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Marrakech secures funds for security
Thursday, November 30 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.