     -1% Mar. 31
 213          QuIC Financial Technologies (formerly Quadrus), Vancouver                       Risk management and financial analytics software.                                  $4,000     B 300% Mar. 31
 213    217   Above Security, Boisbriand, Que.                                       Offers managed monitoring and information security services.                       $4,000     B     33% Mar. 31
 213    207   Ormed Information Systems, Edmonton                                            MIS software and B2B portal for free e-commerce.                                   $4,000     B     29% Jul. 31
 213    190   QHR Technologies, Kelowna, B.C.                                      HR software for manufacturing, healthcare and public safety ind.                   $4,000     B      8% Dec. 31
 217    236   iVedha, Toronto                                                               IT managed services, IT/Eng staffing services and BPO.                             $3,950     B 137% Sep. 30
 218    195   ABELSoft, Burlington, Ont.                                                  Clinical management systems for dental and medical offices.                        $3,935     A      3% Apr. 30
 219          Exactsoft Technologies, Longueuil, Que.                                    Integrated enterprise software solutions for SMBs.                                 $3,890     A     53% Feb. 28
 220    186   Labtronics, Guelph, Ont.                                                  Integration software between instruments/equipment and PCs.                        $3,832     A -10% Mar. 31
 221    205   XBASE Technologies, Toronto                                                    Outsourced IT services and IT consulting services.                                 $3,750     C     17% Aug. 31
 222    203   PPM 2000, Edmonton                                                           Software solutions for incident management.                                        $3,743     B     14% Jul. 31
 223          Incognito Software, Vancouver                                              IP address mgmt, domain mgmt, and device provisioning systems.                     $3,700     B     23% Aug. 31
 224    198   Trisotech, Montreal                                                        Software consulting services, BPM and automation solutions.                        $3,694     C      4% Jan. 31
 225          Total Telcom, Edmonton                                         86              Broadband fiber optic networks and network development services.                   $3,690     A -72% Jun. 30
 226    166   Information Balance, Toronto                                                 Application portfolio management solutions and technical training.                 $3,600     B -37% Dec. 31
 227    216   Sangoma Technologies, Markham, Ont.                                          Voice and data transport enabling technology for PCs.                              $3,500     C     35% Jun. 30
 228          Opalis Software, Mississauga, Ont.                                            Integration and automation solutions for data centers.                             $3,495     C 100% Dec. 31
 229    204   Advanced Software Concepts, Ottawa                                            Contract lifecycle management solutions.                                           $3,418     B      5% Mar. 31
 230    201   Locus Systems, Markham, Ont.                                            J2EE development and metadata services.                                            $3,400     B     -2% Sep. 30
 231    187   Texada Software, Guelph, Ont.                                         Enterprise rental management systems.                                              $3,366     C -19% Dec. 31
 232    202   CanTech Solutions, Kingston, Ont.                                        IT outsourcing, storage, networking, security and thin-client computing.           $3,335     A     -3% Oct. 31
 233          OmniRIM Solutions, Vancouver                                                 Records management specialist software.                                            $3,329     B     33% May 31
 234    225   Syscan International, St. Laurent, Que.                                       RFID-based business efficiency solutions.                                          $3,274     A     62% Jun. 30
 235    234   Verb Exchange, Vancouver                                                       Location- and device-independent communication.                                    $3,142     C 123% Dec. 31
 236    189   Data Kinetics, Ottawa                                                            Performance enhancing utility for IBM mainframes.                                  $3,131     B -13% Dec. 31
 237    210   DRN Commerce, London, Ont.                                               Collaborative commerce for financial services ind.                                 $3,100     C      8% Dec. 31
 238    222   Camilion Solutions, Markham, Ont.                              20                 Product management solutions for financial services industries.                    $3,000     B     43% Jun. 30
 238          Concertia Technologies, Halifax                                            Prof. services for healthcare, telecom and financial services.                     $3,000     C     11% Jun. 30
 238    211   TASKE Technology, Ottawa                                                       Call management software.                                                          $3,000     B      0% Sep. 30
 241          iWeb Group, Montreal                                                             Web hosting.                                                                       $2,935     A     89% Sep. 30
 242    207   KOM Networks, Ottawa                                                     Data storage mgmt software—archiving, compliance and ILM.                          $2,800     B     12% Jan. 31
 243    165   Infowave Software, Burnaby, B.C.                                            Wireless software for mobile professionals.                                        $2,713     C -43% Dec. 31
 244    218   Procura, Victoria, B.C.                                                    Integrated solutions and quality resources for healthcare.                         $2,676     B     -1% Mar. 31
 245    221   Selient (formerly Homebank Technologies), Toronto              44                  Internet-delivered application software service provider.                          $2,635     C     46% Dec. 31
 246    220   Multi-Vision Communications, Markham, Ont.                                    Interactive self-service call center solutions.                                    $2,572     B     17% Jul. 31
 247          Elytra Enterprises, Ottawa                                                    IT security consulting and product solutions.                                      $2,460     B -16% Oct. 31
 248    232   Eyelogic Systems, Calgary                                                   Software applications for the medical industry.                                    $2,451     C     40% Dec. 31
 249    233   Non-Linear Creations, Ottawa                                                Full service e-business solutions provider.                                        $2,440     B     39% Aug. 31
 250          Mantralogix, Mississauga, Ont.                                           Total business solutions consultancy.                                              $2,425     B     56% Nov-30
A indicates revenues are publicly available.                                       C indicates revenue figures are Branham estimates.
B indicates figures have been confirmed by the organization.                       Exchange rate used for all US dollar figures was 1.165                                        B A C K B O N E   /   M a r c h / A p r i l   2 0 0 6   31
             C OVER S T O R Y

