Clutch of local firms crack Profit 100 list

Jim
Jim Donnelly
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Four Ottawa companies have been named to Profit Magazine's recent fastest growing company listings, known as the Profit 100.

Timothy Kimber of PlaSmart Inc.

Examining revenue growth over the past five years – from 2004 to 2009 – local firm and 2009 OBJ Fastest Growing Company Plasmart Inc. topped the local group of companies with an eighth-place showing, recording 3,481-per-cent growth in that time period.

The company, which distributes toys in more than 25 countries, listed 2004 revenues of $229,597 and 2009 revenues of more than $8.2 million.

Its flagship product is the PlasmaCar, a six-wheeled plastic race car marketed to children that is propelled by moving the steering wheel back and forth, without the need for pedals or batteries.

ThinkWrap Solutions, also an OBJ Fastest Growing Company for the past three years, finished 18th with 2,385-per-cent growth.

It listed 2004 revenues of $276,964 and 2009 revenues of more than $6.8 million.

And though chief executive Steve Byrne recently told OBJ 2009 was somewhat of a "lost year" for his company which was forced to reduce its staff compensation to control costs – he also said the company weathered the economic storm without resorting to layoffs.

Mr. Byrne even took himself off the payroll for four months, he said. His firm is now back in hiring mode in both Toronto and Ottawa, where it plans to take another half floor in its Moodie Drive office building.

Similarly, Panacis, which made OBJ's list this year, finished 22nd overall with 2,185-per-cent growth over the five-year period. Panacis listed 2004 revenues of less than $200,000 and 2009 revenues of more than $4.5 million.

The Pythian Group Inc. rounded out the local showing in this year's listing, cracking the top 200 with a 150th-place showing in the magazine's Next 100 list.

Pythian listed 2004 revenues of nearly $2.7 million and 2009 revenues of more than $10.6 million.

Toronto-based Varicent Software Inc. took first place in the Profit 100 after recording revenue growth of 12,473 per cent.

With files from Peter Kovessy

Organizations: OBJ Fastest Growing Company Plasmart, Pythian Group

Geographic location: Toronto, Ottawa

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