NOVARC RANKS NUMBER 387 FASTEST-GROWING COMPANY IN NORTH AMERICA ON THE 2022 DELOITTE TECHNOLOGY FAST 500™
VANCOUVER, CANADA, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Novarc Technologies Inc. (“Novarc”), a full-stack robotics company specializing in the design and commercialization of collaborative robots (“cobots”) and AI-based machine vision solutions for autonomous welding, today announced it ranked #387 on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Novarc grew 339 per cent in revenue growth from 2018 to 2021.
“We are honoured to be included in this prestigious ranking by Deloitte. Our revenue growth has been a result of the rapid adoption of our collaborative robot which revolutionized the welding industry when it was introduced in 2017,” says Soroush Karimzadeh, CEO of Novarc. “Our Spool Welding Robot automates the pipe welding process, and has helped to pave the way for the introduction of cobots in welding and fabrication, serving those industries responsible for building the world’s infrastructure.”
“Each year I am in awe of the immense talent the Technology Fast 500 rankings reveal, confirming the winners’ relentless pursuit of creativity and their ability to solve real-world problems that benefit us all,” said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader.
Novarc’s Spool Welding Robot (“SWR”) works alongside a human operator, to increase productivity, weld quality and consistency, and customers typically achieve a six to 18-month return on investment. Novarc has experienced significant growth in the past three years - as reflected in the Deloitte Technology Fast 500™ ranking - and has doubled the number of team members, and SWR sales this year.
Novarc recently announced it is partnering with LincolnElectric, the leading global manufacturer of advanced arc welding solutions and automated joining, assembly and cutting systems, to expand Novarc’s automated cobot pipe welding solutions. The partnership with Lincoln Electric, will allow Novarc to further collaborate on more products, including incorporating AI and machine learning, which is expected to continue the company’s growth trajectory.
“This year’s Technology Fast 500 list is a true reflection of some of today’s most determined and inspiring pioneers who have prospered by anticipating what’s next, understanding what’s needed to succeed and driving creativity forward,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s audit and assurance practice. “Representing all facets of technology, the winners have shown they not only have the vision but can also expertly manage their companies through rapid growth. We congratulate each winner on their impressive achievements.”
About Novarc Technologies Inc.
Novarc Technologies is a full-stack robotics company specializing in the design and commercialization of cobots and AI-based machine vision solutions for autonomous welding. 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 2022 Deloitte Technology Fast 500™
Now in its 28th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2018 to 2021.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
Debra Hadden Novarc Technologies Inc. 604-240-3196 [email protected]
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