Portfolio management and CRM solutions
Primary market: Canada,
Number of employees: 115
Contact: Isabelle Gervasio, product marketing manager
An investment industry backbone
Canada’s equity markets have done well during the five years following the financial crisis. The S&P/TSX index more than doubled during that time. These increases boosted the fortunes of portfolio management industry suppliers, such as Croesus Finansoft, which has grown nearly in tandem with that key Toronto benchmark.
According to Rémy Thérrien, Croesus’s CEO, more than 9,000 investment professionals, at firms such as National Bank, CIBC and TD use the company’s software and data management tools to administer accounts, clients and relationships. Thérrien, an engineer, founded the company just over a quarter century ago, when a broker asked him to design software to manage his client list and portfolios. The product was a big success and sales grew quickly, mostly through word of mouth adverting. A series of innovations followed in the ensuing years, including the development of customer relationships management (CRM) and data backup tools and Croesus is currently working on tablet versions. Services are sold through a SAAS (software as a service) model. All software, data, storage and upgrades are cloud-based.
Thérrien attributes Croesus Finansoft’s success to several factors. The fact that the company remains private, and is not subject to investor demands for steady increases in quarterly profits is a big advantage. This provides managers the flexibility to invest in longer-term initiatives that may not have an instantaneous payback. Good employee relations (“turnover is almost zero” says Thérrien) are also crucial, in a business in which the technicians and programmers often know more about their specialities than the managers who are overseeing them.
Despite its success Croesus is far from finished says Thérrien. The company plans to double assets that are managed using its technology during the coming five years. Key to that will be building on Croesus’s core Canadian customer base and expanding its US presence.
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