"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 300 percent and increased its customer base by over 40 percent. 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 authorization 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.
About 41st Parameter
41st Parameter provides solutions for detecting and preventing fraud across multiple channels for the world's most valued and recognizable brands. Leading travel services, financial institutions, and e-commerce companies rely on 41st Parameter's technology to protect them from cybercrime threats including card not present fraud, new account origination fraud, phishing and account compromise, credit bust outs, and fraud ring detection. Founded in 2004, 41st Parameter makes the process of detecting and preventing fraud easier and more effective, reducing both expenses and potential losses. As a leading web fraud detection innovator the company supplies industry-proven solutions which integrate advanced device identification with comprehensive risk management capabilities. To learn more about 41st Parameter, visit www.the41st.com