Ipsidy Inc (OTCMKTS:IDTY), the biometric security specialist, has tapped the investment manager Philip Broenniman to its board.
Broenniman boasts experience as an investment manager and entrepreneur as well as a financial analyst who specializes in derivative analytics, risk management and portfolio construction. For the last nine years, he has worked as a managing partner and portfolio manager for Varana Capital LLC, a firm he co-founded in 2011.
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Thanks to his post at Varana, Broenniman consults with Ipsidy and other boards of public and private companies, working on strategic planning, financing and balance-sheet restructuring. He began his portfolio management career with the Bass family of Fort Worth, Texas in 1993, assisting them with a $1 billion book of derivative hedging and investment strategies.
In other recent employment stints, from August 2010 until February 2018, Broenniman was the co-founder and a director of Cadence Distributors, an import-export company focused on the fragrance industry. Around that time, he also served as a founding investor in Cacao Prieto, a bourbon and rum distillery.
“I have been an investor in Ipsidy for some time and believe that the company has tremendous potential for delivering innovative identity solutions,” said Broenniman in a statement. “I very much look forward to rolling up my sleeves, working with the Ipsidy Board and the Ipsidy leadership team to help execute our strategic plan.”
Broenniman, a chartered financial analyst, has a bachelor's degree from Duke and an MBA from the University of Virginia.
“The Board welcomes Phil Broenniman’s appointment to the Ipsidy Board as an independent director,” said Philip Beck, Chairman and CEO of Ipsidy in a statement. “At this critical stage of the company’s development, which we believe is at an inflection point, we believe Phil’s extensive experience and analytical skills will make a significant contribution helping us achieve our goals.”