A RECORD OF
OF ACHIEVEMENT

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As a boutique M&A firm, we have established a strong tradition of success in the insurance and capital markets technology sectors. We would be happy to discuss the publicly available details for any transaction or engagement below, and we pride ourselves on maintaining clients who are happy to serve as very positive references for the quality of our work.

Below is a representative selection of transactions that we have successfully completed.

 

 

Case Studies

  • CASE STUDY 1: EQECAT Divestiture to CoreLogic


    "The team at Morgan Partners was magnificent."

    DAVID WEINSTEIN
    PRESIDENT/CEO
    ABS GROUP OF COMPANIES


    CASE STUDY

    Divestiture of Risk Modeling Software and Data Firm

     

    Headquartered in Oakland, CA, EQECAT, Inc. (“EQECAT”) was founded in 1994 and is one of the world’s leading natural catastrophe risk modeling firms. EQECAT’s solutions help property and casualty industry participants to quantify and manage risk resulting from natural hazards using over 180 models for 96 countries spanning six continents. EQECAT was a subsidiary of ABSG Consulting Inc.

     

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    • ABS Group of Companies (“ABS”) obtained the EQECAT software business as part of their purchase of a larger engineering company
    • ABS felt EQECAT may be more successful as part of an organization with a more strategic focus on the insurance sector
    • ABS engaged Morgan Partners to assess its strategic options and elected to pursue a divestiture

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    • Morgan Partners executed a targeted marketing effort instead of a formal process in order to limit disruption to the company
    • EQECAT’s impressive client list, high quality recurring revenue profile, and likely buyer synergies with its intellectual property were key drivers of value

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    • Closed on December 20, 2013, less than 5 months after being retained
    • CoreLogic was able to add catastrophe modeling to their growing insurance data portfolio

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    Our divestiture of EQECAT to CoreLogic was a complicated transaction. The team at Morgan Partners was magnificent.  Their meticulous, hands-on approach and stunning depth of knowledge in all facets of our business allowed us to sidestep risks and issues and capitalize on opportunities.  Without their leadership of the process, the deal would never have closed within our aggressive timeline - or at all.

    DAVID WEINSTEIN
    PRESIDENT/CEO
    ABS GROUP OF COMPANIES

     
  • CASE STUDY 2: Agencyport Software sale to Thomas H. Lee Partners


    "Morgan Partners immersed themselves in our business & represented us thoroughly."

    STEVE HAUCK
    AGENCYPORT SOFTWARE CEO


    CASE STUDY

    Sword Group’s sale of Agencyport to Thomas H. Lee Partners

     

    Headquartered in Boston, MA, Agencyport (formerly Sword Insurance) was a wholly-owned subsidiary of Sword Group (ENXT:SWP) providing distribution, policy administration, and underwriting solutions to carriers and brokers in the property and casualty industry in North America, UK, and continental Europe. Both its AgencyPortal and Intech Open+ systems are market share leaders in their respective markets and Lloyds/London market policy administration spaces. Morgan Partners advised Sword Group and Agencyport management in their $115mn sale to Thomas Lee Partners in June, 2011.

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    • After being acquired by Sword Group in 2008, Agencyport’s growth accelerated and Sword decided to spin the unit off as part of an exit from the software business
    • Sword and Agencyport, with the help of Morgan Partners, pursued an acquirer to permit continued growth outside of Sword

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    • Executed a two-stage auction process to both strategic and financial buyers
    • Helped define Sword Insurance’s business plan and strategy as a stand-alone entity as part of this process
    • Maximized valuation by stressing the company’s unique position within the US Tier 1 carrier space, which permitted an acquirer to develop an end-to-end insurance solutions platform

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    • Obtained significant buyer interest and maintained a competitive bidding environment throughout
    • Sword Group and Agencyport chose to enter into definitive agreements with Thomas H. Lee Partners (“THL”)
    • THL is an excellent partner given its significant domain experience, complimentary assets, and proven track record of growing technology businesses

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    Morgan Partners immersed themselves in our business and represented us thoroughly. They ran a methodical process and handled every detail during diligence and negotiations in what was a complex transaction. I highly recommend these guys.

