(November 1 – 12:40 ET) – Spectra Securities Software has filed a prospectus concerning its US$15 million private placement completed in June.

The offering was led by Yorkton Securities Inc. with support from CIBC World Markets and TD Securities Inc. The proceeds were used to develop Spectra’s application service provider offering and the company’s wireless products and services. Funds were also used to accelerate the company’s international growth plans.

Subscribers to the offering included venture capital and institutional investors as well as Spectra employees. The firm’s major shareholders include VenGrowth Investment Funds, with 37% of the common shares, EDS Canada Inc. with about 15.7%, and founder John McLeod with 11%.

Spectra was established in 1989 when a group of brokers left Burns Fry (now BMO Nesbitt Burns Inc.) to begin developing software for retail advisors. The firm has since diversified into order management software for bonds, mutual funds and equities, and portfolio management and financial planning tools.

The company has offices in Toronto, Sydney, London and Chicago. Spectra has many clients on Bay Street and Wall Street including Credit Suisse First Boston Corp. and CIBC Group of Companies.
-IE Staff