The state of SaaS companies in Canada has never looked better.
M&A Advisory firm Cardin Partners released their 2017 Q3 SaaS Quick 25 list, with five Canadian companies making the cut: Taplytics, Finn.ai, 7shifts, Sendwithus and Envisio Solutions. The list identifies small companies that are succeeding in leveraging trends around AI, next-generation marketing automation, fintech, and employee engagement.
Taplytics is an audience behaviour testing platform based in Toronto and designed to work with native mobile apps. The company was a 2014 graduate of the University of Toronto’s Creative Destruction Lab.
Vancouver’s Finn.ai is a virtual assistant used to help make mobile banking easier. It’s inclusion on the list is representative of a broader industry trend showing how important AI is becoming in not only the fintech world but the tech world as a whole. The company was named best in show at Finovate this year and partnered with ATB Financial to roll out their assistant to a wider audience.
The Saskatoon-based 7shifts is a restaurant scheduling platform that automates shift planning and provides analytics regarding how a staff works and operates. The company has secured $4.5 million USD in funding so far and also has an office in Toronto.
Sendwithus is an advanced email content management platform founded in Victoria that focuses on audience behaviour testing for transactional email models. The company was backed by the prestigious Y Combinator in 2014.
Envisio Solutions is based in Richmond and offers strategy implementation, performance management and reporting software. The company has won awards from the Canadian Financing Forum and was recently included in the 2017 Ready to Rocket list by Rocket Builders.
Cardin systematically tracks the progress and scaling of over 25,000 SaaS companies around the world. The list represents a good look into where the industry is trending, as many of these smaller companies are on the cutting-edge of new technologies and have the ability to develop and integrate them quickly without the same kind of red tape that bigger SaaS companies may endure.
To make the list, companies must end the quarter with between 20 and 100 employees and be registered on Cardin’s database.
It has been a good week for SaaS companies in the country; L-SPARK just unveiled their annual report detailing how Canadian SaaS companies have secured over $1 billion in funding in 2017 alone, while Vancouver-based Mojio secured $30 million in funding.