       Mergers and Acquisitions (and other Footnotes
     Footnote Company                                           Date       Detail
        1        20-20 Technologies                           14 Apr. 05   Acquired SmartFusion software from eTechLogix, a wholly owned subsidiary of ImproveNet.
        2        20-20 Technologies                           17 Jun. 05   Acquired Mind Avenue (Montreal), a developer of tools to create and deliver creative content for interactive media.
        3        20-20 Technologies                           29 Nov. 05   Acquired DataOne, maker of layout, specification and catalogue creation software for contract furniture dealers, manufacturers and facility managers.
        4        20-20 Technologies                           29 Nov. 05   Acquired CMS Informatique SA, a developer of software solutions that serve as flexible sales tools and tailored manufacturing solutions.
        5        20-20 Technologies                           5 Dec. 05    Acquired insolvent MBI Software Company GmbH, a German and Eastern European provider of manufacturing ERP software.
        6        20-20 Technologies                           8 Dec. 04    Completed Initial Public Offering and is now trading on the TSE exchange, Ticker TWT.
        7        20-20 Technologies                           12 Dec. 05   Announced purchase of outstanding shares of Virtual Systems International, a developer and integrator of manufacturing software.
        8        Aastra Technologies                          28 Feb. 05   Acquired EADS telephony business.
        9        Aastra Technologies                          1 Aug. 05    Acquired the telecommunication systems business, DeTeWe Deutsche Telephonwerke AG & Co KG (Berlin, Germany).
       10        Accenture                                    15 Jun. 05   Acquired Capgemini’s North American health practice for US$175 million.
       11        Ajilon Canada                                01 Jan. 05   Now listed as a multinational on the B300 to better reflect the company’s standing.
       12        AJJA IT Consultants                          11 Oct. 05   Acquired by Brainhunter (Toronto) and will continue to operate under the AJJA name for two years.
       13        Algorithmics                                 25 Jan. 05   Acquired by Fitch Group, a Fimalac SA company for US$175 million. Now recognized as a Multinational.
       14        Avotus                                       31 May 05    Acquired the remaining 51% of Applied Research Technologies (ART) (Salt Lake City).
       15        Avotus                                       27 Jun. 05   Currently working on privatization proposal.
       16        Axia NetMedia                                1 May 05     Sold its partnership interest in AdFarm, an agri-business marketing and communications agency, to existing AdFarm partners.
       17        Bell Business Solutions                      7 Apr. 05    Bell Canada launched Bell Business Solutions, amalgamating Charon Systems, Nexxlink Technologies and CSB Systems.
       18        Brainhunter                                  13 Oct. 05   Acquired AJJA Technology Consultants (Ottawa), a technology solutions consulting company.
       19        Brainhunter                                  17 Nov. 05   Acquired Canadian staffing business of iGate Mastech ( Mississauga, Ont.).
       20        Camilion Solutions                           25 Aug. 05   Acquired AbovePlan, which provides on-demand sales and marketing solutions.
       21        Cedara Software                              1 Jun. 05    Merged with Merge Technologies (Milwaukee), a global healthcare software and services company. Now recognized as a Multinational.
       22        Celestica                                    4 Aug. 05    Acquired CoreSim (Kanata, Ont.), a provider of advanced design analysis and redesign services.
       23        Celestica                                    4 Aug. 05    Acquired Ramnish Electronics, Private Ltd. of Hyderabad, India, an electronic manufacturing service (EMS) provider.
       24        Celestica                                    7 Nov. 05    Acquired Displaytronix (Oxnard, Calif.), a provider of flat-panel display repair services.
       25        CGI Group                                    16 Dec. 05   Bell Canada Enterprises (BCE) decided to exit its stake in CGI. CGI will purchase 100 million of its class A shares currently held by BCE.
       26        Charon Systems                               7 Apr. 05    Intregrated into Bell Canada organization as Bell Business Solutions, an IT solutions business dedicated to Canadian SMBs.
       27        Chartwell Technology                         26 May 05    Acquired Micropower, an online poker software developer.
       28        Cisco Systems Canada                         14 Apr. 05   Acquired Topspin Communications, maker of server fabric switches that connect servers, providing network and storage connectivity.
       29        Cisco Systems Canada                         16 Sep. 05   Acquired Sheer Networks, a developer of intelligent network and service management products for service providers and enterprises.
       30        CNC Global                                   14 Feb. 05   Acquired the Anjura Group of companies, including Anjura Services and the contract consulting division Anjura Technologies.
       31        Computer Associates Int’l                    26 May 05    Acquired Tiny Software (Santa Clara), a desktop firewall software maker.
       32        Computer Associates Int’l                    7 Jun. 05    Acquired Concord Communications (Marlboro, Mass.), a global provider of Business Service Management software solutions.
       33        Computer Associates Int’l                    26 Jul. 05   Acquired Qurb (San Mateo, Calif.), a privately held provider of e-mail security software founded in 2002.
       34        Computer Associates Int’l                    29 Jul. 05   Acquired Niku (Redwood, Calif.), an information technology governance (ITG) solution provider.
       35        Coreco                                       26 Apr. 05   Acquired by Dalsa (Waterloo, Ont.) for $72.36 million.
       36        Creo                                         15 Jun. 05   Acquired by Eastman Kodak (Rochester, N.Y.) for approx. US$988 million. Creo now operates as a subsidiary of Kodak.
       37        CriticalControl Solutions                    1 Nov. 05    Acquired Deines Imaging (Edmonton), a provider of imaging services to primarily government and energy clients in Western Canada.
       38        CriticalControl Solutions                    31 Mar. 05   Acquired BMP Energy Systems, a company specializing in gas chart integration, volume calculation and production measurement.
       39        CSI Wireless                                 11 Apr. 05   Acquired Outback GPS business of RHS (Hiawatha, Kansas), a supplier of guidance products and agricultural sprayers.
       40        DataMirror                                   1 Nov. 05    Delisted its common shares from the NASDAQ National Market due to low volume but continues to trade on the TSX.
       41        Engenuity Technologies                       10 Nov. 05   Acquired BGT BioGraphic Technologies (Montreal), a developer and seller of artificial intelligence software.
       42        Financial Models                             19 Apr. 05   Acquired by SS&C Technologies through wholly-owned subsidiary 1651943 Ontario. SS&C delivers investment and financial mgmt. software.
       43        Geac Computer                                7 Nov. 05    Golden Gate Capital reached definitive agreement to acquire GEAC in an all-cash transaction at approx. $1.18 billion.
       44        Homebank Technologies                        1 Jul. 05    Changed its name to Selient.
       45        Hummingbird                                  21 Jun. 05   Acquired RedDot solutions AG, a provider of content management software, for US$47 million and an additional cash consideration.
       46        IBM Canada                                   27 Jul. 05   Acquired Isogon (New York), a leading provider of software asset management solutions for mainframes.
       47        IBM Canada                                   22 Jul. 05   Acquired PureEdge Solutions (Victoria, B.C.).
       48        IBM Canada                                   1 Sep. 05    Acquired DWL (Atlanta and Toronto), a leading provider of customer data integration software.
       49        ISACSOFT                                     12 Dec. 05   Acquired assets and business of BigKnowledge Enterprises and its Versalis Training Division from trustee Ernst & Young for $500,000.
       50        Learnstream                                  15 Mar. 05   Acquired by Provinent (Toronto), now merged with U.S.-based Vitesse Learning.
       51                                    22 Dec. 05   Acquired Copernic Technologies (Sainte-Foy, Que. ), a developer of search and information management solutions, for $15.9 million.

