Novarc places #57 out of 448 Canadian Companies based on three-year Revenue Growth.
FOR IMMEDIATE RELEASE:
VANCOUVER, BC: September 24, 2021: Novarc Technologies Inc. is pleased to announce that it has placed on the Globe & Mail’s Top Growing Companies for the second consecutive year. Novarc has placed #57 on the 2021 Report on Business ranking of Canada’s Top Growing Companies, which evaluates 448 Canadian companies on three-year revenue growth. Novarc Technologies Inc. earned its spot based on the company’s impressive three-year growth of 1,024%.
“Any business leader seeking inspiration should look no further than the 448 businesses on this year’s Report on Business ranking of Canada’s Top Growing Companies,” says Phillip Crawley, Publisher and CEO of The Globe and Mail. “Their growth helps to make Canada a better place, and we are proud to bring their stories to our readers.”
“We are very excited to obtain this ranking on the prestigious list of Canada’s Top Growing Companies. Our traction has continued to grow internationally with our customers even through the pandemic. We are fortunate to continue to innovate with the launch of new welding automation technologies which have significant benefits for our customers needing to increase their productivity and become more competitive in their markets,” says Soroush Karimzadeh, CEO of Novarc Technologies.
Oil and gas, shipbuilding, EPCs and building construction industries are facing an increase in demand due to a global push and urgent need to automate manufacturing processes. There is a race-to-zero on margin for the projects they are bidding on, and the market is more competitive than ever before. This, combined with the current welder shortage crisis that the industry is experiencing, has created a pressing challenge for fabrication shops.
These industries require highly skilled welders, and according to the American Welding Society, this looming labor crisis will escalate to a shortage of about 400,000 welders by 2024. Novarc’s main product, the Spool Welding Robot (“SWR”), is the first-of-its-kind in pipe welding applications, and works alongside a human operator, to increase productivity, weld quality and consistency, allowing more junior welders to do the job that previously could only be completed by senior welders. Typically, Novarc clients’ capital investment is recovered within six to 18 months.
“As we look toward the future, Canada’s Top Growing Companies offer both inspiration and practical insights for other firms facing similar challenges,” says James Cowan, Editor of Report on Business magazine. “The entrepreneurs behind these companies are smart, tenacious and unwavering in their commitment to their goals.”
Launched in 2019, the Canada’s Top Growing Companies editorial ranking aims to celebrate entrepreneurial achievement in Canada by identifying and amplifying the success of growth-minded, independent businesses in Canada. It is a voluntary program; companies had to complete an in-depth application process in order to qualify. In total, 448 companies earned a spot on this year’s ranking.
The full list of 2021 winners, and accompanying editorial coverage, is published in the October issue of Report on Business magazine—out now—and online.
About Novarc Technologies Inc.:
Novarc Technologies is a Vancouver-based full-stack robotics company specializing in the design and commercialization of cobots and AI systems for robotic welding applications. Novarc’s Spool Welding Robot (SWR) is the world’s first of its kind in pipe welding applications. As a proven pioneer in the field, Novarc has dedicated a team of engineers and scientists to solve challenging welding automation problems that improve customers’ bottom line. Visit novarctech.com.
About The Globe and Mail:
The Globe and Mail is Canada’s foremost news media company, leading the national discussion and causing policy change through brave and independent journalism since 1844. With award-winning coverage of business, politics and national affairs, The Globe and Mail newspaper reaches 6.4 million readers every week in print or digital formats, and Report on Business magazine reaches 2 million readers in print and digital every issue. The Globe and Mail’s investment in innovative data science means that as the world continues to change, so does The Globe. The Globe and Mail is owned by Woodbridge, the investment arm of the Thomson family.
For more information, please contact:
Debra Hadden, Novarc Technologies Inc., 1 604 240-3196, debra@novarctech.com
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