First Coverage Inc. a web-based software company delivering industry-leading coverage optimization solutions to the global institutional investment community, has won a coveted Companies-to-Watch Award, one of four awards categories that make up the 2007 Deloitte Technology Fast 50 Awards, which is celebrating its 10th anniversary as the pre-eminent technology awards program in Canada.
Companies-to-Watch Awards honour early-stage Canadian technology companies in business less than five years. These companies exemplify many of the winning characteristics of Deloitte Technology Fast 50 ranked companies, which are judged using a longer track record.
First Coverage has developed a highly intuitive and innovative web application to allow investment professionals on the buy side to effortlessly evaluate, according to their own customized criteria, every current and potential relationship they maintain with the sell side. The resulting analysis prevents continued Alpha Erosion, delivers proven higher returns for the buy-side and their investors, provides clarity in assessing the value generated by institutional salespeople, and brings accountability to the commission allocation process.
“We are extremely grateful to the Deloitte Technology Fast 50 program for this esteemed recognition of our efforts. This award is due to the hard work and dedication of our employees and is shared with all of First Coverage’s partners and clients,” said First Coverage CEO Randy Cass. “This provides us with yet another indication that our company’s mission of raising the standards of accountability and transparency within the investment process is one shared by investors and the financial community at large.”
“Companies-to-Watch award winners frequently go on to score high rankings in the Deloitte Fast 50 once they have a five year track record,” said John Ruffolo, National Leader, Technology, Media &Telecommunications Industry Group, Deloitte. “First Coverage has quickly distinguished itself for its innovative technology and entrepreneurship and this award recognizes its potential as a future leader in the Canadian technology industry.”
Over the last decade, the Deloitte Technology Fast 50 program has tracked the successful growth of Canadian-grown global leaders such as Research in Motion (RIM), which has ranked among the Deloitte Technology Fast 50 every year since the program’s inception in 1997.
The majority of Companies-to-Watch winners are potential global leaders in technology sectors that didn’t even exist five years ago. To win the award, companies must display the kind of management expertise and superior technology that mark a successful early-stage company poised for continued growth. To qualify for the Companies-to-Watch Award, candidates must have been operating less than five years and have revenues less than $5 million. They must also be headquartered in Canada and devote a significant portion of their operating revenues to creating proprietary technology and/or intellectual property.
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