32    M a r c h / A p r i l   2 0 0 6   /   B A C K B O N E
Footnote Company                                  Date       Detail
    52      March Networks                      9 Mar. 05    Completed IPO and is now trading on the TSE exchange, Ticker MN.
    53      March Networks                      27 Apr. 05   Completed IPO and is now trading on AIM (London Stock Exchange) Ticker MNW.
    54      Matrikon                            27 Apr. 05   Acquired Resolution Integration Solutions, (Solon, Ohio), a provider of application integration solutions to process industries.
    55      Matrikon                            1 Sep. 05    Acquired Matrikon Deutschland AG (Cologne, Germany).
    56      MDSI Mobile Data Solutions          22 Sep. 05   Acquired by Vista Equity Partners (San Francisco).
    57      Mediagrif Interactive Tech.         12 Oct. 05   Acquired Government Bid Source LLC, dba BidRadar, a U.S.-based federal government bid aggregation and publishing service.
    58      Meridex Software                    11 Oct. 05   Acquired SDM Enterprises, an implementation specialist for ARCHIBUS/FM, an AutoCAD based CAFM solution.
    59      Microsoft Canada                    30 Aug. 05   Acquired Teleo (San Francisco), a provider of Internet phone software and service.
    60      Microsoft Canada                    19 Sep. 05   Acquired Alacris (Ottawa), a global provider of certificate management and identity assurance software products.
    61      Microsoft Canada                    3 Nov. 05    Acquired AG (Zurich), a software company that builds applications based on VoIP technology.
    62      MOSAID Technologies                 11 Oct. 05   Acquired Virtual Silicon Technology (Sunnyvale, Calif.), a supplier of semiconductor intellectual property, for US$5.35 million.
    63      MTS Allstream                        5 Jul. 05   Acquired issued and outstanding shares of Delphi Solutions, a provider of telecommunications systems and associated services.
    64      NexInnovations                      30 Jun. 05   Acquired The RAM Group (Vaughan, Ont.), a leading integrator of technology-based business solutions.
    65      Nexxlink Technologies               22 Feb. 05   Acquired by Bell Canada for $67 million.
    66      Nexxlink Technologies                7 Apr. 05   Acquired by Bell Canada, integrated as Bell Business Solutions, an IT solutions business for Canadian SMBs.
    67      Nimcat Networks                     19 Sep. 05   Acquired by Avaya (Basking Ridge, N.J.), a global provider of business communications applications, systems and services.
    68      Nortel Networks                     7 Jun. 05    Acquired PEC Solutions for US$471 million. The merger creates a U.S. entity operating as Nortel PEC Solutions and provides solutions for governments.
    69      Nortel Networks                     27 Dec. 05   To acquire Tasman Networks (San Jose, Calif.), for US$99.5 million. Nortel expects to close the transaction in the first quarter of 2006.
    70      OnX Enterprise Solutions             4 Apr. 05   Acquired Blue Spark Media (Toronto), a full-service Internet solutions and services company.
    71      Optimal Payments                    1 Jan. 05    Acquired Merchant Card Acceptance and affiliated companies, Precision Management Consulting and Merchant Card Interactive.
    72      Radical Entertainment               23 Mar. 05   Acquired by Vivendi Universal VU Games, a global developer, publisher and distributor of multi-platform interactive entertainment.
    73      Rand A Technology                   13 Oct. 06   Acquired the Autodesk-related business of Continental Imaging Products (Calgary) for approx. $300,000 cash.
    74      Rand A Technology                    7 Apr. 05   Acquired Sage CAD, a provider of Autodesk suite of products and services, including training and consulting to customers.
    75      Rogers Wireless Communications       1 Jul. 05   Acquired Call-Net Enterprises, an integrated communications provider of home phone, wireless, IP and long-distance services.
    76      Speedware                           30 Mar. 05   Acquired by Activant Solutions (Austin, Tex.), a leading provider of vertical ERP Solutions.
    77      SR Telecom                          2 Dec. 05    Delisted from the NASDAQ National Market but continues to trade on the TSX.
    78      Sun Microsystems of Canada          31 Aug. 05   Acquired StorageTek, which became a part of Sun’s Data Management Group, formerly named Sun’s Network Storage Group.
    79      Symantec                             5 Jul. 05   Merged with VERITAS Software in a deal worth US$10 billion.
    80      Symantec                             5 Oct. 05   Acquired WholeSecurity, a leading provider of behaviour-based PC security and anti-phishing technologies.
    81      Symantec                            10 Oct. 05   Acquired Sygate Technologies (Fremont, Calif.), a leading network access control solutions for large enterprises.
    82      Systems Xcellence                   17 Dec. 04   SXC’s U.S. subsidiary, SXC Health Solutions, acquired Health Business Systems, a provider of retail pharmacy systems.
    83      TECSYS                              31 Mar. 05   Acquired Symplistech (St. Catherines, Ont.), a leading consulting practice specializing in the implementation of SAP solutions.
    84      TECSYS                              31 Mar. 05   Launched its European operations under the name TECSYS Europe Limited.
    85      TECSYS                              28 Feb. 05   Acquired Applications Solutions, an integrator of barcode-based solutions and other services for manufacturing, warehousing and distribution.
    86      Total Telcom                        31 Dec. 05   Acquired 100% interest in ROM Communications (Belton, Miss.).
    87      Tranzeo Wireless Technologies        4 Oct. 05   Closes IPO and is now trading on the TSX Ticker TZT.
    88      Triversity                          19 Sep. 05   Acquired by SAP America.
    89      Versatile Systems                   27 Apr. 05   Acquired Perfect Order, a solutions provider focusing on the design, implementation, maintenance and security of mission-critical environments.
    90      Versatile Systems                   16 Nov. 05   Changed name to Versatile Systems and commenced trading on the TXE Venture Exchange under Ticker VV.
    91      xwave, an Aliant Company            7 Dec. 04    Acquired the Atlantic operations of Fujitsu Consulting (Canada).
    92      Zarlink Semiconductor                7 Oct. 05   Signed an agreement to sell RF Front End Consumer Business to Intel for approx. US$68 million and US$2 million in other consideration.
    93      Zi                                  26 Jan. 05   Acquired the assets of Decuma AB (Lund, Sweden), a company specializing in developing handwriting recognition software, for US$1.5 million.
    94      Zi                                  28 Dec. 05   Divests Oztime Beijing-based subsidiary and English Practice business to Archer Education Group (Vancouver).
    95      ZIM                                 31 Mar. 05   For comparison purposes, 2004 Fiscal Year End revenues represent only 10 months ending March 31, 2004.
Branham300 Exclusions
The Branham300 represents information gathered from applicants and through other public sources. In certain instances private companies did not disclose their revenues and in some cases multinationals did not reveal
earnings generated in Canada, and as such these companies were excluded from the Branham300. Examples of some companies tracked but excluded as ranking was not feasible are:
Multinationals: 3Com, BEA Systems, BMC, Borland, Compuware, Harris Corp., Radware and Software AG.
Canadian IT companies: Bioscrypt, Creed Solutions, Decision Academic, Frogware, Halogen Software, Honeybee Technology,
Imason, Infotech Canada, Infoterra, Interis, M.R.S. Company, Mediatrix Telecom, Mxi Technologies, Omni Technology Solutions,                                 All stories are also on our Web site:
Platform Computing, Rebel Trail Web Design, Softchoice, and Wysdom.                                                              

                                                                                                                                                                          B A C K B O N E   /   M a r c h / A p r i l   2 0 0 6   33
            C OVER S T O R Y

       T 25                                                       IT Multinationals
            Rank       Rank                                                                                           Year Est. in Canada Technology Focus /
                                                                                                                                 Year Est.                                   2005 Revenues       % Employees
                                      Company                                 Footnotes     Web Site                                                                                         *
            2005       2004                                                                                                                Area of Specialization               (in $000)        +/- in Canada

              1              1                                                                                                             Advanced IT products and
                                      IBM Canada, Markham, Ont.               46, 47, 48                 1917      1917                                         $5,500,000    C   0%     20,000

              2              2        Hewlett-Packard (Canada),                                                                            IT solutions for businesses
                                                                                                     1939      1961                                         $3,546,650    C   11%     n/a
                                      Mississauga, Ont.                                                                                    and consumers.

              3              5                                                                                                             Software, services and
                                      Microsoft Canada, Mississauga, Ont.     59, 60, 61            1975      1985                                         $1,200,000    C   16%     750

              4              3                                                                                                             Document imaging
                                      Xerox Canada, North York, Ont.                             1906      1953                                         $1,166,481    C   -3%    4,500
              5              6        Cisco Systems Canada, Toronto             28, 29            1984      1990     Networking for the Internet.        $1,157,205    C   25%     n/a
              6              4        EDS Canada, Toronto                                   1985      1985     Global outsourcing services.        $1,084,369    C   -10%    n/a
                                                                                                                                           Management consulting,
              7              7        Accenture, Mississauga, Ont.               10            1989      1989     technology and outsourcing          $549,880      B   3%     4,700
                                                                                                                                           Business solutions in the
              8              8        ADP Canada, Etobicoke, Ont.                                   1949      1979     areas of employer, claims,          $481,145      A   17%    2,300
                                                                                                                                           brokerage and dealer services.
              9          11           Oracle Corporation Canada,                            1977      1984     Enterprise software.                $365,000      C   4%      950
                                      Mississauga, Ont.
                                                                                                                                           IT outsourcing, management
              10         10           Computer Sciences, Kanata, Ont.                              1963      1994     consulting and systems              $328,530      C   -21%   1,900
                                                                                                                                           integration services.
              11         12                                                                                                                Delivers collaborative
                                      SAP Canada, North York, Ont.                                 1972      1989                                         $321,457      C   17%     n/a
                                                                                                                                           e-business solutions.

              12             9        Sun Microsystems of Canada,                                                                          Hardware and software
                                                                                 78                  1982      1984                                         $290,085      B   13%     515
                                      Markham, Ont.                                                                                        networking solutions.
                                                                                                                                           Consulting, managed
              13                      Ajilon Canada, Toronto                     11              1978      1978     services, contract staffing and     $251,700      B   20%     175
              14         18           Computer Associates International,     31, 32, 33, 34                  1976      1979     Develops e-business software.       $226,185      C   31%     300
                                      Mississauga, Ont.
                                                                                                                                           Integration imaging systems
              15         13                                                                                                                and services to help
                                      IKON Office Solutions, Toronto                              1952      1988                                         $215,050      C   -10%    n/a
                                                                                                                                           businesses manage document
                                                                                                                                           IT consulting and integration;
              16         15           Fujitsu Canada, Toronto                               1973      1985     application and systems             $171,255      C   8%     1,650
                                                                                                                                           management solutions.
              17         16           Software Spectrum Canada,                             www.softwarespectrum.                          Business-to-business software
                                                                                                                        1983      1993                                         $126,985      C   2%      n/a
                                      Mississauga, Ont.                                     com/canada                                     services.
              18         17           Symantec, Toronto                       79, 80, 81             1982       _       Internet security technology.       $113,047      C   37%     n/a

              19                      Allegis Group Canada,                               1995      1995     IT staffing.                        $112,000      B   46%     170
                                      Mississauga, Ont.
              20                      Algorithmics, Toronto                      13        1989      1989     Enterprise risk management.         $108,422      C   12%     300
                                                                                                                                           Business intelligence and
              21         19           SAS Canada, Toronto                                   1976      1988     predictive analytics software        $73,211      C   28%     185
                                                                                                                                           and services.
                                                                                                                                           Medical software
              22                      Cedara Software, Mississauga, Ont.         21              1982      1982     technologies for the global          $69,708      A   19%     228
                                                                                                                                           healthcare market.
              23         22           Primus Telecommunications Canada                                                                     Voice, data/Internet and VoIP
                                                                                              1994      1997                                          $52,685      C   12%     n/a
                                      (data and Internet), Etobicoke, Ont.                                                                 solutions.
                                                                                                                                           Application development and
              24                      Keane, Halifax                                             1965      1997     integration, business process        $51,250      C   25%     n/a
                                                                                                                                           improvement and outsourcing.
                                                                                                                                           IT staffing, project
              25         20           Computer Horizons Canada,                        1990      1990     management and outsourcing           $45,000      B   12%     46
                                      Mississauga, Ont.                                                                                    services.
         A indicates revenues are publicly available.                                      C indicates revenue figures are Branham estimates.
         B indicates figures have been confirmed by the organization.                      Exchange used for all US$ was 1.165 and for all Euro was 1.38.

