Marlin & Associates ("M&A"), the boutique investment
banking and strategic advisory firm, announced today that its
client, Qatar Insurance Services LLC, owner of Qatarlyst S.P.C.,
the technology-based insurance and reinsurance trade fulfillment
system based in Doha, Qatar has completed its previously announced
acquisition of RI3K, the London-based pioneer and innovator of
technology that supports paperless transactions for the commercial
insurance and reinsurance industry. RI3K facilitates transactions
for over 4,200 individual users drawn from over 290 of the world's
largest and most successful blue chip insurance companies and
intermediaries such as Aon, Swiss Re, and Zurich operating in
London and other global insurance markets. The transaction was
first announced on November 7th when Qatarlyst acquired the
majority of shares in RI3K.
Marlin & Associates acted as exclusive
strategic and financial advisor to Qatar Insurance Services
LLC.
Qatar Insurance Services LLC is a wholly-owned subsidiary of the
Qatar Financial Centre Authority (QFC Authority) and was
established in order to play its part in achieving Qatar's stated
desire to become the region's leading insurance and reinsurance
centre. Qatarlyst, which provides a web-based solution for regional
brokers and insurance firms to negotiate, place and accept large
commercial insurance risks electronically, is expected to benefit
from RI3K's interface with London and the international markets. In
turn, existing RI3K customers are expected to benefit from
Qatarlyst's superior functionality in areas such as Retakaful,
Claims and Accounting. Launched in 2009, over 40 insurance firms in
the UAE, Bahrain, Qatar, Kuwait, Lebanon and Jordan have been
approved to use the Qatarlyst service. These include Oman
Insurance, Doha Insurance and Nasco Insurance Brokers.
Headquartered in Qatar with a significant presence and
investment in London, the enlarged business will connect global,
regional and local markets, providing leading-edge technology
designed to enable brokers, insurers and reinsurers to drive down
their transactional unit cost, save valuable time and provide
increased data accuracy, management information and control.
The combination of Qatarlyst and RI3K is expected to be
"transformational," helping to accelerate the development of the
Qatar Financial Centre in its declared ambition to become a leading
hub for reinsurance in the GCC region and beyond. This acquisition
also gives Qatar the opportunity to help to meet London's insurance
market needs for enhanced paperless trading.
"It is an honor to have been selected to provide strategic and
financial advice to a Qatari sovereign firm on an international
acquisition that they have called 'transformational,'" said Ken
Marlin, Founder and Managing Partner of Marlin & Associates.
"This transaction highlights our extensive experience in the
financial technology arena; our strong strategic capabilities and
our significant international execution capabilities."
Marlin & Associates is one of the most active investment
banking firms providing strategic and financial advice to worldwide
buyers and sellers of middle-market technology firms. M&A's
team of professionals has extensive experience having advised on
more than 200 transactions involving companies that provide
information and technology to a wide range of communities including
those that serve the banking, capital markets, insurance, marketing
and healthcare arenas. Other recent global M&A clients include
Deutsche Börse; NYSE Euronext; Reed Elsevier's LexisNexis; McGraw
Hill's Standard and Poor's (S&P); and SWIFT as well as a large
array of firms owned by entrepreneurs, corporations, private equity
and venture capital firms worldwide.
The Qatar Insurance Services LLC press release can be found at:
Qatarlyst takes strategic step forward with acquisition of RI3K
About QIS and Qatarlyst The Qatarlyst
System is provided by Qatarlyst S.P.C. ("Qatarlyst"), a Single
Shareholder Company incorporated in the State of Qatar and Licensed
by the Qatar Ministry of Business & Trade. Qatarlyst is 100%
owned by Qatar Insurance Services LLC ("QIS") which is incorporated
in the QFC and Licensed by the QFC Authority to conduct
Professional Services (Consulting). QIS is a wholly-owned
subsidiary of the Qatar Financial Centre Authority (QFC Authority).
Located in Doha, Qatar, Qatarlyst has been established in order to
play its part in achieving Qatar's stated desire to become the
region's leading insurance and reinsurance centre. Launched in
2009, over 40 insurance firms in the UAE, Bahrain, Qatar, Kuwait,
Lebanon and Jordan have been approved to use the Qatarlyst service.
These include Oman Insurance, Doha Insurance and Nasco Insurance
Brokers.
