Compiled annually by Deloitte, the Technology Fast 50 features eight companies founded by University of Waterloo alumni, and 10 additional companies with a Waterloo connection. Recognizing the world-class achievements of Canadian technology companies, the Technology Fast 50 program winners showcase innovation, leadership and rapid revenue growth between 2017 and 2020. 

Snapcommerce and Applyboard rank in top 10

Snapcommerce, co-founded by Henry Shi (BCS ’14) and Hussein Fazal (BMath ’05), earned the number one spot with their message-driven commerce platform that uses AI to connect price-conscious consumers to the best promotions on mobile. They topped the charts of the Fast 50 with an impressive three-year growth of 33,614 per cent.

Henry and Hussein

Henry Shi (BCS ’14) and Hussein Fazal (BMath ’05)
Alumni, Faculty of Mathematics
>Co-founders, Snapcommerce

“Our rapid growth can be attributed to a focus on our customers. Really understanding who they are and what they are looking for allows us to deliver a great product,” says Fazal, CEO of Snapcommerce. He adds that the Waterloo co-op program has also been a key to their success. “Henry and I want to recognize the University of Waterloo for giving us the strong foundation and experience through the co-op program that has helped us to succeed in our entrepreneurial journeys. We are also one of the largest employers of Waterloo interns who have contributed significantly to our success.”

And for the third straight year, Applyboard, co-founded by Martin Basiri (MASc ’13), has landed in the top 10 with revenue growth of 5,089 per cent. In the number seven spot for 2021, ApplyBoard was ranked first in 2019 and second last year. The Kitchener-based company empowers international students to apply to universities, colleges and high schools in Canada, Australia, the United States and the United Kingdom.

Martin Basiri

Martin Basiri (MASc ’13)
Alumnus, Faculty of Engineering
> CEO and co-founder, Applyboard

"The pandemic has been difficult for international studies and decreased the market by as much as 70 per cent, but despite these challenges we still managed to demonstrate strong growth. Our team remains committed to breaking down barriers and improving access to the best education possible for international students across the world," says Basiri, who is also ApplyBoard’s CEO. "We're honoured to be named in Deloitte Fast 50 and Fast 500 for the third consecutive year and this type of recognition is only possible thanks to our incredible ApplyBoard team worldwide."

Check out the Fast 50 companies with Waterloo connections

#1 Snapcommerce

  • Henry Shi (BCS 14), Co-founder and CTO
  • Hussein Fazal (BMath ’05), Co-founder and CEO

#2 Maple

  • Shelly Rampersad (BSc ’11), Vice-president, Clinical Operations
  • Brian Wu (BAFM ’09, MAcc ’09), Vice-president, Finance

#6 Bolt Logistics

  • Ray Cao (BASc ’09), Director, Board of Directors

#7 Applyboard

  • Martin Basiri (MASc ’13), Co-founder and CEO

#9 BitBuy

  • Avinash Jamurath (BMath ’05), Vice-president, Engineering

#10 Flexiti Financial

  • Randy Aitken (BMath 00), AVP, Risk Strategy
  • Allan Mansoor (BASc 94, MASc 97), Vice-president, Originations & Fraud

#11 Leap Tools

  • Pawel Rajszel (BSE 08), Co-founder and CEO
  • Murtaza Abedin (BSE 08), Vice-president, Product

#13 Ada

  • Farhan Thawar (BMath 98), Advisor

#14 League

  • Sid Paquette (MTax 08), Director, Board of Directors
  • Rishi Agarwal (BA 03, MAcc 03), AVP, Controller


  • Ian MacKinnon (BMath 06, MMath 08), Co-founder and CTO          

#20 VitalHub Corp.

  • Desh Sharma (BSc 87), Vice-president, Operations
  • Niels Tofting (BES 95), EVP, Sales & Marketing

#21 FundThrough

  • Kasra Zokaei (BCS 10), Vice-president, Engineering          

#24 StackAdapt

  • Eli Bardikoff (MBET 15), Vice-president, Sales
  • Afish Mahesaniya (BSE 14), Vice-president, Engineering         

#33 Poka

  • Antoine Bisson (BSE 13), Co-founder and CTO         

#36 Auvik Networks

  • Alex Hoff (BMath 04), Co-founder and CPO
  • Marc Morin (BASc 87), Co-founder and CEO         

#37 eSSENTIAL Accessibility Inc.

  • Robert Mueller (BASc 05), CFO and COO          

#41 Bonfire

  • Alex Millar (BCS 11), Co-founder and CTO
  • Omar Salaymeh (BASc 08), CEO

#45 Roadmunk

  • Latif Nanji (BSc 07), Co-founder and CEO

Congratulations to all the 2021 Technology Fast 50 program winners. Read more about the program and view the full list of winners.