April 22, 2009

2009 Fastest Growing Companies
By Ottawa Business Journal Staff

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Here is an excerpt from the Ottawa Business Journal.

Congratulations from OBJ to this year's roster of Fastest Growing Companies, a diverse group that includes a telecom software firm, a toy manufacturer, a burger restaurant and contract electronics manufacturing.

To make this year's list, companies were ranked by percentage revenue growth between year one and year three of their most recent three-year period, and must have completed financial statements subject to a review engagement or formal audit. In year one, companies must have had a minimum revenue of $100,000 and by year three, a minimum of $1 million. All companies must be cash-flow positive in all three years.

So congratulations once again to our 10 Fastest Growing Companies, both from OBJ and our sponsors, Emond Harnden LLP and Welch LLP."

4) PrecisionERP
Year founded: 2005
Head count: 45
Product: IT consulting
Revenue growth: 282.1%

Remember that old business phrase, "You can sell one for a million, or a million for one?" PrecisionERP has opted for the latter, and it got the firm 282-per-cent revenue growth over the past three years.

"It's really been about grinding it out, deal by deal," says Paul Bush, the company's co-founder and director of business development, consulting and staffing. "We haven't won one piece of business that's made the company. It's been about repeating our success many times over, gaining repeat business and referrals."

The company, which last year landed 11th in PROFIT magazine's Hot 50 ranking, this year made 260th place on the Branham 300 list of the top Canadian tech firms. It deals primarily in the space of enterprise resource planning, which involves software and IT that consolidates and allows management of all of a company's data, resources and functions. "And our main competitors are big companies such as IBM and Accenture, so there's quite a lot of potential," he says. "We view ourselves as high-end IT consulting, the margins are good and the revenues are very good ... and there's high demand for the skills that we supply."

The company's customer base has largely consisted of Fortune 500 companies and other big organizations in Canada, but Mr. Bush says it may soon begin peering south of the border in the search for new markets and client wins.

"The growth potential in this economy is diminished, but the potential is definitely there," says director of consulting services Alan O'Connor, adding the company is looking to grow and hire new consultants as it takes on new business.

"A couple of different options would be to go into the U.S., or perhaps to chase a bit more government-related business."