About RI3K RI3K (Reinsurance and Insurance
for the 3rd Millennium) is the privately owned paperless trading
service for the insurance and reinsurance industry. RI3K allows all
types and classes of large commercial insurance and facultative and
treaty reinsurance to be transacted over the Internet. RI3K has
over 30 staff based in London looking after a blue chip client base
including AON, BMS, Aviva, RSA, Brit Insurance and Ace.
About QFC The Qatar Financial Centre (QFC)
is a financial and business centre established by the Government of
Qatar and located in Doha. It has been designed to attract
international financial services institutions and major
multi-national corporations, in particular those operating in the
reinsurance, captive insurance and asset management sectors and to
encourage participation in the growing market for financial
services in Qatar and elsewhere in the region. The QFC operates to
international standards and provides a first class legal and
business infrastructure for those operating within the QFC. The QFC
was created by Qatar Law No. (7) and has been open for business
since 1 May 2005.
About QFC Authority The QFC Authority is
the commercial, administrative and legislative body responsible for
leading the expansion of Qatar's financial services sector,
providing a uniquely sustainable platform for regional growth in
reinsurance, captive insurance and asset management.
About Marlin & Associates Marlin &
Associates Holding LLC is a boutique investment banking and
strategic advisory firm specializing in acquisitions and
divestitures of U.S. and international middle-market firms that
provide technology, digital information and healthcare-related
products, technology and services. The firm is headquartered in New
York, NY and has additional offices in Washington, DC and Toronto,
Canada. Further information can be read at www.MarlinLLC.com.
Marlin & Associates Securities LLC, a wholly owned
subsidiary of Marlin & Associates Holding LLC, is a
broker-dealer registered with the Securities and Exchange
Commission and is a FINRA/SIPC member firm (www.finra.org).
Investment banking and/or securities are offered through Marlin
& Associates Securities LLC. Marlin & Associates'
professionals have advised on more than 200 successfully completed
transactions. Some other recent clients that Marlin &
Associates has advised include:
-iSuppli of El Segundo, California, which Marlin &
Associates advised on its sale to IHS (NYSE: IHS);
-SMARTS Group of Sydney, Australia, which Marlin &
Associates advised on its sale to NASDAQ OMX (NASDAQ: NDAQ);
- SWIFT (Society for Worldwide Interbank Financial
Telecommunication) of Brussels, Belgium, which Marlin &
Associates advised on its acquisition of Ambit Messaging Hub from
SunGard;
- Strategic Analytics of Santa Fe, New Mexico, which Marlin
& Associates advised on its sale to Verisk Analytics (NASDAQ:
VRSK);
- Logical Information Machines, Inc. (LIM) of Chicago, Illinois,
which Marlin & Associates advised on its sale to Morningstar,
Inc. (NASDAQ: MORN);
-NYSE Euronext (NYSE: NYX) of New York, New York, which Marlin
& Associates advised on the sale of its Hugin subsidiary to
Thomson Reuters (NYSE: TRI);
- Vhayu Technologies of Los Gatos, California, which Marlin
& Associates advised on its sale to Thomson Reuters (NYSE:
TRI);
- Standard & Poor's of New York, New York a division of The
McGraw-Hill Companies (NYSE: MHP), which Marlin & Associates
advised on the sale of its Vista Research subsidiary to Guidepoint
Global;
- Tenfore of London, England, which Marlin & Associates
advised on its sale to Morningstar, Inc. (NASDAQ: MORN);
-LexisNexis of Dayton, Ohio, which Marlin & Associates
advised on the sale of its subsidiary Mealey's Conference to
Business Valuation Resources (BVR);
- InfoDyne Corp. of Park Ridge, Illinois, which Marlin &
Associates advised on its sale to International Business Machines
Corp. (NYSE: IBM);
-Orimos of Zurich, Switzerland, which Marlin & Associates
advised on its acquisition of ION Trading;
- LowerFees, Inc. of Westlake Village, California, which Marlin
& Associates advised on its sale to Bankrate, Inc. (NASDAQ:
RATE);
- Netik LLC of London, England and New York, New York, which
Marlin & Associates advised on its simultaneous acquisition of
Capco Reference Data Services and the replacement of its primary
investor, The Bank of New York Mellon Corp. (NYSE: BK), with
Symphony Technology Group;
- Applied Financial Technology (AFT) of San Francisco,
California, which Marlin & Associates advised on its sale to
Lender Processing Services (NYSE: LPS);
- Xcitek LLC's Market Data Division of New York, NY, which
Marlin & Associates advised on its sale to Interactive Data
Corp.
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Contact: Krystle Bates Contact@MarlinLLC.com +1 (212)
257-6300
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