34   M a r c h / A p r i l       2 0 0 6   /   B A C K B O N E
T 25 IT Multinationals
Multinationals are a critical component of the    in verticals like healthcare, with agreements     ment services capability centre in Halifax and a
fabric of the Canadian ICT marketplace. In        like the Mount Sinai Infrastructure Solutions     secondary location in the Toronto area.
addition to employing thousands of people,        and Services contract.                                Computer Science Corp. (CSC) main-
these organizations provide a different con-           The next four players, Microsoft, Xerox,     tained its positioning as 10th on the list but
duit into the global ICT scene. Of the Top 25     Cisco and EDS, all changed ranking. Microsoft     suffered an overall reduction of revenue by
IT Multinationals, there were five new entries    and Cisco moved up positions but Xerox and        21 per cent. The managed services business
on the list this year along with considerable     EDS moved down. Microsoft’s move from             often suffers a long sales cycle and we believe
movement by some of the key players on our        fifth to third was caused by a number of fac-     CSC’s revenue decline this year may be at-
annual ranking.                                   tors. The consumer sector has been growing        tributed to this.
    IBM Canada and HP Canada retained             faster than the traditional enterprise markets        Symantec experienced superlative growth
their first and second positions respectively.    and the ISV community continues to increase       of 37 per cent but still dropped from the 17th to
With the divestiture of IBM’s PC business         its utilization of Microsoft platforms. Cisco’s   18th position. This high growth is reflective of
to Lenovo and with a few other acquisitions       Canadian revenues grew by 25 per cent, in         a market that is very focused on security issues;
it was able to avoid a decrease in overall rev-   stark contrast to EDS’ decrease of 10 per cent.   the drop in ranking is a result of new compa-
enue in Canada. IBM Canada continues to           However, these four companies have histori-       nies being added to the list this year.
contribute immensely to the Canadian ICT          cally been very close in the ranking with only        Computer Associates also demonstrated
scene and delivers important elements of          $116 million in revenue between them.             a solid 34 per cent increase in revenues and a
IBM solutions that are used globally. Given            The new entries on the list this year are    move up four positions to 14th on the list. CA
its world product mandates, the company           Ajilon Canada Inc. (13th place), Allegis Group    has made several acquisitions over the year
exports approximately $1.7 billon in rev-         Canada (19th), Algorithmics (20th), Cedara        and the effect of this was evident in Canada
enue.                                             Software (22nd) and Keane (24th). Ajilon and      as well. CA global management changes are
    HP Canada experienced double-digit            Allegis demonstrate the continued growth in       also having a dramatic impact on putting the
growth of 11 per cent, four points greater than   the IT staffing sector in Canada with 20 per      company on a path of renewal.
the seven per cent growth the year before. HP     cent and 46 per cent growth respectively. Keane       Overall, the total revenue generated by
Canada spent last year focused on implement-      also demonstrated a solid 25 per cent growth      the Top 25 Multinationals increased by 5.77
ing its strategy and had considerable success     in building an impressive application develop-    per cent over last year.

                                                                                                                     B A C K B O N E   /   M a r c h / A p r i l   2 0 0 6   35
            C OVER S T O R Y

       T 20                                                  Movers and Shakers
         The Movers and Shakers list high-                                                                           Number of Rank Rank               Dexit has achieved more than
                                                        Rank    Company
         lights the companies that increased                                                                       places moved 2005 2004          230 per cent year-over-year revenue
         their rank by the highest number of              1     Imaging Dynamics Company, Calgary                       71         81      152     growth with its 50,000 customers
         spaces, in comparison to last year’s             2     PlateSpin, Toronto                                      62         181     243     across 500 merchant locations by
         list. This year, we approached the               3     Dexit, Toronto                                          57         187     244     offering a unique product/service
         discussion of the Movers and Shakers             4     ISACSOFT, Montreal                                      56         105     161     combination that allows customers to
         differently.                                     5     VoiceGenie Technologies, Toronto                        33         95      128     purchase certain low-cost items with
              First, we looked at the traditional         6     QA Labs, Vancouver                                      29         168     197     an RFID tag.
         list, ranked by the greatest positive            7     Solium Capital, Calgary                                 28         184     212         Amidst heavy competition,
         gain in ranking position (refer to the           8     AirIQ, Pickering, Ont.                                  27         68      95      Toronto’s VoiceGenie saw sales in-
         Movers and Shakers Table). In addi-              9     PG Mensys Systèmes d’Information, Rimouski, Que.        27         108     135     creases of approximately 64 per cent
         tion, we looked at companies that have          10     Serenic (formerly Vision HRM Software), Edmonton        27         210     237     in comparison to 2004. VoiceGenie’s
         had the highest year-over-year revenue          11     CIMTEK, Burlington, Ont.                                25         75      100     Interactive Voice Response (IVR)
         growth, as there are several notewor-           12     Absolute Software, Vancouver                            25         128     153
                                                                                                                                                   platform has been deployed in many
         thy organizations that are new to the           13     MOSAID Technologies, Kanata, Ont.                       22         58       80
                                                                                                                                                   locations to handle approximately
         Branham300 and therefore did not                                                                                                          five million IVR calls per day for
                                                         14     CORADIX Technology Consulting, Ottawa                   22         97      119
         have a previous ranking. Companies                                                                                                        customers like AT&T Verizon and
                                                         15     Chartwell Technology, Calgary                           21         106     127
         not on either list still made a notable                                                                                                   Tata Telecom. Call centre-related
                                                         16     Clarity Systems, Toronto                                20         92      112
         impact in the IT marketplace this year.                                                                                                   solutions have become a hot mar-
                                                         17     Quiettouch, Toronto                                     19         90      109
         Companies like Macadamian Software                                                                                                        ket in 2005 and will continue to be
                                                         18     CriticalControl Solutions, Calgary                      19         102     121
         Engineering and iVedha both had 137                                                                                                       in demand worldwide—especially
                                                         19     iVedha, Toronto                                         19         217     236
         per cent revenue growth rates, while                                                                                                      with the trend toward nearshore and
                                                         20     Systems Xcellence, Milton, Ont.                         18         52       70
         Research in Motion generated 127 per                                                                                                      offshore outsourcing.
         cent growth that increased its 2004                                                                                                           Several additional companies
         revenues by $880 million.                                in 2004 that paid off by helping the com-                              merit mention because of high growth rates.
              Imaging Dynamics Company of Calgary                 pany return to profitability through a refo-                                 MakePlain of Markham, Ont., saw
         ranked as the top Mover and Shaker this year,            cused revenue model.                                                   the highest revenue change of all the
         climbing 71 positions to 81 on the Top 250.                  Organizational restructuring also                                  Branham300 companies—significant from
         This was a tremendous year for the company,              helped to change the operations of Toronto’s                           an Up and Comer. A consultancy for busi-
         which saw record revenues and profitability              Dexit, an innovator in the Radio Frequency                             ness intelligence and data warehousing, the
         strengthen its brand recognition as one of the                                                                                  company went from revenues of $980,000
         leaders in digital radiography. The company                                                                                     to $7,000,000 in one year by starting out
         provides solutions to create radiographic im-                 Top 10 growth companies                                           with planning projects that then turned into
                                                                       (by year-over-year revenue growth)
         ages in a digital format that is steadily replacing                                                                             multi-million dollar design contracts for
         traditional film-based images. This is quite im-              Rank Rank Company                                  %              some of Canada’s top companies.
                                                                       2005 2004                                        Change
         portant to healthcare ICT as modern electronic                                                                                        Recently, the company signed deals with
                                                                       172               MakePlain, Markham, Ont.            614
         medical networks utilize this digital format.                                                                                   IBM Canada to help it create a data mart
              Named one of the Top 25 Up and Comers                    141               ZIM, Ottawa                         376         solution for an elementary school board in
         last year, PlateSpin of Toronto has continued                   81       152    Imaging Dynamics                    360         British Columbia.
         to make a name for itself and has jumped                                        Company, Calgary                                      With the immense effect of wireless com-
         62 positions to number 181. A provider of                     181        243    PlateSpin, Toronto                  350         munication products on Canada’s economy,
         solutions geared towards the consolidation,                   157               Homeserve Technologies         330              companies like ZIM of Ottawa are making
         optimization and measurement of server re-                                      (formerly Microforum), Toronto                  strides in developing a series of applications
         sources, the company achieved milestones                      213               QuIC Financial Technologies,        300         and services around Short Message Service
         during these early years such as its 500th cus-                                 Vancouver                                       (SMS), widely used as a low-cost and fast
         tomer and year-over-year revenue growth of                     66               March Networks, Ottawa              262         communication medium. The company’s
         approximately 350 per cent.                                   187        244    Dexit, Toronto                      235         software solutions and Application Service
              ISACSOFT of Montreal experienced                         209        227    M3K Solutions, Montreal             226
                                                                                                                                         Provider (ASP) capabilities enable two-way
         about 92 per cent year-over-year revenue                                                                                        chat between mobile and computer users,
                                                                       210        237    Serenic (formerly Vision            164
         growth, according to Branham estimates,                                         HRM Software), Edmonton                         the forwarding of e-mail to mobile phones,
         which moved it up 56 positions to number                                                                                        Microsoft Outlook and Excel functionality
         105 on the Top 250 list. A provider of busi-                                                                                    for mobile phones, as well as offering multi-
         ness software solutions as well as IT and                Identification (RFID) area. The company                                platform database languages.
         systems integration consulting, ISACSOFT                 moved 57 positions to be ranked number 187                                   Homeserve Technologies of Toronto
         restructured itself with a new business plan             overall.                                                               saw large revenue gains for 2005 as well,

