Kanetix Ltd., a Canadian online insurance marketplace, has been acquired by Monitor Clipper Partners (MCP), a Cambridge, Massachusetts-based private equity firm.
Kanetix has also named Yousry Bissada as president and CEO, effective immediately. Its 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," said Ellis.
Small added, "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."