Genetec's CEO, Mr. Pierre Racz, credits the fact that Genetec took a software-centric approach in a hardware-centric industry sector that was ripe for change and the fact that Genetec took the risk of transitioning its OEM business to a more direct model, thus getting closer to its customers, with the company's 897 percent revenue growth over the past five years. He said, "Successful software design depends on close collaboration and interaction between a handful of talented software designers and an active user population"

"Deloitte's Technology Fast 500 recognizes technology companies who have achieved extraordinary growth in North America's most innovative and competitive sectors," said Phil Asmundson, vice chairman, U.S. Technology, Media and Telecommunications, Deloitte & Touche USA LLP. "We congratulate Genetec on this significant accomplishment"

In addition to ranking on Deloitte's Technology Fast 500, Genetec ranked 24 on the Canadian Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in Canada.

Fast 500 Selection and Qualifying Criteria

The Fast 500 ranks the fastest growing technology, media, telecommunications and life sciences companies in North America. It is compiled from Deloitte's 16 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. Companies are selected based on percentage revenue growth from 2002 to 2006.

Entrants must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues or devote a significant proportion of revenues to research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify. Base-year operating revenues must be at least 50,000 USD or 75,000 CD, and current-year operating revenues must be at least 5 million USD or CD. Companies must be in business a minimum of five years, and they must be headquartered within North America.