36   M a r c h / A p r i l   2 0 0 6   /   B A C K B O N E
growing from revenues of $2 million to                        technology platform developed by Royal                             March Networks of Ottawa, which showed
$8.6 million—330 per cent growth. The                         LePage Relocation Services. ICON manag-                            300 per cent and 262 per cent year-over-year
company provides Customer Relationship                        es multiple aspects of employee relocation as                      revenue growth, respectively.
Management (CRM), Credit Adjudication                         well as the management of client relocation                            It is important to include these compa-
and Relocation services through software                      policies and procedures—all with real-time                         nies in the discussion of the top Movers and
developed for the real-estate, banking and                    capabilities.                                                      Shakers as they all make significant contribu-
relocation industries. A significant portion                      Other notable companies that were not                          tions to Canadian IT. The top 10 Movers and
of this year’s revenue was generated by the                   on the Movers and Shakers list include QuIC                        Shakers from our list had an average growth
acquisition of ICON, an employee relocation                   Financial Technologies of Vancouver and                            rate of 157 per cent.

Top 25                                        Up and Comers
 Company                                      Year Est.   Web Site                     Business Specialties
 AdvancedIO Systems, Vancouver                  2004           10G connectivity and packet switching system solutions for embedded applications.
 Apption Software, Ottawa                       2004              Design, development, manufacture and marketing of broadband wireless solutions.
 Big Blue Bubble, London, Ont.                  2004        Video game development.
 blueC 802, Kitchener, Ont.                     2003             Digital call recording, one number and unified communications software solutions.
 BOLDstreet, Ottawa                             2002           Provider of high-speed wireless Internet access.
 Capital Technology Partners, Ottawa            2003            SiebelCRM solutions and services.
 Clay Tablet Technologies, Toronto              2005          Streamlining technology for multilingual content and translation management processes.
 Eightfold Technologies, Kanata, Ont.           2003        Custom test stations and data management solutions.
 Elluminate, Calgary                            2002           Web communication software for realtime education, training and collaboration.
 Fortiva, Toronto                               2003              E-mail archiving for legal discovery and compliance, and e-mail storage management.
 Genex Systems Professional Group, Toronto      2002           Technology staffing services.
 How2Share Technologies, Victoria, B.C.         2002                Media sharing and publishing media network.
 Iotum, Ottawa                                  2003                Call prioritization and filtration platform.
 IPSS, Ottawa                                   2002                  IT Security services and solutions.
 Liquid Computing, Ottawa                       2003      Interconnect driven server that delivers a set of managed computing and communications resources.
 MakePlain, Markham, Ont.                       2003            Business intelligence and data warehousing consultancy.
 Multi-Vision Communications, Markham, Ont.     2003               Speech-enabled voice messaging and Web dialer software.
 myJabber, Smiths Falls, Ont.                   2001             Softphones and instant messaging for desktop, laptop computers and Pocket PCs.
 Neltura Technology, Richmond, B.C.             2003              Personal network service convergence application, linking disassociated networks and services.
 Search Engine People, Ajax, Ont.               2002   Search engine optimization, marketing and technology.
 Sensor Wireless, Charlottetown, PEI            2002       Wireless condition monitoring specialists.
 TenDigits Software, Vancouver                  2003            Microsoft CRM solutions for BlackBerry handhelds.
 The Herjavec Group, Toronto                    2003        Integrated IT Security solutions and services.
 Third Brigade, Kanata, Ont.                    2004         Host intrusion prevention systems.
 VoIPshield Systems, Ottawa                     2004           Security software for Voice-over-IP (VoIP) networks.

This year’s Up and Comers show great prom-                    bile software development and video gam-                                  Top 25 IT Up and Comers Provincial Breakown
ise with their mixture of innovative products                 ing. As in last year’s list, Ontario was a major                                       PEI   Alberta
                                                                                                                                              B.C.           4%
and services, as well as their determination to               contributor, producing 76 per cent of the                                       16%

shine amongst the competition. The compa-                     companies (the same as 2004). However, no-
nies were chosen based upon their offerings,                  table changes include companies from British
niche markets, competitiveness and 2005 fi-                   Columbia composing 16 per cent of the total
nancial success.                                              (up from four per cent last year), the lack of                                                                      76%

    These companies operated in diverse                       Quebec companies, and the introduction of
spaces such as wireless technology, search                    a wireless technology innovator from Prince                             All stories are also on our Web site:
engine performance, Internet security, mo-                    Edward Island.

                                                                                                                                                     B A C K B O N E   /   M a r c h / A p r i l   2 0 0 6   37
            C OVER S T O R Y

