The Best Software Companies in Canada – Large Cap to Penny Stocks

Canada is home to more than 4,000 software companies. Software is a part of the Canadian economy that is booming and continues to grow. This article explores which software companies are operating in Canada, from large companies such as Shopify to small penny stock software companies.

This fast growing industry has evolved from its humble beginnings, now with Canada bringing some big names to the international stage. The software industry has much to offer for investors and talent in the tech sector.

Our tech hubs are now across the map; mainly in Ontario, but have also grown in Vancouver & Calgary. Creating a significant amount of jobs, attracting talent & generating a huge opportunity for investors.

The Best Software Companies in Canada

So of course you’ve heard of Shopify, but there are many other large software companies which were founded / headquartered here in Canada. We go over the big players as well as some of the upcoming penny stocks later on.

Best Large Market Cap Software Companies in Canada

Some of these names you may not have heard of, they may not operate some well known app or software, but these enterprise B2B companies have shown great performance in the software sector and deal with large international clients.

Shopify Inc.

Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, the United Kingdom, Australia, Latin America, and internationally. The company’s platform provides merchants to run their business in various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, and access financing. It also sells custom themes and apps, and registration of domain names. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was incorporated in 2004 and is headquartered in Ottawa, Canada.

Constellation Software Inc.

Constellation Software Inc., together with its subsidiaries, acquires, builds, and manages vertical market software businesses in the United States, Canada, Italy, Germany, India, United Kingdom, Brazil, Switzerland, Austria, Israel, and internationally. It operates through two segments, Public Sector and Private Sector. It serves government and government-related customers, as well as commercial customers. Constellation Software Inc. was founded in 1995 and is headquartered in Toronto, Canada.

Open Text Corporation

Open Text Corporation provides a suite of software products and services. The company offers content services; business network that manages and connects data within the organization; Cyber Resilience, a solution for defending against cyber threats and preparing for business continuity and response in the event of a breach; OpenText security solutions that addresses information security and digital investigations; AI and analytics that leverages structured or unstructured data; and OpenText Information Management software platform that provides multi-level, multi-role, and multi context security information platforms. It also offers digital process automation, which enables organizations to transform into digital data-driven businesses through automation; Customer Experience Management, a set of processes used to track customer interactions throughout the customer journey; and Discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk. In addition, the company offers customer support programs that include access to software upgrades, a knowledge base, discussions, product information, and an online mechanism to post and review trouble tickets. Further, it provides professional services, such as consulting and learning services relating to the implementation, training, and integration of its licensed product offerings, as well as cloud services. The company serves organizations, enterprise companies, mid-market companies, and public sector agencies worldwide. It has strategic partnerships with SAP SE, Microsoft Corporation, Oracle Corporation, Salesforce.com Corporation, Google Cloud, Amazon AWS, Accenture plc, Deloitte Consulting LLP, Tata Consultancy Services, ATOS, ATOS International S.A.S., Capgemini Technology Services SAS, and Cognizant Technology Solutions U.S. Corp. The company was founded in 1991 and is headquartered in Waterloo, Canada.

Lightspeed POS Inc.

Lightspeed POS Inc. provides commerce enabling Software as a Service (SaaS) platform for small and midsize businesses, retailers, restaurants, and golf course operators in Canada, the United States, Germany, Australia, and internationally. Its SaaS platform enables customers to engage with consumers, manage operations, accept payments, etc. The company’s cloud platforms are designed interrelated elements, such as omni-channel consumer experience, a comprehensive back-office operations management suite to improve customers’ efficiency and insight, and the facilitation of payments. Its platform functionalities include full omni-channel capabilities, order-ahead and curbside pickup, point of sale, product and menu management, employee and inventory management, analytics and reporting, multi-location connectivity, loyalty, customer management, and tailored financial solutions. The company also offers Lightspeed Loyalty; Lightspeed Analytics; Lightspeed Payments, a payment processing solution; and Lightspeed Capital, a merchant cash advance program. In addition, it sells a suite of hardware products to complement its software solutions for the retail and hospitality segments, such as customer facing displays, stands, barcode scanners, receipt printers, cash drawers, payment terminals, and an assortment of other accessories, as well as provides installation and implementation services. The company was formerly known as LightSpeed Retail Inc. and changed its name to Lightspeed POS Inc. in October 2014. Lightspeed POS Inc. was incorporated in 2005 and is headquartered in Montréal, Canada.

Kinaxis Inc.

