For the first time since 2001, a Canadian company has placed on Deloitte’s “rising star” list.

Upside Software Inc., of Edmonton, placed 17 in this ranking that honours 25 young companies that have accomplished fast growth and have been in business less than five years but at least three. Rankings are based on their percentage growth in revenues from 2001 to 2003.

Professional service firm Deloitte ranks the North American Technology Fast 500, a listing of the fastest-growing technology companies in North America based on percentage revenue growth over five years.

Canada continues to maintain its role as one of North America’s most dominant technology centres in the Fast 500. Switching places with the New York tri-state area (New Jersey, New York and Connecticut combined), Canada ranked as the third-largest technology cluster with 11 per cent of winners on the list (55 companies), down from second place last year (14 per cent). It was still up from 10 per cent in 2002 and nine per cent in both 2001 and 2000.

California continues to take the lead as North America’s largest tech hub with 26 per cent of winners, followed by New York tri-state which fielded 12 per cent of this year’s winners.

Making its debut on the Fast 500, Rutter Inc. of Newfoundland, developers of marine and aviation equipment, posted the highest revenue growth among Canadian companies – ranking 26 on the Fast 500 list.

Rutter’s revenue growth reached 11,662 per cent over the past five years, with revenues increasing from $168,000 Cdn in 1999 to $19,760,000 in 2003.

South of the border, Google, one of the hottest initial public offerings of the year, hit the top of the Fast 500 list, boasting an amazing revenue growth of 437,115 per cent, with revenues of $220,000 US in 1999 to $961,874,000 in 2003.

Software industry companies continue to dominate the Fast 500 list this year. More than one-third (38 per cent) of winners operate in this sector, consistent with 39 per cent in 2003. The life sciences industry represents almost a quarter (22 per cent) of the Fast 500 winners, up from 19 per cent in the previous year.

The Internet sector experienced a slight decline in the number of companies on the winners list with 14 per cent, down from 18 per cent in 2003.

The Fast 500 list includes all areas of technology, from Internet to life.

Each entrant must be a “technology company,” defined as a company that owns proprietary technology that contributes to a significant portion of the company’s operating revenues; or devotes a significant proportion of revenues to the research and development of technology.

Using other companies’ technology in a unique way does not qualify.