Leadership Board

The definitive ranking of Canadian companies by inflation-adjusted peak valuation.

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118 of 118 companies

* Inflation adjusted to 2025 CAD based on peak market cap.
** Decades indicate when this peak was achieved.
*** For private companies, valuations are estimated based on ecosystem research.

#	Company	Founders	HQ or Founded City	Founded	Years in Existence	Adj. Peak ($B)* ↓	Status***
1	Nortel / BNR	N/A	Ottawa-Gatineau	1895	114	$768.6B	Defunct
2	Shopify	Tobias Lütke, Daniel Weinand, Scott Lake	Ottawa-Gatineau	2006	20	$300B	Public
3	JDS Uniphase (JDSU)	Jozef Straus; Kevin Kalkhoven	Ottawa-Gatineau	1981	34	$295B	Acquired
4	BlackBerry (RIM)	Mike Lazaridis, Douglas Fregin	Waterloo-Kitchener-C	1984	42	$130B	Public
5	Constellation Software	Mark Leonard	Toronto	1995	31	$112B	Public
6	Celestica	Eugene Polistuk	Toronto	1994	32	$50B	Public
7	CGI Inc.	Serge Godin, André Imbeau	Montréal	1976	50	$37.5B	Public
8	360networks	Greg Maffei, Ledcor Group	Vancouver	1998	13	$36B	Defunct
9	Cohere	Aidan Gomez, Ivan Zhang, Nick Frosst	Toronto	2019	7	$35.7B	Private
10	Digital Equipment (Canada)	Ken Olsen (US parent)	Ottawa-Gatineau	1963	35	$25B	Acquired
11	Newbridge Networks	Terry Matthews	Ottawa-Gatineau	1986	14	$21.8B	Acquired
12	Nuvei	Philip Fayer	Montréal	2003	23	$21B	Private (Advent)
13	Lightspeed Commerce	Dax Dasilva	Montréal	2005	21	$21B	Public
14	OpenText	Tim Bray, Gaston Gonnet	Waterloo-Kitchener-C	1991	35	$18B	Public
15	AbCellera Biologics	Carl Hansen	Vancouver	2012	14	$15.7B	Public
16	Wealthsimple	Michael Katchen	Toronto	2014	12	$13.8B	Private
17	Xanadu	Christian Weedbrook	Toronto	2016	10	$13.3B	Private
18	ATI Technologies	Lee Ka Lau et al.	Toronto	1985	25	$12.6B	Acquired
19	Hut 8 Corp	Marc van der Chijs	Toronto	2017	9	$11.6B	Public
20	Dapper Labs	Roham Gharegozlou et al.	Vancouver	2018	8	$11.2B	Private
21	Cognos	Michael Potter, Alan Guedes	Ottawa-Gatineau	1969	39	$10.7B	Acquired
22	1Password	Dave Teare, Roustem Karimov	Toronto	2005	21	$10.3B	Private
23	Telus International (TIXT)	Darren Entwistle (Telus)	Vancouver	2005	21	$10B	Public
24	MDS Nordion	n/a	Ottawa-Gatineau	1946	64	$8B	Acquired
25	Hopper	Frederic Lalonde	Montréal	2007	19	$7.4B	Private
26	Kinaxis	Duncan Klett, Bob Ashe	Ottawa-Gatineau	1984	42	$6.8B	Public
27	Corel (Alludo)	Michael Cowpland	Ottawa-Gatineau	1985	41	$6.6B	Private
28	CoolIT Systems	Geoff Lyon (CEO/CTO from 2005); founded by Calgary gaming enthusiasts	Calgary	2001	25	$6.5B	Acquired
29	Tenstorrent	Ljubisa Bajic	Toronto	2016	10	$6B	Private
30	Fullscript	Kyle Braatz, Brad Dyment, Chris Wise	Ottawa-Gatineau	2011	15	$6B	Private
31	PointClickCare	Mike Oldfield, Dave Friesen	Toronto	2000	26	$5.9B	Private
32	Mitel	Terry Matthews, Michael Cowpland	Ottawa-Gatineau	1973	53	$5.5B	Private (post-Ch. 11)
33	Lumonics	Alan Buchanan, Gordon Mauchel, Allan Crawford	Ottawa-Gatineau	1970	36	$5B	Acquired
34	SSENSE	Rami, Bassel, Firas Atallah	Montréal	2003	23	$5B	Creditor Protection
35	Geotab	Neil Cawse	Toronto	2000	26	$5B	Self-Funded
36	EXFO	Germain Lamonde	Québec City	1985	41	$4.8B	Private (Lamonde)