Kinaxis Inc. provides cloud-based subscription software for supply chain operations in the United States, Europe, Asia, and Canada. The company offers RapidResponse, a cloud-based software-as-a-service platform empowers planners, business leaders, and IT professionals to know sooner, act faster, and remove waste, as well as provides demand planning, supply planning, inventory management, sales and operations planning, and command and control center services. It also provides professional services, such as implementation, configuration, technical, and training services, as well as maintenance and support services to its software products. The company serves technology and electronics, aerospace and defense, life sciences and pharmaceuticals, industrial, automotive, consumer products, and retail markets. The company was formerly known as webPLAN Inc. and changed its name to Kinaxis Inc. in May 2005. Kinaxis Inc. was incorporated in 1984 and is headquartered in Ottawa, Canada.

The Descartes Systems Group Inc.

The Descartes Systems Group Inc. provides cloud-based logistics and supply chain management business process solutions that focuses on enhancing the productivity, performance, and security of logistics-intensive businesses worldwide. Its Logistics Technology platform offers a range of modular, cloud-based, and interoperable web and wireless logistics management applications, which unites a community of logistics-focused parties, allowing them to transact business. The company provides a suite of solutions that include routing, mobile and telematics; transportation management and e-commerce enablement; customs and regulatory compliance; trade data; global logistics network services; and broker and forwarder enterprise systems. It offers its customers to use its modular, software-as-a-service, and data solutions to route, schedule, track, and measure delivery resources; plan, allocate, and execute shipments; rate, audit, and pay transportation invoices; access and analyze global trade data; research and perform trade tariff and duty calculations; file customs and security documents for imports and exports; and various other logistics processes. The company also provides cloud-based ecommerce warehouse management solutions; consulting, implementation, and training services; and maintenance and support services. It primarily focuses on serving transportation providers, logistics service providers, and distribution-intensive companies, as well as manufacturers, retailers, distributors, and mobile business service providers. The company was incorporated in 1981 and is headquartered in Waterloo, Canada.

Dye & Durham Limited

Dye & Durham Limited, through its subsidiary, Dye & Durham Corporation, provides cloud-based software and technology solutions for legal firms, financial service institutions, and government organizations in Canada and the United Kingdom. Its cloud-based platform automates the public record due diligence searches, document preparation, and electronic public record for legal due diligence, corporate formation and maintenance, lien registration, litigation, and real estate conveyancing. The company was founded in 1874 and is headquartered in Toronto, Canada.

Topicus.com Inc.

Topicus.com Inc. provides vertical market software and vertical market platforms in Europe. The company acquires, builds, and manages various vertical market software businesses, which offer software solutions that address the particular needs of customers. It serves accountancy, agriculture, associations, automotive, central government, education, facility management, finance, healthcare, hospitality, legal, local government, manufacturing, mobility, real estate, and retail vertical markets. The company was incorporated in 2020 and is headquartered in Toronto, Canada.

Enghouse Systems Limited

Enghouse Systems Limited develops enterprise software solutions worldwide. It operates through two segments, Interactive Management Group and Asset Management Group. The Interactive Management Group segment provides customer interaction software and services to facilitate remote work, enhance customer service, increase efficiency, and manage customer communications across various types of interactions, including voice, email, web chats, text, and video. Its technologies include contact center, video collaboration, interactive voice response, outbound dialers, attendant console, agent performance optimization, business intelligence, and analytics that deployed in private cloud, multi-tenant cloud, or on-premise environments. This segment serves insurance companies, telecoms, banks, business process service providers, as well as technology and health care companies. The Asset Management Group segment offers a portfolio of software and services to cable operators, network telecommunication providers, media, transit, defense, and public safety companies. This segment’s products include network infrastructure, operations support systems, and business support systems, as well as video and cloud TV solutions. This segment also provides fleet routing, dispatch, scheduling, transit e-ticketing and automated fare collection, communications, and emergency control center solutions for the transportation, government, first responders, distribution, and security sectors. The company was incorporated in 1984 and is headquartered in Markham, Canada.

LifeWorks Inc.

LifeWorks Inc. provides technology based human resources consulting services in Canada, the United States, and internationally. It provides health and productivity, administrative, and retirement solutions to assist employers in managing the financial security, health, and productivity of their employees. The company offers health and productivity services, including absence and disability management, Internet-based cognitive behavioral therapy, safety groups, influencecare, and workers’ compensation services; and administrative solutions, such as defined benefit and contribution pension administration, employee self-service, health and benefits administration, and human resources contact centers, as well as pension and benefits software. It also provides modern employee assistance, wellness, news feed and recognition, perks and savings, workplace learning, total health index assessment, workplace mental health, children’s support, traumatic event support, workplace support programs, domestic and international student support, and HR support solutions. In addition, the company offers retirement solutions comprising actuarial; compensation consulting; defined contribution consulting; international pension regulatory; investment consulting; governance, legal, and compliance; pension sustainability and design; pension regulatory; pooled registered pension plans and voluntary retirement savings plans; and retirement planning and total plan solutions. Further, it provides asset and risk management, and communication and change management solutions. The company was formerly known as Morneau Shepell Inc. and changed its name to LifeWorks Inc. in May 2021. LifeWorks Inc. was founded in 1962 and is headquartered in Toronto, Canada.

