June 2026
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Largest Industry 4.0 Public Companies in Canada
Benchmark revenue and EBITDA valuation multiples for public comps like
Constellation Software, Computer Modelling Group, Redwood AI, Argo and Minehub Technologies.
 | Constellation Software is an acquirer, manager, and developer of vertical market software, or VMS, businesses globally. VMS differentiates from horizontal software in that it provides mission critical solutions within a specific industry for customers in a particular market. Constellation operates through a decentralized model in which each business operates as its own independent entity. Managers of individual businesses are incentivized to optimize their business for returns on invested capital and revenue growth. Excess cash generated by the individual businesses is repatriated to portfolio managers who focus on allocating as much capital as possible on new acquisitions. As of 2025, Constellation consisted of over 1,000 individual businesses and 64,000 employees. | $2,088 | -43% | $44B | $47B | 4.0x | 14.3x | ||
| Computer Modelling Group Ltd is a software and consulting technology company engaged in developing and licensing reservoir simulation and seismic interpretation software. The company also provides professional services consisting of highly specialized support, consulting, training, and contract research activities. The firm has operations in the Americas, Europe, Middle East, Africa, and Asia-Pacific regions. | $3 | -47% | $220M | $231M | 2.5x | 8.8x | ||
| Redwood AI Corp is a Vancouver-based artificial intelligence company. It is engaged in providing software and analytics solutions for chemical and pharmaceutical development. Its platform integrates AI models, cheminformatics, and operational data to support synthesis planning, process optimization, and supply-chain decision-making, helping reduce time, cost, and risk from early development through commercialization. | $3 | -- | $100M | $97M | - | (17.2x) | ||
| Argo Corp is a new technology venture focused on transforming public transportation and improving mobility within and across Canadian cities. The company is using Canadian technology to remove barriers to transportation services. The company operates in Two segments: Canada and USA. | $0 | -50% | $58M | $61M | 38.6x | (6.1x) | ||
| Minehub Technologies Inc is a technology company engaged in the development and operation of a digital supply chain platform for the commodity markets. The company generates revenue from software as a service and Professional services. | $0 | +47% | $42M | $39M | - | - | ||
| Acceleware Ltd is a developer of electromagnetic heating technologies delivering next-generation radio frequency (RF) power-to-heat solutions for large-scale industrial applications. Its technologies are designed to reduce energy use and heating costs, while enabling meaningful decarbonization. The company’s patented, Clean Tech Inverter is being applied to improve efficiency and lower costs in amine regeneration. It is also in development with potash producers to economically decarbonize ore drying and other critical mineral processes. RF XL, the company’s low-cost, low-carbon RF thermal recovery technology that promises to increase and accelerate heavy oil production for operators. | $0 | -38% | $8M | $10M | 19.1x | (13.1x) | ||
| Median | $2 | -43% | $79M | $79M | 11.6x | (6.1x) |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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