Sift Snags Former Ping Identity COO Kris Nagel as New Leader
Info Risk Today – Michael Novinson
Sift has landed top Ping Identity lieutenant Kris Nagel as its new CEO and tasked him with driving more account takeover and bot detection engagements.
The San Francisco-based digital trust and safety vendor has directed Nagel to build out more technology partnerships in the fraud community and grow Sift’s business in emerging fields such as account takeover and bot detection. Nagel started as CEO in December – his appointment was announced Thursday, and he replaces Jason Tan, who had led Sift since its inception in 2011 and continues to be executive chairman.
Sift has offerings in both account takeover and bot detection today, and Nagel wants to extend those by leveraging data network and machine learning capabilities to more rapidly address concerns customers have around fraud. Nagel also wants to make Sift a more integrated part of customers’ technology ecosystem by connecting easily to additional third-party orchestration, identity and fraud products.
Sift currently excels at creating if-then process flows around how fraud is managed and handled and avoids looking at particular events on a discrete basis rather than as part of a broader process. Nagel plans to accelerate the experience for Sift’s customers by making the platform an integrated part of the technology ecosystem to maximize security and protection while minimizing the need for manual tasks.
Nagel also wishes to diversify Sift’s customer footprint beyond financial services, which accounts for 20% to 25% of the company’s business today. This could include building on existing strength in fields such as omnichannel retail, digital good and services, e-commerce, and travel and hospitality. Sift’s technology is well suited to Global 3000 or 4000 organizations that are undertaking digital transformation initiatives.
Sift currently employs more than 300 people, and Nagel says the company has capitalized on layoffs across the technology industry to bring some phenomenal people into Sift. The company has raised $156.5 million in eight rounds of outside funding, and in April 2021 it was valued at more than $1 billion following a $50 million Series E funding round.
Link: https://www.inforisktoday.com/sift-snags-former-ping-identity-coo-kris-nagel-as-new-leader-a-20929