Docebo Inc.

Docebo Inc. provides a cloud-based learning management system to train internal and external workforces, partners, and customers in North America, Europe, and the Asia-Pacific region. Its platform helps customers to centralize learning materials from peer enterprises and learners into one learning management system to expedite and enrich the learning process, increase productivity, and grow teams uniformly. The company’s learning platform includes Docebo Learn, a foundational module that enables learning administrators to centralize, organize, and distribute learning content, define and track certifications, and measure results with customer reporting; Docebo, Coach & Share that provides personalized curated content and access to social learning by sharing of knowledge; Docebo Extended Enterprise that allows businesses to manage various portals for audiences; and Docebo Learning Impact that allows administrators to capture qualitative data and feedback. It also provides Docebo for Salesforce, a native integration that leverages Salesforce’s application programming interface and technology architecture to produce a learning experience; and Docebo Embed (OEM), which eliminates disjointed learner experiences, long development cycles, and ineffective partner models by allowing original equipment manufacturers to embed and re-sell Docebo as a part of their software. In addition, the company offers Docebo Mobile App Publisher product that allows companies to create and publish own branded version of Docebo Go.Learn mobile learning applications; and Docebo Content that allows business to access mobile-ready material from off-the-shelf courses covering various topics within their learning platforms. It serves customers in the technology, media, manufacturing, consulting and professional services, and retail industries. The company was formerly known as Docebo Canada, Inc. Docebo Inc. founded in 2005 and is headquartered in Toronto, Canada.

Facedrive Inc.

Facedrive Inc. operates as a ride-sharing company in Canada. It offers Facedrive, a ridesharing platform; and TraceSCAN, a COVID-19 contact tracing app. The company was incorporated in 2016 and is headquartered in Richmond Hill, Canada.

Thinkific Labs Inc.

Thinkific Labs Inc. operates a cloud-based software platform that enables entrepreneurs and established businesses to create, market, and sell online courses in Canada and internationally. It offers products in the areas of course building; site designing; students support; security; and pricing, as well as sales and marketing. Thinkific Labs Inc. was founded in 2012 and is based in Vancouver, Canada.

Real Matters Inc.

Real Matters Inc. provides technology and network management solutions to mortgage lending and insurance industries in Canada and the United States. It offers residential mortgage appraisals for purchase, refinance, and home equity transactions under the Solidifi brand to the mortgage lending industry; and insurance inspection services to property and casualty insurers under the iv3 brand. The company also provides residential and commercial real estate title and closing services for refinance, purchase, commercial, short sale, and real estate owned transactions to financial institutions under solidifi brand; and offers services required to close a mortgage transaction, including title search, closing and escrow services, and title policy issuance, as well as other title and closing service offerings, such as capital markets services. In addition, it provides access to its software platforms to other title insurance agencies and mortgage lenders for a subscription fee. The company was formerly known as Solidifi Inc. and changed its name to Real Matters Inc. in July 2010. Real Matters Inc. was founded in 2004 and is headquartered in Markham, Canada.

Magnet Forensics Inc.

Magnet Forensics Inc. develops data analytics software used for digital forensics investigations to public sector and private enterprises in Canada and internationally. It offers Magnet AXIOM, a digital investigations platform to recover analyze, and report on digital evidence from smartphones, cloud services, IoT devices, and third-party images; Magnet AXIOM CYBER, a digital forensics and incident response solution for businesses that need to perform remote acquisitions, and collect and analyze evidence from computers, cloud, and mobile devices; and Magnet OUTRIDER, a digital evidence triage tool used at crime scenes to scan digital media for the presence of CSAM. The company also provides Magnet AUTOMATE, an orchestration and automation tool to enable law enforcement agencies to create automated and repeatable digital evidence processing workflows; Magnet REVIEW to securely share the digital evidence via a single web-based platform; Magnet ATLAS, a workflow orchestration tool to manage cases, generate real-time reports, and track digital investigations; Magnet Digital Investigation Suite that transform digital investigations with analytics and collaborate agency-wide, securely, and at scale; and Magnet IGNITE, a cloud-based early case assessment triage tool. It serves large government agencies, corporations, and professional services firms. The company was formerly known as JADsoftware Inc. and changed its name to Magnet Forensics Inc. in August 2012. Magnet Forensics Inc. was founded in 2010 and is headquartered in Waterloo, Canada.


