Ipsidy Inc (OTCQB:IDTY), the biometric identity verification solutions company, is undergoing a major rebrand, changing its name to authID.ai, bringing in new executive leadership and moving its headquarters to Denver.
Tom Thimot, the former CEO of private predictive analytics firm Socure, is taking on the same role at authID.ai. Thimot has decades of experience working in the cloud computing industry, and at Socure, he led a transformation that positioned Socure as the leader in day-zero identity verification and earned it a $1 billion valuation, the company said.
Thimot replaces Phillip Kumnick, who retains his position as chairman.
“During the last 12 months, we have made strategic investments in our product, our channel partners, and our delivery model, all of which combined to establish our company as a substantive player in identity authentication,” Kumnick said in a statement.
“In preparation for the next stage of significant growth and opportunity, authID.ai is pleased to announce Tom Thimot as CEO, and Tripp Smith as President and CTO,” he added. “Tom and Tripp will take the management reins from Philip Broenniman and me, allowing us both to focus on our roles on the board of directors”.
READ: Ipsidy says its biometric identity verification services will be integrated into BPSmart’s chatbot platform
Smith has a well-established career in data analytics, centered around technology vision, strategy and product development, including work with hyper-scale technology companies, such as Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL), and Uber (NYSE:UBER). He previously served as chief technology officer at Clarity Insights (now Accenture AI), where he worked with Thimot.
“Tripp and I are excited by the strength of the technology and expertise we see at authID,” Thimot said. “Indeed, we congratulate Phillip Kumnick and his entire team on setting a robust technological foundation and business pipeline that together serve as a springboard for significant future growth and opportunity. We look forward to our collaboration with Messrs. Kumnick and Broenniman, as they continue to provide leadership on the board of directors.”
In addition to Thimot, authID’s board is gaining other new faces, including Standard Chartered Bank CIO Michael Gorriz, PricewaterhouseCoopers Global Advisory COO Michael Koehneman, Progress Partners managing director Sanjay Puri and Americas at Temenos president Jacqueline White.
“I would like to welcome our new board members and express how excited I am to work with them along with our new executive team to realize an exciting future at authID,” Kumnick said. “I also want to thank Theodore Stern and Herbert Selzer for their years of service and invaluable contributions to the board. Finally, I would like to offer a special note of appreciation to our founder Thomas Szoke, who will remain in his company role as chief solutions architect, even as he retires from the board.”
Alongside the name change, authID will trade under the new ticker symbol AUID starting on July 13 and, significantly, open an “AI center of excellence” at its new headquarters in Denver. Denver offers a highly desirable quality of life for its employees, is one of the fastest-growing urban tech centers in the US and provides a major airport hub for international travel, the company said.
The new authID’s mission is to eliminate all passwords and be the preferred global platform for biometric identity authentication.
“Our vision is to enable every organization to ‘Recognise Your Customer’ instantly, without friction or loss of privacy, powered by the most sophisticated biometric and artificial intelligence technologies,” the company said.
"Now, by expanding our artificial intelligence capabilities, authID’s enhanced platform will be designed to deliver the highest levels of performance, speed and accuracy along with reduced friction, increased security and privacy for consumers,” it added.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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