ZNQ3 Names Platt as Chief Operating Officer
Manchester, New Hampshire-February 11, 2003. ZNQ3, an information security company that provides digital trust services to secure communications and commerce, announced today that Tim Platt will take a leave of absence from his investment bank, Manchester-based AreteCapital Group, to become the company’s first Chief Operating Officer. Platt, one of the company’s co-founders, had most recently served as Executive Vice President of Business Alliances of ZNQ3.
“For a company just emerging from the startup stage, we need someone with Tim’s knowledge of organizational development and team leadership to complete the commercialization of our products and manage our growth,” commented ZNQ3 President & Co-Founder Jeff Stutzman. “He brings a sense of focus, energy, urgency and accomplishment to a team of very talented and successful technology and sales personnel.”
AreteCapital Group (ACG) Principal Bill Voorhees explained: “ACG is pleased to be able to support one of our significant portfolio companies through management resources during its critical transition from a startup venture to a profitable commercial enterprise. While Tim will continue to help ACG’s other clients with his expertise, ZNQ3 should benefit from this greater commitment of Tim’s activities.”
Platt has more than 20 years of business experience in executive and corporate finance advisory roles with public and privately held businesses. In addition to being an investment banker, Platt has previously served as president of a communications infrastructure software company and as vice president of an engineered polymers company.
Platt is excited about ZNQ3’s technology and prospects. “Our technology is truly novel and will enhance the way businesses communicate with each other by offering reliable and cost-effective authentication and encryption solutions,” Platt stated. “More importantly, the market is very impressed by our value proposition. Every prospect that evaluates the technology is impressed with the speed and elegance of our software.”
ZNQ3’s technology is based on Dynamic Key Architecture (DKAâ„?), which is a platform-independent security infrastructure solution with a small footprint. “DKAâ„? provides increased non-repudiation through strong authentication and dynamically changing randomized encryption keys,” Platt offered, “compared to the historical solution of public key infrastructure, or PKI. DKAâ„? provides significantly higher levels of infrastructure security than PKI, and also offers the following advantages: ease of installation; faster throughput; positive session control; total scalability; and lower cost of ownership.”
The company expects its early customers to include health care organizations, software companies incorporating DKAâ„? in to their product, financial services companies, and public sector organizations for law enforcement and government and military security purposes, and plans to launch product sales in the second fiscal quarter.
On the funding side, ZNQ3 has made significant progress towards its goal of completing its Angel round by the end of February 2003, according to Stutzman and Platt. “Our investors are encouraged by our progress with product development and the strong interest of our business partners and customer prospects.”