DigiCert QuoVadis

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QuoVadis Acquires e-VentureCentre
16 Apr 2003

Bermuda-based QuoVadis has reached agreement in principle with the Centre Group to acquire a majority ownership in the e-VentureCentre business incubator. Following completion, the acquisition will provide several important assets to QuoVadis, including key technology licenses and control of its SecureCentre hosting facility.

According to George Hutchings of Centre, “Our vision for e-VentureCentre was to foster locally-domiciled high tech companies that either expanded or enhanced Bermuda’s business environment. As such, we provided the startup funding to QuoVadis, and are pleased that QuoVadis has now become such a crucial part of the island’s business infrastructure.”

Additional Investors

A new investor, Roman Brunner, will join the management of QuoVadis in rolling out an expanded offering of managed security services. A Swiss national and Bermuda resident, Mr. Brunner has a 20-year association with the island, as well as top expertise working in the technology services sector in both North America and Europe.

According to Mr. Brunner, “With Bermuda’s concentration in the insurance sector, I am very excited for QuoVadis’ growth prospects. Computer security is a risk management decision, and the insurance industry is the risk taker of last resort.”

“We are convinced that the enlarged and now independent QuoVadis, will be a major force in Bermuda’s ability to compete in the international business arena,” he added. “Computers permeate modern society and digital defence is a clear responsibility for all organizations.”

QuoVadis was founded by Tony Nagel and Stephen Davidson in 1999 as a digital certificate authority and Internet security advisor. The company was the first to meet Government’s stringent license standards, and serves corporate clients worldwide including many of Bermuda’s specialty insurance companies.

Stephen Davidson stated “From the start, we understood that our clients’ security needs went far beyond access control and digital signatures. Computer security is a fast-evolving sector, and many companies have difficulty retaining trained staff. Companies have shown great approval for our managed services that enable them to prevent, detect, and respond to their security issues.”

“Both Centre and e-VentureCentre provided an incredibly supportive environment for the startup companies involved” said Tony Nagel. “We would like to thank their staff - at all levels - for their commitment during our formative years.”

Centre’s Venture

e-VentureCentre was created in 2000 to provide start-up funding and facilities to high technology companies that enhanced Bermuda’s offshore jurisdiction. QuoVadis was the incubator’s first startup.

Other investments include online tourism concierge Axiom Services, web-based investment firm Invesdex, satellite venture Kitcomm, and specialty publisher ISI. These companies will remain with Centre and are not part of the current acquisition. Other e-VentureCentre investments, including service firms Ignition and Global e-Biz, previously departed the incubator.

e-VentureCentre will shortly be renamed as part of the QuoVadis group, while Centre and its parent - the Zurich Group - will maintain a shareholding in the new QuoVadis.

Due to the sensitive nature of its services, some QuoVadis clients prefer to keep their relationship confidential. However, previous media reports indicate that the company provides services to the Bank of Butterfield, Renaissance Re, Axis Specialty, Montpelier Re, and other well-known exempt companies. After the deal, QuoVadis will continue to provide outsource services for many of Zurich’s international subsidiaries.

In 2002, QuoVadis became the first licensed digital identity provider under Bermuda’s Electronic Transaction Act, an important step in the development of new Internet service channels such as online banking and the Government’s own Portal.