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Cleveland, Ohio, June 5, 2019

Keyfactor expands leadership team, names new CEO in Jordan Rackie

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Independence-based cybersecurity firm Keyfactorhas announced the appointment of some new executives including Jordan Rackie as CEO.

Rackie, who was also appointed to the board of directors, assumes the role from Keyfactor co-founder Kevin von Keyserling, who is staying with the company and remains on the board. Von Keyserling will serve the company as chief strategy officer with the transition.

Rackie has worked with a variety of tech-enabled companies in the past and is a former Techstars mentor. He most recently worked a stint of a few months with Vienna IT company Tricentis, where he was senior vice president, global revenue. He worked several years at Georgia software company QASymphony — ranked by Inc. magazine as the eighth fastest-growing software business in the U.S. in 2017 — before holding that position, which came up as the company was merged into Tricentis.

In its announcement, Keyfactor described Rackie as an “an expert in developing and leading modern go-to-market teams and strategy, having led multiple companies through large-scale growth, most recently at Tricentis, a recognized leader in software test automation and software quality-assurance solutions.”

In other appointments expanding the leadership team, Keyfactor named Jim DeBlasio chief financial officer and executive vice president of operations, and Tim Harvey as executive chairman of the board. Both are new additions to the company.

The appointments follow Keyfactor raising $77 million in growth capital in January. That investment — which topped all Ohio VC deals in Q1 2019, making up 54% of the $141.2 million raised in the state through 16 deals — was led by New York private equity and venture capital firm Insight Venture Partners.

“These leadership appointments support the impressive business the leadership team at Keyfactor has established,” said Michael Triplett, managing director at Insight Venture Partners, in a statement. “The IoT device and digital identity management market is continuing to grow at an exponential rate. Our commitment to strengthening and advancing our position within the marketplace is evident with these appointments.”

Keyfactor cited research firm Gartner Inc. forecasting that the identity and access management (IAM) market will grow to $13.42 billion by 2022. It also estimated that “by 2022, 40% of global midsize and larger enterprises will use identity and access management as a service (IDaaS) capabilities to fulfill most of their identity and access management needs, which is up from 5% today.”

“These changes set the stage for significant growth at Keyfactor. With the rapid rise of the IoT device market, and accelerating requirements for digital security management at scale, we are expertly positioned to maximize market opportunity while delivering unmatched value to our customers,” Rackie said in a statement. “I couldn’t be more excited about our future.”

“Keyfactor serves the most innovative companies in rapid transformation sectors where security is often life-critical,” von Keyserling added. “The addition of Jordan, Jim and Tim allows Keyfactor to retain its leadership position in IoT device and digital identity security markets while doubling down on R&D innovations.”

Keyfactor reported more than 100 employees in January at the time of its fundraise. The company is almost certainly the largest cybersecurity firm based in the Cleveland market. A spokesperson for the firm said Keyfactor has been expecting to hire an additional 40 to 60 employees through 2019 and the first half of 2020.

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