Fast growing tech firms highlighted by TSX

TSX Venture Exchange announced its 2011 TSX Venture 50 list last week, and several Canadian research companies made the cut.

The list is a ranking of strong performing companies listed on TSX Venture Exchange. The companies were chosen based on share price appreciation, trading volume, market capitalization growth and analyst coverage. The list has 10 companies in five categories—Clean Innovation, Mining, Oil and Gas, Diversified Industries, and Research and Life Sciences.

The Innovation

CounterPath Corporation ranked fifth in the Innovation and Life Sciences category. The Vancouver-headquartered, globally functioning company develops and markets voice over Internet protocol products and research for service providers like Verizon and AT&T.

"Issuers will benefit from increased international awareness of Canadian companies, which expands the Canadian capital pool," says Carolyn Quick, director of corporate communications for TMX Group.

Calgary-based company Cortex Business Solutions Inc. ranked third in the same category as CounterPath. It provides services for companies to make their accounts payable and accounts receivable processes electronic.

Very active sector

"Innovation is a very active sector," says Ryan Lailey, vice president of business development at Cortex. Around this time last year, Cortex had about 50 employees, he says, and nevertheless has 92. The company’s market capitalization as well increased dramatically over one year, during its stock stayed relatively stable with a 52-week range of $0.34 to $0.60.