Socure, a provider of predictive analytics for digital identity verification has appointed Tom Thimot as its new CEO. Thimot takes the helm from company founder and original CEO Sunil Madhu.
Madhu, who will take a new role as Chief Strategy Officer focused on platform innovation and exploring new market opportunities, pointed to his experience working with Thimot in the past and expressed his excitement at teaming up again. “Tom and I worked together at Netegrity to grow the identity and access management business many years ago,” he said. “I’m thrilled to work with him again at Socure and glad to pass the baton so he can help us accelerate the next phase of our growth as a pioneer of trust in digital identity.”
Thimot (pictured) comes to Socure from Clarity Insights, a big data consultancy. Before this, Thimot was COO of Kazeon, which was acquired by EMC, CEO of GoRemote (acquired by IPass), an EVP at Netegrity (acquired by Computer Associates) and CEO of CaseCentral (acquired by Guidance Software). He has a BSME in Mechanical Engineering from Marquette University and also attended Harvard Business School.
“The market opportunity and applications for Socure’s technology span a wide range of industries,” Thimot said. “We are in the right place at the right time. I look forward to further accelerating our expansion, while maintaining Socure’s focus on customer satisfaction and innovation.”
Socure demonstrated the first-ever digital-to-physical identity verification platform at FinovateFall 2017. The company extended its digital identity verification solution to include an integrated document authentication feature that enables authentication of government-issued IDs and cross-checks with personally-identifiable information. Socure’s ID+ platform reduces fraud by up to 90 percent, according to the company, lowers manual review and knowledge-based authentication rates by up to 80 percent, and automates Customer Identification Program (CIP), KYC, and AML compliance activity.
PYMNTS.com sat down with Madhu earlier this month to discuss Facebook’s issues with user data. The company was named one of the Top AI Companies in the world by CB Insights last December and was highlighted last August as one of the Finovate alums that has been a top investment target for European banks. Founded in 2012, Socure is based in New York City.