NEW YORK, NY--(Marketwire - January 19, 2011) - GATE Technologies announced today the acquisition of an exclusive license to use Transfer Online's stock transfer and record-keeping software for the trading of alternative and impact investments globally.
"This transaction continues GATE's commitment to developing the best end-to-end solution for the electronic trading of these assets," said Vincent Molinari, co-founder and CEO of GATE.
Transfer Online was founded in 1999 as the first online-only stock transfer agent in the United States, and currently provides stock transfer services to approximately 400 companies. In 2001, the company created the first private trading board ("PTB") for shareholders of Portland Brewing to trade shares with each other, requiring a no-action letter from the SEC to do so. In 2005, Transfer Online built a PTB for Restricted Class B shareholders of Mastercard, Inc., which preceded Mastercard's initial public offering a year later.
The technology is already employed on GATE US, the U.S.-based broker-dealer subsidiary of GATE Technologies. GATE US' electronic trading platform, GATE Pro, was launched in November 2010.
"As illiquid and alternatives trading becomes more frequent and accessible, our partnership with GATE will enhance the experience for market participants by providing faster and more transparent settlement and clearing processes," said Lori Livingston, founder and CEO of Transfer Online. Ms. Livingston is also a co-founder of GATE and serves as its Chief Technology Officer.
Terms of the private transaction were not disclosed.
About GATE Technologies LLC
GATE Technologies is an innovative financial technology company creating a new market infrastructure for bringing efficiency, transparency to the unstructured global alternative asset markets. The company offers fully automated, customizable solutions for qualified investors with value-added content and analytics, transparent execution, and dematerialized settlement, clearing, and depository functions. GATE Developing Markets will work together to create the first global common infrastructure for illiquid securities, with a goal of enabling all market participants. www.gatetechnologies.com
About Transfer Online
Transfer Online, located in Portland, Oregon, is a stock transfer agent and financial services firm. Transfer Online combines the support of a brick and mortar transfer agent with the latest technology to provide their clients with the highest degree of accuracy and speed. With custom built back office applications and a powerful website, Transfer Online makes possible a measure of convenience for the client that is unmatched by paper-only transfer agents. Their team brings decades of Wall Street experience with emphasis on secure recordkeeping and securities processing to facilitate the GATE platform settlement functionality. www.transferonline.com
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