That ends our list of large market cap software companies in Canada. Next we will cover some junior software companies with smaller market caps.

Best Penny Stock Software Companies in Canada

To save you some time, we recently compiled a list of the best penny stock software companies in Canada with innovative software products which have been brought to market or are in development.

OEE.V Memex Inc.
IVI.V Ivrnet Inc.
ID.V
Identillect Technologies Corp.
ISFT.CN
ICEsoft Technologies Canada Corp.
NPA.V Alphinat Inc.
PAI.V Predictiv AI Inc.
NCI.V
NTG Clarity Networks Inc.
FTEC.V
Fintech Select Ltd.
TKX.V
TrackX Holdings Inc.
LTV.V Leonovus Inc.
EL.V
Engagement Labs Inc.

There is a significant amount of interest and development around AI stocks & companies in Canada, which fall under the Software sector. They are well represented by companies here in Canada!


Below we have given you a list of reliable partnerships that you can consider on a go basis. From multinationals to startups, the pioneering US brands that develop artificial intelligence software have compiled a huge list of companies in Canada that are at your disposal to find the perfect combination. Canadian software companies ranked on the basis of revenue, profit, assets, employees and companies. Our company website was the source for the company rankings, as it is one of the most comprehensive and comprehensive lists in the world. American companies are in our list, and below is a comprehensive list of trusted partnerships that can be considered at every turn – based on your business needs. Sources: 8, 10, 12

After intensive research, we have also compiled a list of software development companies in Canada that use our expertise. We have selected the best software outsourcing companies in Canada and present the top 10 companies of their kind. You can find this list on our corporate website and you can also find it on the corporate website for more information about the companies and their services. Toronto-based software development company has created one of the most successful software management systems in the world. Sources: 2, 4, 11

The company works with medium-sized companies that hire apps for their business development, marketing and marketing management systems and software development. Sources: 2

Software outsourcing helps companies to focus more on their core business and save a lot of money by hiring in-house developers. Well-designed and specific software parts can improve the productivity of companies and run the business. They are working to simplify outsourcing and reduce costs and time to market. Highest – Paid software engineering companies in Canada, ensuring the highest quality of their products and services. Sources: 0, 5, 6

On the other hand, custom software development companies in the US will update and maintain your product as soon as you need to use it. We are pleased to help companies grow their business through customized software development. They work on a global scale, working on digital programs that enable them to recruit top teams worldwide, access a large talent pool and minimize development costs, “their website states. This is one of the best software companies in Bangalore, known for its high quality software and engineering services. Sources: 4, 7, 13

As a result, we can see the zeal with which many software developers in Canada are working to kill market demand more reliably. If you want to outsource your software projects, then you should definitely deal with this company. Sources: 0, 2

This post is meant to give you a list of the best software companies in Toronto, Canada, to help you find valuable partners. Find, filter and filter these companies according to your needs and look for the software development companies of Toronto Canada that outsource to startups and companies. On the following pages you can read how to offer your popularity and your company as a hub to software development companies in Toronto. Individual development for B2B and B 2C products and websites as well as individual development of web applications and web services. Sources: 0, 2

Two companies, Constellation Software and CGI, are among the 30 largest companies in Canada by market capitalization. This makes them the second largest software company in Toronto and the third largest in the United States. Sources: 9

Although CGI Inc. is more of a software company, it also develops cloud-based solutions for the exchange of information and data. The company was ranked first in Forbes “global ranking of Canada’s best software companies by market capitalization in 2019. Regardless of the 2016 census, this is Canada’s second- and highest-paid Linux-based, high-tech and highest-paid software company in the world. Sources: 5, 9, 11

We estimate that this 200-page project is the hub for corporate trends and use it to look at the growth of Canada’s 500 largest companies by market capitalization and revenue in 2019. 500, which has grown by an average of 1,550% (13%) since 2013 and is growing at 1.5% per year from 2013 to 2018, according to Forbes. Sources: 2

The 500 largest companies in Canada are: Many of these companies offer modern software that works with different tools and frameworks. Sources: 4

The top five Canadian software companies by market capitalization include: Hootsuite has increased its revenues and has become the largest “Canadian” software company. From game software providers to betting software, one of the most well-known industries in Canada in recent years has been the ability of betting software providers to demonstrate their capabilities. Klipfolio, Inc. is a Canadian software company founded in 2001 and headquartered in Ottawa, Ontario. This is how the KlIPfolio team describes its work: Hootssuites was founded in 2008 by Ryan Holmes and is the second largest company in its industry with annual revenue of $1.5 million. Sources: 1, 3, 8, 9

Cited Sources

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