37	Telesat	Govt. of Canada (privatized)	Ottawa-Gatineau	1969	57	$4.7B	Public
38	LayerZero Labs	Bryan Pellegrino et al.	Vancouver	2021	5	$4.5B	Private
39	Blockstream	Adam Back et al.	Montréal	2014	12	$4.5B	Private
40	Clio	Jack Newton, Rian Gauvreau	Vancouver	2008	18	$4.3B	Private
41	Waabi	Raquel Urtasun	Toronto	2021	5	$4.2B	Private
42	Verafin	Jamie King, Raymond Pretty	St. John's	2003	18	$4.1B	Acquired
43	MDA Space	John S. MacDonald	Toronto	1969	57	$4B	Public
44	ApplyBoard	Martin, Meti & Massi Basiri	Waterloo-Kitchener-C	2015	11	$4B	Private
45	StackAdapt	Vitaly Pecherskiy et al.	Toronto	2013	13	$3.7B	Private
46	Entrust	Nortel spin-off	Ottawa-Gatineau	1996	30	$3.7B	Acquired
47	N-able	SolarWinds spin-off	Ottawa-Gatineau	2000	26	$3.1B	Public
48	Docebo	Claudio Erba	Toronto	2005	21	$3B	Public
49	Caseware	David Bray	Toronto	1988	38	$3B	PE-Owned
50	Meropost	Ross Andrew Fler	Toronto	2011	15	$3B	Private
51	Valsoft Corp	Sam Youssef	Montréal	2015	11	$2.9B	Private
52	Clearco	Andrew D’Souza, Michele Romanow	Toronto	2015	11	$2.9B	Private (Restructured)
53	Plusgrade	Ken Harris	Montréal	2009	17	$2.9B	Private
54	Photonic	Stephanie Simmons; Michael Thewalt	Vancouver	2016	10	$2.7B	Private
55	SHL Systemhouse	Rod Bryden	Ottawa-Gatineau	1974	21	$2.7B	Acquired
56	Dye & Durham	Shirley Dye and Sydney Durham	Toronto	1874	152	$2.7B	Public
57	Article	Aamir Baig, Andy Prochazka	Vancouver	2013	13	$2.5B	Private
58	FGF Brands	Anthony Guido	Toronto	2004	22	$2.3B	Private
59	Tailscale	Avery Pennarun et al.	Toronto	2019	7	$2.2B	Private
60	Ross Video	John Ross	Ottawa-Gatineau	1974	52	$2.2B	Self-Funded
61	Ranovus	Hamid Arabzadeh, Saeid Aramideh	Ottawa-Gatineau	2012	14	$2.12B	Private
62	Trulioo	Stephen Ufford, Tanis Jorge	Vancouver	2011	15	$2.1B	Private
63	WiLAN	Michel Guité	Ottawa-Gatineau	1992	34	$2.1B	Public
64	Paper Education	Philip Cutler	Montréal	2014	12	$2B	Private (restructured)
65	Converge Technology Solutions	Shaun Maine	Toronto	2017	9	$2B	Public
66	Eddyfi Technologies	Martin Thériault	Québec City	2009	17	$2B	Acquired
67	Turbopuffer	Simon Hørup Eskildsen; Justine Li	Ottawa-Gatineau	2023	3	$2B	Private
68	Cority	Mark Wallace	Toronto	1985	41	$2B	PE-Owned
69	Global Relay	Warren Roy	Vancouver	1999	27	$2B	Self-Funded
70	Jobber	Sam Pillar, Forrest Rzenznick	Edmonton	2011	15	$2B	Private
71	Nexii	Stephen Sidwell	Vancouver	2019	5	$2B	Defunct/Acquired
72	Nord Quantique	Julien Camirand Lemyre; Philippe St-Jean	Sherbrooke	2020	6	$1.96B	Private
73	Beacon Software	Nilam Ganeshthiran, Divya Gupta	Toronto	2024	2	$1.95B	Private
74	Magnet Forensics	Jad Saliba, Adam Belsher	Waterloo-Kitchener-C	2011	15	$1.9B	Acquired
75	Jane Software	Trevor Johnston, Alison Taylor	Vancouver	2012	14	$1.8B	Private
76	Zarlink	David Smith	Ottawa-Gatineau	2001	10	$1.8B	Acquired
77	Thinkific	Greg Smith, Matt Smith	Vancouver	2012	14	$1.8B	Public
78	Assent	Matt Whitteker, Jonathan Hughes, Rob Imbeault, Andrew Waitman	Ottawa-Gatineau	2010	16	$1.8B	Private
79	Super.com	Hussein Fazal, Henry Shi	Toronto	2016	10	$1.7B	Private
80	Ada	Mike Murchison, David Baxter	Toronto	2016	10	$1.7B	Private