       T 25                                                  Canadian Software Companies
         The Top 25 Canadian software companies                                                                                 cessing solutions geared towards the North
                                                                        Rank Rank   250
         had a total revenue growth of 18.3 per cent,                   2005 2004 Ranking Company                               American pharmaceutical industry and has
         down from the 23 per cent revenue growth                                                                               grown by 59 per cent in 2005. Offerings in-
                                                                          1    1     9     Cognos
         seen last year. Total revenues for the Top 25                                                                          clude retail pharmacy management systems,
         list as a whole increased from $2.87 billion in                  2    2     16    Geac Computer Corporation            point-of-sale systems, remote distribution
         2004 to $3.4 billion in 2005.                                    3    3     18    Open Text                            and a host of other provider services in ad-
              In relation, the total revenues for all soft-                                                                     dition to the company’s suite of pharmacy
                                                                          4    4     24    Hummingbird
         ware companies on the Top 250 grew by 17                                                                               administrative solutions. CIMTEK provides
         per cent from 2004. Overall, the top entrants                    5    5     30    Constellation Software               solutions for complex design and testing for
         have remained the same: Cognos, Geac,                            6    11    41    Workbrain                            electronics manufacturers. Traditionally
         Open Text, Hummingbird and Constellation                                                                               focused on the automotive industry, the
                                                                          7    7     43    CryptoLogic
         Software continue to appear on the Top 5 list,                                                                         company has expanded to OEMs in the
         with positions unchanged from last year. In                      8    12    44    Optimal Payments                     consumer electronic manufacturing area.
         addition, nine companies who are new to the                      9          52    Systems Xcellence                    With customers like Microsoft, DuPont,
         Branham300 are now appearing on the Top                                                                                Honda and Celestica, the company has in-
                                                                         10    10    55    The Descartes Systems Group
         25 Software list.                                                                                                      creased revenues by 98 per cent to a total of
              Ontario-based companies continue to                        11    20    57    20-20 Technologies                   $35 million in 2005. Belzberg Technologies
         dominate, but the increase in Quebec-based                      12    13    59    Enghouse Systems
                                                                                                                                of Toronto, a provider of electronic equity
         companies has seen Ontario’s complement de-                                                                            and options trading software, grew by 24
                                                                         13    24    60    MKS
         crease from 80 per cent last year to 72 per cent                                                                       per cent. In 2005, the company developed
         this year. Subsequently, Quebec now accounts                    14    14    61    DataMirror                           a technology that integrates its trading
         for 24 per cent of companies, up from 16 per                    15    17    62    MediSolution
                                                                                                                                software with market data directly from all
         cent last year. British Columbia remains un-                                                                           major North American stock and option
         changed at four per cent. When we take a look                   16    18    63    Mediagrif Interactive Technologies   exchanges. This caused a significant jump
         at all of this year’s software companies on the                 17    23    70    Cybermation                          in the number of electronic options trading
         Top 250, we see that British Columbia and                                                                              through its software, causing record results
                                                                         18          75    CIMTEK
         Alberta have made greater contributions this                                                                           in the first quarter of 2005. Other new com-
         year to the total makeup, with 17 per cent and                  19          76    Avotus                               panies on the list include Avotus, Longview
         11 per cent respectively.                                       20          77    Longview Solutions                   Solutions, Workstream, TECSYS, Versatile
                                                                                                                                Systems and GIRO.
                                                                         21          78    Belzberg Technologies

             Top 25 Software Companies – Provincial Breakdown            22          79    Workstream
                                                                                                                                   All Software Companies – Provincial Breakdown
                                             4%                          23          82    TECSYS
                   Quebec                                                                                                                       Quebec
                    24%                                                                                                                                        Alberta
                                                                         24          83    Versatile Systems                                                    11%
                                                                                                                                    P.E.I.                                  B.C.
                                                                                                                                     1%                                     17%
                                                                         25          86    GIRO
                                                              Ontario                                                                                                            2%
                                                                        efforts are made to improve the company’s                            Ontario
                                                                                                                                              51%                            N.B.
                                                                        operations through this acquisition. It is re-                                                       2%

                                                                        ported Geac will be split into two separate
             The top five companies in this category                    companies: one to handle industry-specific
         continue their strong activity in the IT world.                solutions, the other geared towards financial               Software companies account for 38 per
         Cognos of Ottawa continues to be Canada’s                      applications. Nonetheless, Geac managed                 cent of all Top 250 companies, making them
         number one software company, growing                           to earn more than $500 million this year.               the largest category by number of companies
         21 per cent over the year to earn $962 mil-                    Enterprise Content Management solution                  in the Branham300. This continues to show
         lion. Recently, it has announced partner-                      provider Open Text had revenue gains of 43              Canada as a leader in software development.
         ships with IBS and Similarity Systems that                     per cent in 2005. The company made several              While the percentage of software companies
         will continue to strengthen its position as a                  advancements in the year, which included a              has decreased from 47 per cent last year, the
         worldwide leader in business intelligence.                     new ECM platform, e-mail management so-                 increase in total revenues generated by this cat-
         2005 was a very important year for Geac                        lutions, a new BPM solution and new con-                egory shows size does not always matter when
         Computer, whose shareholders have recent-                      tent-archiving software.                                looking at the overall success of a category.
         ly approved its acquisition by U.S.-based                           Systems Xcellence of Milton, Ont., is one
         Golden Gate Capital. Thus, Geac will be                        of the nine new companies to appear on the                  All stories are also on our Web site:
         appearing for the last time in the Top 250 as                  list. It provides healthcare transaction pro-

38   M a r c h / A p r i l   2 0 0 6   /   B A C K B O N E
            C OVER S T O R Y

       T 25                                         Canadian IT
                                                 Professional Services Companies
           Rank Rank   250                                                           Accounting for about 25 per cent of the                                   This sub-list has changed in some ways,
           2005 2004 Ranking                                                    Top 250 list, the Professional Services cat-                              but the leaders have remained similar. The
             1        1           5          CGI Group                          egory has decreased slightly from last year’s                             The Top 5 companies are the same as last
             2        2           12         MacDonald, Dettwiler and Assoc.    total makeup of 29 per cent. Industry Canada                              year and in the same respective positions,
                                                                                finds the GDP of the ICT Services industry                                with the exception of Compugen, which took
             3        3           22         xwave, an Aliant Company           in Canada (including software services) has                               the number five spot previously occupied
             4        4           23         Minacs Worldwide                   grown by 15 per cent from the end of 2001 to                              by Ajilon Consulting. (Ajilon is now listed
                                                                                the third quarter of 2005, compared to 12 per                             as a Top 25 Multinational organization be-
             5                    25         Compugen
                                                                                cent growth in all Canadian services indus-                               cause of its foreign parent company.) In fact,
             6        7           28         PROCOM                             tries. The companies on the Top 25 list and                               Compugen showed the highest year-over-
             7        6           29         Teranet
                                                                                the remainder of the Professional Services                                year growth of all the Top 25 Professional
                                                                                companies have shown a uniquely connected                                 Services companies with a 45 per cent growth
             8        8           31         Calian Technologies                growth rate.                                                              rate. Polar Bear Corporate Education Solutions
             9        9           33         CNC Global                              Since the Top 25 Professional Services                               is second in growth with 39 per cent and AJJA
                                                                                companies contributed to the majority of                                  Information Technology Consultants followed
             10       10          35         Sierra Systems Group
                                                                                the total revenue for the category (with CGI
             11                   36         Bell Business Solutions            Group alone composing 48.5 per cent of the                                   Top 25 Canadian Professional Service Companies –
                                                                                total Professional Services revenue), we have                                             Provincial Breakdown
             12       11          45         Eagle Professional Resources                                                                                                  Quebec
                                                                                analyzed the year-over-year revenue growth                                                  12%
             13       12          48         Brainhunter                        rate of the Top 25 Professional Services                                                                                       BC

