Toronto, Ontario, September 14, 2011 /CNW/ -- Kanetix Ltd., Canada's first online insurance marketplace, today announced it has been acquired by Monitor Clipper Partners (MCP). The partnership with MCP will provide Kanetix with the financial and operating resources to continue its exceptional growth and development.
"Over the past decade Kanetix has built successful partnerships with leading insurance companies, providing consumers an online marketplace to compare and purchase many different types of insurance including auto, home, life, health and travel," says
Bill Young, Managing Partner, Monitor Clipper Partners. "The company has experienced steady growth and has executed ventures into horizontal markets with forethought and precision, all great testaments to the management team."
Kanetix also announces today it has named Yousry Bissada as President & CEO, effective immediately. Yousry is an accomplished leader bringing over 30 years experience in Financial Services and related markets. He has proven success in leading the growth of technology and services companies to market-leading positions and has partnered very successfully with Monitor Clipper Partners in the past.
"I have been impressed by the team at Kanetix from day one. Gregory and George, along with long-time members of the Senior Leadership Team have identified, built and managed a platform, which I believe supported the growth of accessibility of insurance products to consumers," says Bissada. He continues, "Kanetix has been tremendously successful and I am truly excited to work with the team as we further develop partnerships within the insurance industry; providing our partners the ability to reach more consumers quickly and cost effectively."
Co-founders, George Small and Gregory Ellis, will retain significant stakes in Kanetix; each holding a position on the newly created Board of Directors.
"Facilitating the partnership of Kanetix, a company rich in opportunity, the financial and strategic resources of MCP and the proven leadership success of Yousry Bissada creates a real opportunity for the Insurance industry," says Gregory Ellis. George Small continued, "Gregory and I are proud to have worked with the Kanetix team over the past decade and to have built a company MCP sees as an opportunity for global growth. We are confident the partnership and new leadership will demonstrate amazing results."
The partnership of Monitor Clipper Partners and Kanetix provides a significant opportunity to combine growth with exceptional service resulting in increased opportunities for insurance providers and Canadian consumers alike.
About Kanetix Ltd.
Launched in October 1999, Kanetix was Canada's first online insurance marketplace and today provides over a million quotes per year to consumers looking for insurance. Kanetix.ca now includes mortgage rate and credit card comparisons and is a one-stop shopping environment for consumers looking to insure all aspects of their lifestyle. Through its Development Services division, Kanetix is also the leading provider of online insurance quotation technology, developing online quotation systems, mobile solutions, actuarial tools and websites for many of Canada's largest insurance brands.
Kanetix has two subsidiary brokerages, KTX Insurance Brokers and KTX Financial Ltd. These brokerages work with many of Canada's top insurance providers to offer consumers competitive pricing and choices. Insurance products include auto, home, motorcycle, RV, commercial, liability, life and critical illness.
About Monitor Clipper Partners
Monitor Clipper Partners is a Cambridge, MA-based independent private equity firm formed in 1998. MCP has invested in over 35 businesses in North America and Western Europe over the past decade and has a close strategic relationship with the Monitor Group, a leading international strategy consulting firm. MCP targets growth-oriented businesses with strong management teams and currently manages over US$2.0 billion in capital.