January 27, 2009
iovation Names Doug Shafer as CFO
Veteran Financial Officer Brings Wealth of Fiscal and Operational Experience to Online Fraud Management Company
PORTLAND, Ore. – January 27, 2009 – iovation, the Device Reputation Authority™ for the Internet, announced today that it has named Doug Shafer to the role of CFO. Shafer will be responsible for the worldwide strategic financial and operational leadership of iovation, which pioneered the use of device reputations to combat all forms of online fraud and abuse.
Shafer brings more than 30 years of financial and operational experience to iovation. He spent 20 years at Tektronix, where he held several senior-level positions in the U.S. and Europe including President, Americas Operations, Vice President and Treasurer, Policy Committee Member, and Finance Manager for Tektronix’s German subsidiary and the company’s European Operations. During his tenure, he was responsible for managing the Americas Operations with revenues of $150 million and led the transition of the Americas, Asia, and European operations into the business lines to create independent worldwide businesses. This move enabled Tektronix to successfully sell its Color Printer business to Xerox and video business to Grass Valley Group.
Shafer steered Tektronix’s video compression product line into spinoff, VideoTele.com, where he served as president and CEO. Under his guidance, VideoTele.com introduced a new product to capture the video over DSL market. The company was sold to Tut Systems, which was later bought by Motorola
“Doug brings a wealth of financial and operational experience to iovation, along with an impressive record of helping companies expand their business and increase profitability,” said Greg Pierson, CEO of iovation. “We are pleased to welcome Doug as a key member of our executive team. I have no doubt he will be a huge contributor to our future success.”
Most recently, Shafer served as CFO at Unicru, a software solutions provider of hiring management solutions. At Unicru, he instituted a financial and operational discipline that moved the company from annual losses to sustained profitability. During his tenure, Unicru doubled its revenue over a three year period before the company was purchased by Kronos for $150 million.
“I’m very excited to be part of a distinguished team of fraud experts dedicated to protecting businesses and their customers from evolving forms of online fraud and abuse,” said Shafer. “iovation’s device reputation technology plays a critical role in the fight against fraud. I look forward to working with iovation to grow their business while fulfilling the market’s increasing demand for stronger fraud management solutions.”
About iovation
iovation, headquartered in Portland, Oregon, pioneered the use of device reputation for managing online fraud and abusive behavior. iovation unlocks the power of device identification by sharing the reputations of 95 million of unique devices, allowing businesses to reduce more online fraud and abuse while benefiting from sharing device reputation intelligence. Today, iovation performs more than 3 million daily fraud checks for its customers and helps stop over 11,000 fraudulent activities every 24 hours. The company is on pace to process over a billion real-time device reputation inquiries this year. For more information about iovation and its products, visit www.iovation.com.
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