Marrakech secures funds for security

30-11-2000

by Emmet Cole

Dublin-based e-commerce firm Marrakech has announced that it is working with RSA Security on delivering security for the Marrakech Global Commerce Network.

The company also announced that RSA Ventures, the venture capital fund of RSA Security, made an investment in Marrakech's second round of funding earlier this year, although they would not be drawn on the exact sums involved.

Their second round of funding generated USD30 million and the company is now estimated to have a value of between USD100 and USD120 million. Island Capital, Denis O'Brien's investment vehicle, holds a 10 percent share in Marrakech.

"It is quite a coup for a company so young to be approached by RSA as we were," Tom Murphy, Director of Public Relations, Marrakech, told ElectricNews.Net.

"Through this agreement Marrakech gains access to the latest and best BSB security technologies and access to RSA's leading engineers. RSA gains a share in our profits through its investment and we can give it feedback on its services and technologies through our global network. Plus, it is a testimony to the high quality of RSA's products that a B2B player growing as quickly as Marrakech wants them as a customer and as an investor," said Murphy.

"While there is currently a significant amount of hype being driven by B2B technology vendors with promises of a business revolution, we believe the long term fundamentals of a secure business environment for commercial transactions will deliver substantial long term value for participants," said Kelly Murphy, Chief Executive Officer, Marrakech.

Marrakech is a business-to-business (B2B) company which enables end-to-end business transactions through the Marrakech Global Commerce Network. The Network is an Internet based trading platform which facilitates commercial transactions between member organisations. The network supports those conducting commercial transactions in an on-line environment and integrates procurement and payment services into one single neutral network for buyers, suppliers and other intermediaries.

RSA Security Inc. builds the security technologies for e-business through its RSA SecurID two-factor authentication, RSA BSAFE encryption and RSA Keon digital certificate management systems.

Earlier this year, Marrakech was in the news when one of its Directors, Neal McCreesh, resigned just three weeks after the launch of the company. McCreesh, who was Marrakech's Vice-President of Business Development, cited personal reasons for leaving the company, although he was due to face a High Court application to prevent him from being a company director by the liquidator of his company, Saints & Scholars (S&S) at the time.