             14       14          50         Matrikon                           companies compared to the growth rate of
                                                                                all other Professional Services companies
             15       15          51         Nurun                              (see graph). This way, we see how the Top                                                                                NS
                                                                                                                                                                 Ontario                                 8%
             16                   53         OnX Enterprise Solutions           25’s rate of 17.24 per cent is very close to
                                                                                the growth rate of all the other Professional
             17       20          56         S.i. Systems
                                                                                Services companies (17.02 per cent). It is evi-                           closely at 38 per cent. This is also the final
             18       19          64         Blast Radius                       dent that the smaller companies did just as                               year that AJJA will be appearing on the
             19       18          65         RIS Resource Information Systems
                                                                                well as the larger companies, in terms of an-                             Branham300 since it has been acquired by
                                                                                nual revenue growth.                                                      Brainhunter. Brainhunter had a very busy
             20       17          67         TES - The Employment Solution           While Ontario maintains a 52 per cent                                year as well, dealing with multiple acquisi-
             21       16          69         Axia NetMedia                      majority in the composition of the Top 25                                 tions and the growing demand for IT staff-
                                             Polar Bear Corporate Education
                                                                                list, Alberta is second with 16 per cent, while                           ing services. With the acquisitions made
             22       23          73         Solutions                          British Columbia and Quebec have equal con-                               this year, Brainhunter stated that pro forma
             23       25          74         AJJA IT Consultants                tributions of 12 per cent each. Nova Scotia has                           revenues would have been close to $160 mil-
                                                                                two of its companies on the list, making up                               lion, but these revenues will be realized in the
             24                   85         T4G
                                                                                eight per cent of the total. The province has                             Branham300 next year.
             25                   88         IT/net Ottawa                      lately been recognized as a growing target for                                 While the annual growth percentages
                                                                                                                                                          for the Top 25 companies compared to all
         The Top 25 Canadian IT Professional                                      Top 25 Professional Services Companies vs. All Other
                                                                                                                                                          other companies are quite similar, we see
         Services companies continued to perform                                  Professional Services Companies: 2004-2005 Revenue                      that the top five growth companies amongst
                                                                                                   Comparison ($000)
         strongly over 2005. This category is com-                                           0)                                                           all Professional Services companies are at the
                                                                                              00     $7,202,137
         posed of companies which provide services                                  $8,0
                                                                                         00,0                                                             bottom tier, with 2005 revenues between $4
                                                                                            ,000             $6,143,175
         to IT and IT/ICT-related organizations.                                    $7 ,000                                                               million and $7 million, demonstrating how
         Many of the noted companies are from the                                         00,0
                                                                                               00                                                         small service businesses have had a success-
         IT staffing field, an area that continues to                                $ 4,00
                                                                                                                                                          ful year. The top three companies continue to
         grow with the demand for skilled technical                                  $3 ,000                                                              show stability as being the solid leaders for yet
         workers such as programmers, project man-                                   $2,0
                                                                                                00                  Growth
                                                                                                                                                          another year with CGI Group growing by 17
                                                                                           00,0                              $393,710
                                                                                      $1,0                          17.24%
         agers, engineers, etc. Other companies are                                             $0
                                                                                                       05     04
                                                                                                     Top 25 Pro                05
                                                                                                                                        $336,436 Growth
                                                                                                                                                 17.02%   per cent, MacDonald, Detwiler and Associates
                                                                                                     Services Co sional
         IT consultancies that provide both technical                                                            mpanies      All other Pro
                                                                                                                              Services Co fessional
                                                                                                                                                          growing by 12 per cent and xwave (a subsid-
         and business aid to organizations, which can                                                                                                     iary of Aliant) growing by four per cent.
         range from complex design and integrations
         solutions to low-level software development                            nearshore outsourcing and will most definite-                                 All stories are also on our Web site:
         outsourcing.                                                           ly play a larger role in the forthcoming years.

40   M a r c h / A p r i l   2 0 0 6   /   B A C K B O N E
            C OVER S T O R Y

       T 10                                                                   Canadian IT
                                                                                    Security Companies
         Canadian IT Security solutions and consulting                                             Examining this year’s top companies               Rank Rank   250
         companies have seen notable growth. Last year,                                        we see the breadth of IT security and the             2005 2004 Ranking Company
         total revenues on this list were almost $122 mil-                                     various issues that surround different niche            1                49     Memory Experts Int’l
         lion, while this year the number is more than                                         markets. St-Laurent, Que.’s Memory Experts              2                90     Quiettouch
         $161 million, a 32 per cent increase. When com-                                       International is the number one company                 3        1      127     Certicom
         paring total revenues to 2004, we see an increase                                     this year, with revenues of $70 million—an              4        6      128     Absolute Software
         of 7.26 per cent. This shows that the addition of                                     increase of 27 per cent from last year. The             5        4      135     Cinnabar Networks
         five new companies to this list has significantly                                     company is involved in the creation of highly           6               148     Graycon Group
         increased the total revenue standings.                                                secure storage devices ranging from por-                7        7      182     TRM Technologies
                                                                                               table USB devices to memory modules and                 8               191     The Herjavec Group
            Top 10 Security Companies – Dataset Comparison ($000)                              hardware subsystems, focusing attention                 9               209     M3K Solutions
                    ($00 0
                          0)                                                                   on the hardware side of electronic security.            10       9      213     Above Security
                       ,00           $161,186
                                                $150,281           $161,186
                                                                                               Quiettouch is a computer services provider
                  $140                                                     $122,000            that tackles security issues from another per-        through analysis (risk management and plan-
                         ,000                                                                  spective. The company integrates custom se-           ning), implementation and monitoring.
                     $80,0                                                                     curity solutions into its networking projects to          2005 has also seen the appearance of sev-
                                                                                               offer clients managed network virus protec-           eral security companies on the Top 25 Up
                             00                                                 Growth
                     $20,0                            7.26%
                                      Top 10 Se
                                                                                  32.12%       tion, backup strategies, disaster recovery and        and Comers list. One of this year’s Up and
                                                  cu                       04
                                      (current da rity
                                                  ta set)       Top 10 Se
                                                                 vs.Top 10
                                                                          curity 2005          firewall implementation. As an Application            Comers, The Herjavec Group is a network se-
                                                                   2004 data rity
                                                                              sets             Service Provider, the company shows how the           curity company that increased its sales by 34
                                                                                               ASP model tackles security issues in differ-          per cent to earn a total of $5.5 million since its
             Once again, we see Ontario-based com-                                             ent ways than various other vendors. Graycon          inception in 2003.
         panies making up a large portion of the                                               Group from Alberta offers its security services           VoIP security will be a very important
         list—50 per cent this year. Quebec compa-                                             mostly to companies in Central and Western            issue as the convergence of the telephone and
         nies account for 30 per cent of the total, while                                      Canada. Growing revenues over 2005 by                 the Internet progresses. Also, security threats
         British Columbia and Alberta make up the                                              25 per cent, this small consultancy focuses           do not decrease as time goes by; if anything,
         remaining 20 per cent.                                                                on network infrastructure-related security            new threats are uncovered each year.

        T 10                                                                Canadian xSP Companies
         Canadian x-service providers (i.e. application,                                       Rank Rank   250
                                                                                                                                                     of Call-Net. Another noteworthy change from
         managed, wireless and Internet service pro-                                           2005 2004 Ranking Company                             last year is the appearance of MTS Allstream,
         viders) accounted for 13 per cent of the Top                                            1     1     3     BCE (wireless and data)           the result of a merger between Manitoba
         250 list with 36 entrants.                                                              2     3     4     Rogers Wireless Communications    Telecom Services and Allstream.
             Telecommunication and cable compa-                                                  3     2     6     TELUS (wireless and data)
                                                                                                                                                          In fact, the total revenues for the Top 10
         nies have been the strongest performers in                                                                                                  xSP companies have increased by about $1.31
                                                                                                 4     4     10    Shaw Communications (Internet)
         this area, as they serve the largest number                                                                                                 billion from 2004 to 2005, a 7.99 per cent year-
                                                                                                 5           11    MTS Allstream
         of customers with the most in-demand ser-                                                                                                   over-year growth for this group of top compa-
         vices. Internet use has increased noticeably                                            6     6     14    Aliant (wireless and Internet)    nies. A comparison of this rate to the growth
         in Canada, with an additional surge seen in                                             7     7     19    Rogers Communications (ISP)       rate of all other xSP companies on this year’s
                                                                                                 8     8     21    SaskTel (mobility and Internet)   Top 250 list shows the spotlight should not be
                                                      2004 to 2005                               9     9     34    Emergis                           solely on the top 10 players. The total revenue
                                                      revenue                         Change     10          39    Cogeco Cable (ISP and Data)       of all other xSP companies has increased by
                                                      increase ($000)                   %
                                                                                                                                                     $67.6 million, representing a notable 13.78 per
     Top 10 xSP companies                             $1,311,933                      7.99%    the only new entrant into the Top 10 xSP list,        cent increase over 2004. While smaller com-
     All other xSP companies                          $       67,652                  13.78%   Cogeco Cable of Burlington, Ont. Cogeco saw           panies may have smaller revenues than those
                                                                                               a $17.6 million year-over-year increase in sales      in the spotlight, they are growing at more than
         subscriptions to high-speed Internet use.                                             specifically from increased Internet service          twice the rate of large xSPs.
         This comes as no surprise since bandwidth                                             provision. Rogers Wireless Communications
         speeds have increased while prices have be-                                           had a great year, increasing revenues by 43 per              All stories are also on our Web site:
         come more affordable. An example of this is                                           cent to $3.99 billion, aided by its acquisition

