leading liquidity and treasury management systems and eCommerce solutions,
today announced revenue growth of 34% for its fiscal year ending May 31,
2001. Selkirk is proving that even in today's slower economy, there are
high-tech companies demonstrating significant and well-managed growth.
James W. Suttie, Selkirk's president and CEO credits the commitment and
dedication of its management team and employees with the tremendous
year-to-year results. "Our competitive edge is simple - we provide
exceptional service so that our clients succeed," said Suttie. "That's the
secret to our success and reputation, and it shines through in our product
developments, in the quality of our implementations and in the support we
provide. As a result, Selkirk has earned not only the confidence of clients
but strategic partners and financiers."
Selkirk added FedEx Corporation, Seagate Technology, Costco Wholesale, TDK
U.S.A., Ohio State University, Celestica International, NEC Capital, Rich
Products, Allied Waste North America, CB Richard Ellis, SCANA Services,
VoiceStream Wireless, Canadian Pacific Limited, and many others to its
impressive blue-chip client list this past year.
Under Selkirk's Global Partnership Programs, Selkirk also formed strategic
alliances with treasury consulting firm Treasury Strategies, as well as
WISDOM Technologies, developers of decision support software for short-term
cash management. Said Suttie, "These partnerships will continue to provide
value-added treasury services to Selkirk's client base."
In calendar Q1, Selkirk attracted investment funding from Wachovia Capital
Associates and Bank of Montreal Capital Corporation to expand its eCommerce
product to small and mid-sized organizations. This round of equity
financing occurred at a time when venture investments in the first quarter
tumbled 56% in comparison to the first quarter of last year, according to
Venture Economics and the National Venture Capital Association. "Investors
in today's market are returning to the basics," said Doug Keast, Selkirk's
CFO. "Selkirk achieved this significant milestone because of the high value
investors have placed on Selkirk's solid business fundamentals."
Product developments included a new Hedge Management application for FAS133 compliance as part of Selkirk's flagship product suite, Treasury ManagerTM, and TreasuryCatalystTM, an internet communications portal that completely automates the confirmation and settlement processing of financial trades, allowing for straight-through-processing. In November, Wachovia Bank and Selkirk jointly launched AssistantTreasurer.com, a web-based treasury management service that allows companies to outsource their treasury operations. Wachovia is actively signing up clients for this new service.
For the first time, Selkirk was chosen by Deloitte and Touche as a Fast 500
company - a ranking of the 500 fastest growing high-technology firms in
North America. The firm also received the Canadian Technology Fast 50
award, Deloitte & Touche's annual ranking of the 50 fastest growing
technology companies in Canada, and the Profit 100 award, an annual ranking
of the 100 fastest growing companies in Canada by Profit, the Magazine for
Canadian Entrepreneurs. This is the second year in a row that Selkirk has
been recognized with the Fast 50 and the Profit awards.
"Now that Selkirk can offer all organizations - regardless of their size,
industry or complexity - the sophistication of its treasury solutions,
Selkirk is well poised for exponential growth," Suttie commented. "We're
extremely excited about our bright future ahead and providing superior
returns to our many stakeholders."