CICADA SELLS COUNTERPARTYLINK TO INVESTORS GUARANTY
Posted April 16, 2008
NEW YORK – Data management and compliance technology company Cicada
Corp. has sold its stake in CounterpartyLink, a provider of legal-entity
information and counterparty data, to an group of investors led by
Andover Capital, a unit of the Investors Guaranty Fund Ltd. The
investors, represented as the Investors Guaranty Global Alliance (IGGA),
invest in and operate technology solutions on behalf of IGF.
IGGA, based in Zurich, with offices in Toronto, Bermuda and Auckland,
New Zealand, offers solutions and content for financial services,
financial data and risk applications, specialized business technologies
and media. Its strategy is to bring together various investments in
technology companies into a risk, performance and compliance-oriented
group to offer information products and services supporting the global
financial services industry, exchanges and regulators. IGGA’s
specialties include credit, valuation, performance measurement,
counterparty risk, financial data integrity, real-time data
distribution, simulation and modeling, and financial software systems.
Cicada was a founding investor in CounterpartyLink in 2005, launching
the company and its first products. Cicada developed its initial
infrastructure and data collection processes used in its global data
centers. CounterpartyLink will continue to license and use Cicada’s
Composer data management technology to further build and maintain its
legal entity database. The company will also be an authorized
distributor of the legal-entity data management version of the Cicada
Composer software platform.
With IGGA’s acquisition of CounterpartyLink, the company plans to also offer detailed client data audits and customized data collection services. CounterpartyLink will also be able to license its processes and methods, based on the Cicada Composer platform. As a result, clients will be able to research and manage sensitive or high-risk records in-house without divulging the identity of subjects to third parties.