Source: 41st Parameter
41st Parameter Inc., the leading provider of fraud detection and prevention technology, today announced that J. Peter Selda will join the company as president, chief executive officer and member of the board of directors. Selda brings more than 35 years of executive management, sales and marketing experience to 41st Parameter, with significant operational success specifically in the IT security sector. Selda held the position of president and CEO of WholeSecurity, Inc., where he led the company from incubator pre-product stage through a successful commercial launch and subsequent strategic acquisition of its acclaimed behavioural-based anti-phishing and malware detection solutions by Symantec in 2005.
"Pete's track record as a successful CEO in this industry, leading companies of similar size and growth trajectory, made him an ideal match to continue to build upon 41st Parameter's success to date," said Ted Schlein, managing partner, Kleiner Perkins Caufield & Byers and member of 41st Parameter's board of directors. "This is an exciting time for the industry. Last year 41st Parameter grew revenue by more than 300pc and increased its customer base by over 40pc. With innovative, proven technology and the addition of Pete's insight and expertise, we are well positioned to help companies in their ongoing battle against increasingly sophisticated fraud threats."
Selda was most recently the president and chief executive officer for identity-based network access control vendor Identity Engines, where he stepped in to engineer a full operational restructuring of the company and defined a corporate growth strategy that delivered over 100 new customers and established sector leadership in less than 18 months. Under his direction the company received several prominent industry accolades, including the AlwaysOn Top 100 Private Company, Red Herring Global 100 Finalist and Gartner "Cool Vendor" designations. Selda also served as CEO of Internet Dynamics, an early player in the ebusiness policy authorisation market, which he sold to Red Creek Communications.
"41st Parameter has quickly become the leader in the online fraud prevention market, thanks to a highly skilled team of anti-fraud experts and innovative technology proven effective in helping the e-commerce, financial services and travel marketplaces in their ongoing battle against commercial fraud and cybercrime," said Pete Selda, newly named president and chief executive officer. "It is evident 41st Parameter has a tremendous opportunity in this market and I look forward to rapid expansion of the company's commercial impact and reach."
Selda will formally assume the role of CEO on July 13, 2009. Selda succeeds former CEO Bob Lewis who is leaving the post due to health reasons. Lewis has served as CEO for the past three-years and is credited with engineering significant milestones attained by 41st Parameter including international expansion; adding a UK subsidiary, customers in Mexico, Canada and the UK, and back-to-back years of record growth through the addition of strategic customers including major banks, airlines, and high-profile online merchants.