TORONTO, Sept. 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
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
"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
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
For further information:
please visit the Kanetix website at www.kanetix.ca