Grey Island Systems International Inc. today said it is now ranked among the Deloitte Technology Fast 50, a ranking of the fastest-growing technology companies in Canada, based on the percentage of revenue growth over five years.


The company said its revenues rose 715% from 2002 to 2006, resulting in a 28th ranking.

“Transforming technological innovation into business success is hard, and it’s especially difficult to sustain such rapid revenue growth over five years. Grey Island has rapidly built a highly successful company in the Canadian technology industry and we applaud their dedication and ability to transform their vision into reality,” said John Ruffolo, Deloitte’s national leader, technology, media and telecommunications industry group.

Grey Island CEO Andrew Moore credits the revenue growth to flexible end-to-end hardware and software Web-based solution that allow the company to mass customize for the individual needs of government fleets in the U.S. and Canada.

Adds Ruffolo: “Canadian technology companies have some of the highest revenue growth in North America, while playing in some of the world’s largest, most competitive and exciting market sectors. Outstanding companies such as Grey Island demonstrate the incredible business acumen and entrepreneurial spirit that fuel the Canadian technology industry.”

To qualify for the Deloitte Technology Fast 50 ranking, companies must have been in business for at least five years, have revenues of at least $5 million, be headquartered in Canada, own proprietary technology, and conduct research and development activities in Canada.

A panel of subject matter experts evaluates and judges companies based on four key criteria: competitive advantage; size, growth, and market attractiveness; management effectiveness and organization; and financial performance.