42   M a r c h / A p r i l        2 0 0 6   /    B A C K B O N E
T 10                   Canadian Wireless
                                                                                                    Rank Rank   250
                                                                                                    2005 2004 Ranking Company
                                                                                                     1     1     8        Research in Motion

                   Solution Providers                                                                2
                                                                                                           2     38
                                                                                                                          Sierra Wireless
                                                                                                                          SR Telecom
                                                                                                     4     5     80       Redknee
2005 has been an eventful year for wireless so-   Certicom had a one-time contract with the          5     6     83       Versatile Systems
lutions companies on the Branham300. Total        U.S. National Security Agency in 2004 that         6          116       Sirit
revenues for the top 10 companies were $1.9       brought its revenues up significantly that         7     4    127       Certicom
billion, up from last year’s $1.158 billion.      year. In 2005, Certicom stated its 2004 rev-       8     7    130       Zi
     The current group of companies gener-        enues to Branham including and excluding           9          141       ZIM
ated $1.2 billion in 2004, which would indi-      the NSA contract. Since the former is the of-      10         147       WebTech Wireless
cate the group as a whole grew by 59.7% over      ficial statement of earnings, the company had
2005. However, since Research in Motion           apparent revenue declines of 67 per cent, from    plications. For example, U.S. government em-
contributes most to the revenue composition       $40 million to $13.5 million. When looking at     ployees at all levels were using BlackBerrys not
and revenue growth (with its dramatic 127%        all revenue except the NSA contract, revenues     only to communicate on work-related issues but
year-over-year sales growth), we compare the      have actually increased by 20 per cent in 2005.   also as an integral part of emergency response
revenue activities of all other Top 10 compa-     Also, Redknee, Zi, Sirit and SR Telecom all       plans. The BlackBerry is additionally used in
nies except RIM. By doing this, we see 2004       saw revenue decreases in 2005.                    U.S. healthcare ICT, financial and natural gas
revenues were $507 million, while 2005 shows           In addition to the revenue decreases expe-   industries, showing that a lack of service could
a 32 per cent decrease to $343 million. While     rienced by many of these wireless companies,      hinder many parts of the American economy.
wireless solutions and technology have been       2005 saw Research in Motion in a heavy legal          Despite these results in 2005, wireless
very important, in 2005 six out of 10 compa-      battle over U.S. patent issues. While this was    companies like ZIM, Webtech Wireless and
nies are showing revenue decreases. Sierra        a very challenging year for the company, not      Versatile Mobile Systems increased sales in
Wireless of Richmond, B.C., has not had           only did it manage to increase earnings dra-      2005. With advancements in RFID, conver-
a great year, with a 52 per cent decline in       matically, but was also able to show how one      gence initiatives for VoIP and the next-genera-
revenues, but has still managed to keep the       of Canada’s flagship wireless solutions, the      tion development of WiMAX, the future still
number two spot with $118 million in sales.       BlackBerry, was being used in multiple ap-        looks bright for this innovative sector.

                                                                                                                      B A C K B O N E   /   M a r c h / A p r i l   2 0 0 6   43
            C OVER S T O R Y

       T 25                                    ICT Hardware and
                                           Infrastructure Companies
         Canada’s hardware and infrastructure com-            Rank Rank   250
         panies had a great year, increasing total year-      2005 2004 Ranking Company                                      Top 25 ICT Hardware and Infrastructure Companies –
                                                                                                                                        Revenue Comparison 2005–2004
         over-year revenue output by six per cent. 2005           1      1      1    Nortel Networks
         revenues of $27.9 billion show a $1.6 billion            2      2      2    Celestica                                      ($00
                                                                                                                                          00      $27,891,252
         increase over the revenues generated in 2004.            3      3      7    ATI Technologies
                                                                                                                              $30,0                             $26,299,876

         ICT hardware and infrastructure companies                                                                            $25,000
                                                                  4      4     13    Creo (Sub. of Kodak)                                 00
         include manufacturers of IT/ICT hardware                                                                             $20,0
                                                                  5      6     15    NexInnovations                                        00
         such as Nortel Networks (which still holds the                                                                               00,0
                                                                  6      8     17    Aastra Technologies                                     00
         number one spot on this sub-list and on the                                                                           $10,0
                                                                  7            20    Mitel Networks                                         00
         Top 250), as well as Electronic Manufacturing                                                                          $5,0

         Service (EMS) outsourcers such as Celestica              8      10    25    Compugen                                                $0                                 6.05%
         Inc., and companies that are involved with the           9      9     26    Zarlink Semiconductor                                                                    Growth

         design and deployment of IT infrastructure               10           27    BreconRidge Manufacturing Solutions
         like NexInnovations.                                     11           32    Dalsa
              This category accounts for 16 per cent of           12           36    Bell Business Solutions                   Returning to the Top 25 list, we have
         the Branham Top 250—an increase from last                13     11    37    Gennum                                seen some mixed results, even though total
         year’s composition of 12 per cent. Since Nortel          14     7     38    Sierra Wireless                       revenues increased. While Nortel Networks
         Networks, Celestica and ATI Technologies (the            15     12    42    Rand A Technology
                                                                                                                           and ATI Technologies increased by 13 per
         top three in this category) contribute $21.96                                                                     cent and 11 per cent respectively, other
                                                                  16           46    Tundra Semiconductor
         billion in revenues, we look at the bottom tier                                                                   leaders like Celestica and NexInnovations
                                                                  17     14    47    CSI Wireless
         companies (i.e. all Top 250 ICT hardware and                                                                      decreased by two per cent and 14 per cent
                                                                  18           50    Matrikon
         infrastructure companies that were outside of                                                                     respectively. This shows the top ICT
         the Top 25 list) to see how they compared to             19     15    53    OnX Enterprise Solutions              hardware and infrastructure manufactur-
         the Top 25. All other ICT hardware and in-               20           54    Mitec Telecom                         ers performed more strongly than ICT
         frastructure companies on the Top 250, that              21     17    58    MOSAID Technologies                   infrastructure service companies. One of
         did not make the Top 25, generated revenues              22           66    March Networks                        the best examples of this in 2005 is Aastra
         of $174.65 million in 2005, which results in             23     21    81    Imaging Dynamics Company              Technologies, a manufacturer of products
         a 20.31 per cent increase from this group’s              24           84    Wi-LAN                                and systems for communication network
         2004 revenue performance. Once again, we                 25           92    Zentra Computer Technologies          access; its revenues increased by approxi-
         see smaller businesses are generating higher                                                                      mately 90 per cent, moving ahead two spots
         growth percentages when compared to larger          per cent to $5.9 million, and Tranzeo Wireless                in the Top 25 ICT hardware and infrastruc-
         Canadian companies. The average year-over-          which grew by 85 per cent from 2004.                          ture list.
         year change in these companies was 43 per           Tranzeo is new to the list and specializes in
         cent, boosted by the performance seen in            wireless point-to-point and point-to-multi-                      All stories are also on our Web site:
         RFID innovator Dexit, which grew by 235             point solutions.

                    Into 2006
                     Canada’s IT companies have had another            type of challenge. This is seemingly fit for              Please visit for
                     great year, showing the world that our na-        an industry that has emerged from a very              an expanded view of the Branham300 lists
                     tion remains an important hub of activity         turbulent past to show the world that the             and a more in-depth version of this article.
                     in the global network of high technology.         information age plays a large role in ev-                 The Branham300 listing, online ap-
                     With constant innovations in a multitude          eryday life—and will continue to do so as             plication process, associated statistics, and
                     of fields, a highly skilled workforce and         technology advances. The Branham Group                the creation of this article were combined
                     positive revenue growth trends, Canadian          congratulates all of the companies who have           efforts of the Branham Group, with im-
                     companies continue to shine as leaders in         helped to make Canada one of the world’s              portant contributions from Patti Saulnier,
                     IT. As we delve into 2006, the members            technological hotspots and have allowed us            Sharon Hill, Andrew Bisson, Christian
                     of this year’s edition of the Branham300          to depict the national information technolo-          Gravelle, Adnan Rahman and Wayne
                     have shown they are ready to deal with any        gy landscape in the most accurate manner.             Gudbranson.

44   M a r c h / A p r i l   2 0 0 6   /   B A C K B O N E