A publicly traded Florida company has moved its executive offices to Long Beach, changed its name to Ipsidy Inc. and hired a veteran Long Island executive as its new CEO, the company announced Tuesday.
The company, formerly known as ID Global Solutions Corp., moved its headquarters from Longwood, Florida, and hired Philip Beck as chairman, president and chief executive effective Jan. 31. Beck founded Long Beach-based Planet Payment Inc., a provider of international payment and transaction processing services, in 1999 and served as chief executive until 2014 and chairman until 2015.
Beck said in an interview that his consulting company was hired by ID Global in early 2016 and he grew to appreciate the assets and market opportunity available to ID Global.
Ipsidy, with 72 employees in the United States, Colombia and South Africa, provides biometric identification, identity management and electronic transaction processing services.
The company provides an algorithm used to regulate access by federal transportation workers at ports around the United States and operates payment kiosks used for Transmilenio S.A., the bus system of Bogota, Colombia, Beck said.
“They have a background in identity management, which is really understanding who you’re doing business with,” Beck said. “It allows you to secure electronic transactions. These things are really global. Every company, every country has the same issues.”
Beck also is chairman and co-founder of Bridgeworks LLC, a Long Beach company providing co-working space in which Ipsidy’s executive offices are located. Ipsidy has five employees on Long Island, he said.
Douglas Solomon, the former chairman of ID Global Solutions, remains a director and has been appointed executive director, government relations and enterprise security. Thomas Szoke, the former chief executive and president, remains a director and was named chief technology officer.
The company also announced that it had secured $3 million in debt financing from the Theodore Stern Revocable Trust and entered into an agreement under which several major investors would convert debt into common stock if certain conditions were met, the company said in a government filing. Stern is a former senior executive vice president and director of Westinghouse Electric Corp.
Ipsidy’s name is derived from the Latin “ipse,” referring to individual identity, the company said.
The company’s shares, trading over the counter as IDGS, climbed 4 cents, or 12.9 percent, to close at 35 cents on Tuesday. The company said it would soon change its trading symbol to reflect its new name.