Here's the latest, but I think the date is wrong:
CrossKeys plots C$15 million expansion
OTTAWA, September 15, (Reuters) - Newbridge Networks Corp.<NNC.TO><NN.N> affiliate CrossKeys Systems Corp. <CKY.TO> has ambitious plans to develop new products and add staff that comes with a C$15 million price tag.
The Ottawa-area based telecommunications software developer said at its annual general meeting on Thursday that it needs to grow with the expansion of its market, estimated by
International Data Corp. to be worth $1.2 billion U.S. in 2002.
Analysts expect CrossKeys to record sales of C$45 million
in 2000 and C$70 million in 2001.
CrossKeys, which has about 275 staff, will hire another 120 employees across product development, customer service and
sales.
The firm also plans to broaden representation on its board of directors, now dominated by Newbridge. CrossKeys President Ian McLaren wants to bring on five new executives from the telecommunications sector with one from Europe, two to three from the U.S. and one or two from Canada.
The company, which has been criticized for being too closely aligned with Newbridge, said it will boost the number of firms which incorporate its software for sales from six to 10 this year.
McLaren said his firm is also looking at mergers and
acquisitions to fuel growth.
CrossKeys software is used by telecommunications companies to monitor, fix, and upgrade their networks.
Chairman Terence Matthews, also the CEO of Newbridge, said the transition strategy is "one I feel very, very good about."
CrossKeys broke a winning streak of 12 consecutive quarters
of growth by losing C$4 million on sales of C$5.2 million in
its fourth quarter reported June 3.
($1=$1.50 Canadian) |
