The 41st Parameter has appointed executives to four new senior management positions and secured strategic funding to support its growing market, the company says.
The 41st Parameter, provider of online fraud detection and prevention applications for e-commerce companies, has appointed executives to four new senior management positions to support its growing market with new clients including Overstock.com and GSI Commerce, the company says. It also has secured growth funding from a group of investors led by JAFCO Ventures.
The security company has appointed Sunil Padiyar executive vice president of engineering, responsible for overseeing product management and engineering development; Tim Manning vice president of marketing in charge of all product and corporate marketing; Elazar Katz vice president of enterprise strategies in the financial services market; and Tom Noyes general manager of financial services, responsible for growing the firm’s financial services market. Katz was promoted from within the company; the others are new to the company.
"Tom, Sunil and Tim bring important new skill sets to our company, and together with Elazar`s expanded role, we have important new assets to advance our enterprise strategy and continue to grow the company in response to new customer demand," says Ori Eisen, 41st Parameter’s founder and chief innovation officer.
The company did not reveal the amount of funding secured from its investors, who in addition to JAFCO Ventures include Kleiner Perkins Caufield & Byers and Norwest Venture Partners. "This decision is consistent with our strategy of funding global, emerging technologies sponsored by top-tier venture capital firms, and we are confident that we can help the team at The 41st Parameter grow and open new channels of international distribution," says Tom Mawhinney, general partner of JAFCO Ventures.