From Shopify to CAE: Canada's top five tech firms on the TSX

TechDay Canada has singled out the top five technology companies according to market capitalisation on the Toronto Stock Exchange.

Measured as of March 16, 2026, the country's largest publicly traded tech exporters are Shopify, Constellation Software, Celestica, CGI and CAE Inc.

1. Shopify

Founded in Ottawa in 2004, Shopify has grown into Canada's most valuable technology company and a key platform in the global eCommerce economy. The company provides cloud-based software that allows businesses to build online storefronts, manage inventory, process payments and handle logistics across multiple sales channels.

The platform now supports merchants globally, positioning Shopify as a major exporter of Canadian software infrastructure for digital commerce. Its tools allow businesses of all sizes, from small entrepreneurs to global brands, to run online operations from a single platform.

As of March 2026, Shopify's market capitalisation stands at roughly CAD $212 billion on the TSX, making it one of the largest publicly traded Canadian companies and the most valuable technology firm in the country.

2. Constellation Software

Toronto-based Constellation Software has built one of Canada's most unusual (and successful) technology business models. Rather than focusing on a single flagship product, the company specialises in acquiring and operating hundreds of small, niche software companies that serve specific industries.

Founded by entrepreneur Mark Leonard in 1995, the company targets so-called vertical market software businesses - applications tailored for sectors such as healthcare administration, municipal government, utilities or transportation.

Last year, the company announced it had completed a number of acquisitions totalling CAD $1.579 billion, including holdbacks and contingent consideration.

By buying and operating these companies independently while maintaining disciplined capital allocation, Constellation has created a decentralised network of software businesses with recurring revenue streams.

Constellation Software has a market capitalisation of roughly CAD $54.3 billion (TSX).

3. Celestica

Unlike the software-focused companies on this list, Toronto-headquartered Celestica operates at the hardware layer of the global technology stack. The company designs and manufactures advanced electronics used in telecommunications equipment, cloud computing infrastructure and increasingly artificial-intelligence data centres.

Celestica originated in the 1990s when it was spun out from IBM as part of a broader restructuring of the computer giant's manufacturing operations in 1996. Since then, it has evolved into a major global provider of electronics manufacturing services, serving technology firms and network operators.

The company has benefited in recent years from rising demand for cloud and AI infrastructure hardware.

As of March 16 2026, Celestica's market capitalisation is approximately CAD $43.1 billion (TSX).

4. CGI

Montreal-based CGI is one of the largest IT consulting and professional services firms in the world. Founded in Quebec City in 1976 by Serge Godin and André Imbeau, the company began as a small consulting firm providing information systems expertise to governments and businesses.

Over the past five decades, CGI has expanded through acquisitions and international contracts into a global consulting and systems integration provider. The company offers services ranging from digital transformation and cloud computing to cybersecurity and infrastructure outsourcing. It now employs tens of thousands of professionals across dozens of countries.

As of today, CGI has a market capitalisation of roughly CAD $18.4 billion (TSX).

Its client base includes governments, financial institutions and large enterprises, making CGI one of Canada's most significant exporters of technology consulting expertise.

5. CAE Inc.

Montreal-based CAE represents another distinctive segment of Canada's technology sector: advanced simulation and training systems. The company develops highly realistic simulators used by airlines, defence organizations and healthcare institutions to train professionals in complex environments.

Originally founded in 1947 as Canadian Aviation Electronics, CAE has become a global leader in flight simulation technology. Its simulators replicate aircraft cockpits and flight conditions, allowing pilots to train safely and cost-effectively without using real aircraft.

In addition to aviation training systems, the company has expanded into defence simulation and healthcare training platforms that use virtual environments and digital modelling.

CAE's market capitalisation currently sits at approximately CAD $12.2 billion (TSX).