Ipsidy Inc. (AUID)

[e-ore]

Meaningful developments at IDTYD


1 for 30 reverse split effective today
"Highly successful management team with deep industry experience assumes executive leadership
New authID.ai company name and brand to best express our mission and strategic direction
Enhancement of the authID.ai biometric authentication platform with additional artificial intelligence
Strengthened and expanded Board of Directors
New headquarters and opening of an AI Center of Excellence in Denver, CO"

Denver, CO, June 14, 2021 (GLOBE NEWSWIRE) -- authID.ai (www.authid.ai) (formerly Ipsidy) [OTCQB:IDTYD], a leading provider of secure, mobile, biometric identity verification solutions delivered by an easy to integrate Identity as a Service (IDaaS) platform, today announced a series of significant strategic updates that will build on and augment the successes realized over the last year.

New Executive Leadership

“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.” said Chairman Phillip Kumnick. “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. 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”.

Tom Thimot joins authID.ai (“authID” or the “Company”) with a track record of spearheading significant growth at market-leading technology companies in the private and public realms. Tom brings decades of leadership experience working with technology organizations that have defined or redefined markets in the cloud computing industry with data analytics, machine learning, and micro service architectures. In his previous role as the CEO of fintech Socure, Tom led a strategic transformation that resulted in Socure becoming the unquestioned leader in Day Zero identity verification, with a unicorn valuation.

Tripp Smith has spent a career as a thought leader in data analytics, centered around technology vision, strategy, and product development working with hyper scale technology companies, including Facebook, Apple, and Uber. Previously Chief Technology Officer at Clarity Insights (now Accenture AI), where he worked with then CEO Tom Thimot, Tripp now brings his significant industry expertise to authID along with the vision and energy to propel the Company’s next phase of growth.

“Tripp and I are excited by the strength of the technology and expertise we see at authID,” said Tom Thimot, CEO of authiID.ai. “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.”

Rebranding & New Headquarters

The Company is rebranding as authID.ai to best capture the vision Tom, Tripp, and the team have for the future of biometric authentication. Added new CEO Tom Thimot, “The authID name clearly and succinctly presents our identity, our intention, our mission. As an important coda to this rebranding, we soon will change the ticker of our publicly listed stock from “IDTY” to “AUID”. authID shares will begin trading under this new ticker on July 13th.”

To further position itself for success, authID will move its headquarters to and open an AI Center of Excellence in Denver, Colorado, offering a highly desirable quality of life for Company employees. Denver is one of the most exciting and fastest growing urban tech centers in the US, is centrally located, and provides a major airport hub for international travel.

Augmenting IDaaS Platform with AI

Our mission is to eliminate all passwords and to 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. And with an industry leading biometric identity as a service platform, the Company is firmly established in one of the largest and most rapidly expanding global markets. 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. Our goal is to make authID the simplest and most comprehensive identity platform available, enabling our customers to effortlessly identify, activate, and authenticate consumers globally.

Expanded and Strengthened Board of Directors

AuthID is also announcing that five new members have joined Chairman Phillip Kumnick and Philip Broenniman on the Company’s Board of Directors. Bringing broad industry experience and a vast array of professional talents, the new Directors will provide guidance, support, and oversight, working closely with the new leadership to fully realize the Company’s potential. The new members are:

CEO Tom Thimot
Dr. Michael Gorriz, Chief Information Officer of Standard Chartered Bank
Michael Koehneman, recently Global Advisory Chief Operating Officer at PricewaterhouseCoopers (PwC)
Sanjay Puri, Managing Director at Progress Partners
Jacqueline White, President, Americas at Temenos.

Said authID.ai Chairman Phillip Kumnick, “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. 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.”

authID.ai will shortly issue a press release to further introduce the new board members to Company shareholders and stakeholders

https://www.globenewswire.com/news-release/2021/06/14/2246481/0/en/Ipsidy-Rebrands-as-authID-ai-Announces-New-Executive-Leadership.html

Impressive bio of new CEO, from his linked in page:
"Tom Thimot specializes in scaling companies. Tom currently serves as the CEO of publicly traded AuthID.ai where the company mission is to eliminate all passwords and to be the preferred global platform for biometric identity authentication. In his career, he has served as the CEO for two publicly traded companies, two venture backed firms and one private equity backed organization. Tom always has a steady hand regardless of macro economic uncertainty -- whether a dotcom bust, great recession or pandemic.

With decades of leadership experience working with technology organizations that have defined or redefined markets in the cloud computing industry through data analytics, machine learning and micro service architectures, Tom has successfully led five different fundraising initiatives totaling more than $100 million in private equity and venture capital markets, with each fundraise more than doubling the previous valuation. Over the years, he has led both buy-side and sell-side M&A exercises that yielded top-of-fund performance for his investors.

Often referred to as the Pivot CEO, Tom is passionate about perfecting the balance between financial performance and workplace culture.

In his previous role as the CEO of fintech Socure, Tom increased new enterprise customers five-fold and raised $65 million of new capital. During his tenure, Socure was recognized by Forbes as one of America’s Best Startup Employers, listed on Inc. Magazine’s “Best Workplaces,” and named as one of the “Best Places to Work” by Built In NYC.

Having consistently delivered top of class revenue growth and margin expansion in both expansive and recessive economies, Tom’s business experience spans six continents with high tech leaders based in Silicon Valley, New York City, India, and around the globe. He says the “true test of your passion for an idea is whether you wake up before the alarm clock goes off. If you are hitting the snooze button, it is time to pivot.”

Specialties: Leadership of disruptive service offerings in machine learning, big data analytics, software as a service, digital identity, public cloud, mobility, IoT and social computing that defines a market. Ability to differentiate software products to find the "knee in the curve" and grow faster than the status quo. Hands on experience recruiting top management talent, defining strategy, running operations, and re-defining markets. Expertise in highly regulated industries that require strict adherence to consumer PII regulations, evolving privacy laws and critical cyber security protocols."