81	BlueCat Networks	Michael Hyatt, Richard Hyatt	Toronto	2001	25	$1.5B	PE-Owned
82	SOTI	Carl Rodrigues	Toronto	1995	31	$1.5B	PE-Owned
83	Propel Holdings	Clive Kinross	Toronto	2011	15	$1.5B	Public
84	eSentire	Eldon Sprickerhoff	Waterloo-Kitchener-C	2001	25	$1.5B	Private
85	Fulcrum (Hummingbird)	Fred Hooper	Ottawa-Gatineau	1983	23	$1.5B	Acquired
86	Hootsuite	Ryan Holmes	Vancouver	2008	18	$1.5B	Private
87	Prophix	John Catte, Paul Cainey	Toronto	1987	39	$1.5B	PE-Owned
88	Kik	Ted Livingston	Waterloo-Kitchener-C	2009	10	$1.5B	Defunct/Acquired US
89	Nesto	Malik Yacout et al.	Montréal	2018	8	$1.47B	Private
90	Semios	Michael Gilbert	Vancouver	2010	16	$1.4B	Private
91	Svante	Claude Letourneau	Vancouver	2007	19	$1.4B	Private
92	Visier	Ryan Wong, John Schwarz	Vancouver	2010	16	$1.4B	Private
93	FreshBooks	Mike McDerment	Toronto	2003	23	$1.4B	Private
94	Benevity	Bryan de Lottinville	Calgary	2008	18	$1.4B	Private
95	Axelar	Sergey Gorbunov, Georgios Vlachos	Toronto	2020	6	$1.4B	Private
96	Neo Financial	Andrew Chau, Jeff Adamson, Kris Read, Chris Simair	Calgary	2019	7	$1.4B	Private
97	Coveo	Laurent Simoneau, Richard Tessier	Québec City	2005	21	$1.4B	Public
98	Vena Solutions	Don Picard, Rishi Grover	Toronto	2011	15	$1.4B	Private
99	Vention	Etienne Lacroix, Max Windisch	Montréal	2016	10	$1.4B	Private
100	UniUni	Leo Li	Vancouver	2018	8	$1.4B	Private
101	Hostaway	Marcus Räder	Toronto	2015	11	$1.3B	Private
102	Koho Financial	Daniel Eberhard	Vancouver	2014	12	$1.3B	Private
103	Dragonwave	Jean-Paul Baric	Ottawa-Gatineau	2000	17	$1.2B	Acquired
104	League	Mike Serbinis	Toronto	2014	12	$1.2B	Private
105	Clarity (formerly Hiive)	Sim Desai	Vancouver	2021	5	$1.17B	Private
106	WELL Health	Hamed Shahbazi	Vancouver	2010	16	$1.1B	Public
107	GaN Systems	Girvan Patterson, John Roberts	Ottawa-Gatineau	2008	15	$1.1B	Acquired
108	TouchBistro	Alex Barrotti	Toronto	2010	16	$1.1B	Private
109	Prodigy Education	Rohan Mahimker, Alex Peters	Hamilton	2011	15	$1.1B	Private
110	Calian Group	Larry O'Brien	Ottawa-Gatineau	1982	44	$1.06B	Public
111	Miovision	Kurtis McBride, Tony Brijpaul, Kevin Madill	Waterloo-Kitchener-C	2005	21	$1.06B	Private
112	GeoComply	Anna Googina, David Spooner	Vancouver	2011	15	$1B	Private
113	LeddarTech	Yvon Provençal	Québec City	2007	19	$1B	Public
114	Banyon Software	David Fajardo	Toronto	2016	10	$1B	HoldCo
115	Farmers Edge	Wade Barnes	Winnipeg	2005	21	$1B	Delisted
116	Copperleaf Technologies	Judi Hess	Vancouver	2000	24	$1B	Acquired (IFS)
117	Solink	Mike Matta	Ottawa-Gatineau	2009	17	$1B	Private
118	Figment	Lorien Gabel et al.	Toronto	2018	8	$1B	Private

★ = 5x revenue multiplier estimate

The concentration problem

How much of Canada's unicorn value lives in the top few companies

Top 1

35%

Top 3

61%

Top 5

72%

Top 10

80%

Remaining 108

20%

Nortel / BNR alone = 35% of all-time peak. The top 5 (Nortel / BNR, Shopify, JDS Uniphase (JDSU), BlackBerry (RIM), Constellation Software) = 72%. The remaining 108 companies share just 20% of cumulative value.

The Canadian Technology Ledger

Leadership Board

The concentration problem