Bank of Montreal has invested an undisclosed amount in Selkirk Financial Technologies Inc., a Vancouver, B.C., developer of treasury workstation software.
Wachovia Capital Associates Inc., a subsidiary of Wachovia Corp., made an initial investment in Selkirk in March. Neither bank has said how much of the company it owns.
The funding will help Selkirk shore up its research and development efforts, particularly in creating software for use on the Internet. It will also give Selkirk additional resources to expand into the U.S. market.
Selkirk, a privately held company with 90 employees, generates about $10 million in annualized revenues and is profitable, said James Suttie, president and chief executive officer of the 12-year-old company.
The company has doubled its revenues in each of the last three years, Mr. Suttie said. Its competitors include SunGard Data Systems, Paris-based XRT-CERG, Chase Manhattan Corp., and Bank One Corp.
Selkirk's software, which is used in the treasury departments of about 125 large corporations, combines data from multiple banking relationships to give treasurers an accurate glimpse of their cash and debt positions. Customers such as International Business Machines Corp., Chevron International, and Xerox Corp. typically have dozens of bank relationships across their multinational enterprises.
Douglas Hartzema, a senior vice president at Wachovia, which has dual headquarters in Atlanta and Winston-Salem, N.C., said many of its corporate customers use Selkirk's software. Selkirk and Wachovia have a similar approach to doing business, which lent comfort to Wachovia's decision to invest, Mr. Hartzema said.
"They are very customer-focused," Mr. Hartzema said. "They are not growing their company beyond their means, and we keep hearing good things about their product."
Deloitte & Touche said Selkirk is one of Canada's 50 fastest-growing high technology companies.