The Hillsboro, Ore., online banking technology vendor Corillian Corp. said that cross-selling boosted its earnings in the third quarter.
Corillian said Tuesday that its revenue rose 31% from the same quarter last year, to $15.6 million. The company reported net income of $590,000, compared with a loss of $60,000 a year earlier.
Alex Hart, Corillian's president and chief executive, credited his company's revenue growth to increased cross-selling. For example, he said in a press release that a top 100 U.S. bank, which he would not name, recently bought Corillian's online banking platform in addition to its antifraud and personal financial management products.
Corillian said three more top 100 U.S. banks also chose its antifraud product, Intelligent Authentication, last quarter. The product looks at a user's hardware and network settings to see if they match the data on file for legitimate customers or known fraudsters. If the software detects something amiss, it can prompt users to authenticate themselves by answering challenge questions, or it can block users from accessing the system.
Chris Penny, an analyst at Friedman, Billings, Ramsey & Co. Inc., wrote in a research note published Wednesday that the revenue exceeded his target by $1.1 million. "The company did not have to move mountains to make the quarter. That was not the case a year ago."
The results were encouraging, and Corillian's "management is on the right track," Mr. Penny wrote.
