Pacific Softworks Invests in Financial Software Firm

Pacific Softworks in Newbury Park has made an equity investment in Financial Services Provider Network, a private firm, to develop software for the banking industry.

Financial Services Provider will begin marketing its software program to the banking industry in the first quarter of next year. The software will be compatible with both Red Hat Linux and Microsoft Windows, company officials said.

Pacific Softworks has invested $1 million to date, with the right to invest up to $2 million more. In addition to the investment, the two companies will try to develop areas of common interest.

“We believe that our new relationship with 1/8Financial Services Provider 3/8 will prove to be a significant investment opportunity and yield solid strategic benefits,” said William Sliney, Pacific Softworks president. “ 1/8The software 3/8 could enable bank customers to access and transact their financial activities from low-cost and strategically located kiosks, a major market thrust of Pacific Softworks.”

Pacific Softworks develops and licenses Internet and Web-related software and software development tools.