Both are taking cautious approaches to wireless. Instead, their technologies are aimed at the hundreds of millions of cell phones now in use that can receive short text messages. Thanks to their technologies, cell-phone operators will squeeze more revenue out of existing customers. Of course, both companies are finding that initial public offerings are now more distant prospects and investors a little harder to convince. Their stories are in contrast to that of former Internet darling Zero-Knowledge Systems, a Montreal company that laid off 70 of its 260 workers last week.
Revenue is a trickle.
The bursting of the high-tech bubble has affected most Montreal companies. Well, the melting hasn't stopped and the IPO never materialized. But in an interview yesterday, Courtemanche said Steltor isn't shrinking in the face of the adverse investing climate. Meanwhile, one of Steltor's VC-funded competitors has laid off half its work force and is bleeding red ink. A big reason for the steady growth is that Steltor is building new markets while it nourishes old ones.