    STEVE HAUCK
    AGENCYPORT SOFTWARE CEO

     
  • CASE STUDY 3: CDS Business Mapping sale to CoreLogic


    “A 10+ rating. The most competent [group of] professionals I have had the pleasure of working with.”

    KEN MUNSON
    CDS FOUNDER AND PRESIDENT


    CASE STUDY

    $78mn Sale of Family-Owned Software Business

     

    Headquartered in Connecticut, CDS Business Mapping (“CDS”) provides underwriting information to property and casualty insurance carriers, agents and brokers through real–time reports that identify property and geographic hazards. CDS’ reports are delivered to customers over their SaaS-based RiskMeter platform. The company was founded by Ken Munson in 1996 and was family owned and operated.

     

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    • Morgan Partners was engaged by CDS to effect a recapitalization or sell the business
    • Time was of the essence, with the objective of closing a transaction prior to the expiry of the Bush tax cuts on January 1, 2013

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    • Fully prepared the company for the process by preparing audited financials and capturing their unique assets and positioning for inclusion in the marketing materials
    • Balancing the need for speed with prudent limits on disclosure of proprietary data, Morgan Partners led an efficient process involving strategic and financial buyers

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    • Significant buyer interest was shown from both strategic and financial investors
    • The shareholders opted to sell the company as opposed to recapitalize based on demand
    • A successful $78 million all-cash sale to CoreLogic closed on December 14, 2012

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    I'm sure we all have praises for your performance on this deal, but I want to be the first to give you a 10+ rating. Your team is, most assuredly, among the most competent professionals that I have had the pleasure of working with in my lengthy career.

    KEN MUNSON
    CDS FOUNDER AND PRESIDENT

     
  • CASE STUDY 4: Forexware Merger with Boston Technologies


    "The Morgan Partners team is remarkable."

    EMIL ASSENTATO
    CHAIRMAN AND CEO
    CURRENCY MOUNTAIN HOLDINGS, PARENT COMPANY OF FOREXWARE


    CASE STUDY

    Merger Creates Leading Foreign Exchange Technology Solutions and Liquidity Provider 

     

    Forexware, LLC is a leading provider of end-to-end foreign exchange ("FX") software solutions to financial institutions, brokerages and money managers worldwide. Their solutions provide brokers enhanced infrastructure technology, advanced dealing desk software, better liquidity streams, and fully branded white label platforms to offer their clients. Forexware is a wholly-owned subsidiary of Currency Mountain Holdings, LLC, a holding company of several domestic and international FX and over the counter brokerage and technology businesses.

     

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    • Forexware's strategy included growth by acquisition of companies with certain critical attributes
    • Currency Mountain Holdings' Chairman, Emil Assentato, engaged Morgan Partners to help execute Forexware's strategy and pursue acquisition candidates

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    • Based on our knowledge of Forexware’s business and the securities and FX trading technology space, we identified Boston Technologies as a suitable target and engaged them on a proprietary basis
    • Morgan Partners structured the transaction, coordinated diligence efforts, helped Forexware analyze its likely synergies, and negotiated the deal through closing

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    • The transaction closed on July 11, 2014, three months after being retained
    • The combined entity, branded Boston Technologies Powered by Forexware, has a broader and more robust set of offerings and is well positioned to be a leader in the space

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    Our transaction with Boston Technologies was highly complex, with numerous jurisdictions and a unique structure. We could not have completed the deal without the strategic guidance and skilled execution from Morgan Partners. They quarterbacked the entire process. Under their leadership, we met an aggressive timeline and achieved our business objectives. Their team is remarkable.

    EMIL ASSENTATO 
    CHAIRMAN AND CEO
    CURRENCY MOUNTAIN HOLDINGS, PARENT COMPANY OF FOREXWARE

     

Successes