Toronto is a metropolis that has attracted a large number of immigrants over the years. In Toronto, people work, study, relax, and start their own businesses. It’s a city of skyscrapers and major business centres. But did you know that Toronto is considered one of the largest and most developed IT hubs in the world? Our city is even compared to Silicon Valley. That’s why today, we’ve decided to tell you more about the IT market in this metropolis and about some of its major IT companies and corporations. You can read more about this on the toronto-future.com.
The Landscape of Information Technology in Toronto
Toronto quickly transformed from a provincial town into a metropolis, now considered one of the largest in the world. Millions of people live and enjoy life in Toronto. However, to live well, you need to work. Many people are involved in the IT sector, as this market has seen rapid growth.
It’s worth noting that Toronto has become a leading centre for the development of artificial intelligence. Many companies, such as the Vector Institute and Radical Ventures, are developing projects related to AI. This, in turn, attracts new investment. Many talented specialists also come to the city to work in this field. Moreover, the city is home to many universities and colleges that train programmers, making talented young professionals highly sought after by IT companies.
It should also be mentioned that by March 2022, the province of Ontario had received approximately $2.86 billion in venture capital investments. This represents a 206% increase over the previous year. These investments significantly support the growth of IT startups in the city.
As for compensation, the average salary for a programmer in Canada is about $101,688 per year.
Leading Companies in Toronto
As you can imagine, our city is home to many interesting and actively growing IT companies offering their services. Of course, we can’t write about all of them, but we will highlight a few:
- Cyclica. This is a well-known Canadian biotech company that was founded in Toronto. Its story began in 2013 when Jason Mitakidis presented his idea during an entrepreneurial competition at the University of Toronto. The idea was intriguing and unique: to use artificial intelligence and computational biophysics to revolutionize the drug discovery process. Years have passed, and today, Cyclica has partnership programs with numerous pharmaceutical companies and academic institutions worldwide. Additionally, Cyclica has even established a subsidiary that specializes in developing oncology drugs.
- CGI Group. This is one of the oldest Canadian IT companies, founded back in 1976. Two young businessmen decided to create a company specializing in management and information technology consulting. Just ten years later, the company went public and listed its shares on the stock exchange. As a result, CGI secured the capital for further growth. Subsequently, CGI acquired companies like Bell Sygma, IMRGlobal, American Management Systems, Stanley, and Logica to scale its operations. Today, it is one of the largest independent IT companies in the world, with over 90,000 employees in 40 countries. The company offers services such as consulting, systems integration, IT outsourcing, and business process management.
- TealBook. Another powerful company founded in Toronto in the 21st century. The story of TealBook began in 2014. The goal was to create a platform that connects corporate buyers with suppliers. It was founded by Stephany Lapierre, who had personally encountered the problem of outdated supplier data. Over time, TealBook began to use artificial intelligence and machine learning. Over the years, TealBook has gained recognition as one of the most innovative companies in the supplier management field. It has been included in the “Spend Matters 50 Vendors to Know” and “ProcureTech Top 100” lists and received the Gartner Cool Vendor award.
- OpenText. This company is one of the largest IT companies in the world. It got its start in the regions of Ontario in 1991. Its beginnings were quite modest, but over time, OpenText began to gain momentum and acquire other companies for its growth. Today, OpenText ranks as the fourth-largest software company in Canada and is recognized as one of the country’s top employers, with over 22,000 employees worldwide. Furthermore, OpenText offers a wide range of information management products, including solutions for data analytics, artificial intelligence, and cloud technologies.
Of course, these are not all the IT companies operating in Toronto. It’s possible to find a job in the information technology sector in the metropolis, as Toronto is considered one of the most popular IT hubs in the world.
So there you have it—an informative piece from us. We hope you found it interesting and learned more about our city and Toronto’s IT market.
Sources:
https://www.pharmaceutical-technology.com/contractors/ps-ai/cyclica https://www.biopharmatrend.com/m/company/cyclica/ https://www.gep.com/partners/tealbook