Marlin Equity joins Luminate Capital in backing StarCompliance in its next phase of growth
ROCKVILLE, Md., Dec. 17, 2020 /CNW/ — StarCompliance (“Star”), a leading provider of employee compliance and regulatory technology solutions to the financial services industry, today announced a majority-control, growth investment from Marlin Equity Partners (“Marlin”). The transaction enables Star to further expand its leadership position within the global compliance market by accelerating product innovation and supporting the company’s ongoing international expansion. Luminate Capital Partners (“Luminate”), the company’s majority shareholder since 2017, will retain a minority stake.
With a client base of over 500,000 users across 83 countries, Star is a market-leading, highly configurable compliance solution trusted by the world’s largest regulated firms, including asset managers, investment banks, hedge funds, private equity firms, insurance companies, professional services firms, and public corporations. The company has a rich history of innovation with its mission-critical Employee Conflicts of Interest platform, complemented by its newest platform, Compliance Control Room – two comprehensive solutions that assist global firms in efficiently and effectively managing critical aspects of the complex compliance ecosystem.
“We are incredibly proud of our tremendous growth and world-class list of clients with whom we collaborate to automate and streamline compliance oversight,” said Jennifer Sun, CEO at Star. “This investment accelerates our vision of serving as the preeminent leader in the employee compliance and conflicts of interest market and better positions us to help our clients navigate evolving regulation and intelligently manage risk across the employee lifecycle – from onboarding to supporting fast-moving day-to-day operations. We look forward to partnering with Marlin and Luminate for our next phase of growth.”
“Regulatory requirements continue to become increasingly complex with escalating penalties for non-compliance. Star is uniquely addressing this global challenge with its industry-leading technology platform,” said Michael Anderson, Managing Director at Marlin. “We are excited to partner with Star and continue to expand the company’s market leadership by building upon its best-in-class product suite through further product investments and strategic acquisitions.”
“StarCompliance has undergone a tremendous transformation since our initial investment, accelerating its growth, bolstering its management team, launching new products, and expanding its global reach. We are thrilled to partner with Marlin and continue to support the company,” said Hollie Haynes, Managing Partner at Luminate. Dave Ulrich, Partner at Luminate added, “Since our initial investment, Star has seen accelerated demand for its software solutions as firms increasingly struggle to maintain compliance and mitigate risk through manual processes. We expect this acceleration to continue and believe Star is uniquely positioned to address key customer requirements.”
The completion of the transaction is subject to applicable regulatory clearances and other customary closing conditions. Financial details of the transaction have not been disclosed. Kirkland & Ellis LLP served as legal advisor to Marlin. Evercore acted as financial advisor to StarCompliance and Luminate Capital, and Kirkland & Ellis LLP served as legal advisor to StarCompliance.
About StarCompliance StarCompliance is a leading provider of compliance technology solutions. Trusted globally by enterprise financial firms in over 83 countries—including asset managers, investment banks, broker dealers, PE firms, insurance companies, and stock exchanges—the STAR Platform empowers organizations to achieve regulatory compliance while safeguarding their integrity and business reputations. Through a customizable, 360-degree view of employee activity, STAR software enables firms to automate the detection and resolution of potential areas of conflict while streamlining daily workflows and increasing efficiency. For more information, please visit www.starcompliance.com.
About Marlin Equity Partners Marlin Equity Partners is a global investment firm with over $7.4 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 170 acquisitions. The firm is headquartered in Los Angeles, California with an additional office in London. For more information, please visit www.marlinequity.com.
About Luminate Capital Luminate Capital Partners is a private equity firm investing in growth software companies. Luminate partners with management teams to provide capital to drive strategy, growth, and operational improvements. Luminate’s portfolio of market leaders has also included Conexiom, Fintech, Oversight Systems, LiquidFrameworks, PDI, StarCompliance, and Thought Industries. For more information, please visit https://www.luminatecapital.com.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
