Danny Lorenzo, who helped propel business management software provider Netsuite from a mid-market seller to an enterprise powerhouse, has joined Signifyd to lead its global sales team, as the company accelerates its international expansion.
Lorenzo, who spent 14 years at Netsuite, participated in an exhilarating ride there — experiencing the company’s 2007 IPO and subsequent purchase by Oracle for $9.3 billion.
“While Signifyd has grown rapidly in the past through our mid-market and partner channels, we noticed momentum picking up in our larger, enterprise customer base as well,” Lorenzo said in the news release announcing his addition to the executive team.
“One of my focus areas is to expand the enterprise sales organization accordingly, to ensure we are ready to capture the growing demand in that segment here in the U.S. and abroad. We just opened our EMEA headquarters in London and are currently establishing a sales presence in Denver and the wider New York area.”
Lorenzo’s hiring comes on the heels of the August addition of Indy Guha as Signifyd vice president of growth marketing. Guha, who had been a partner at Bain Capital Ventures with an expertise in retail, is leading a team working to support some of the world’s largest retailers as they grapple with the need to provide their customers with a friction-free customer experience while protecting the enterprise from fraud.
Signifyd is the leader in guaranteed fraud protection
The past several months have seen Signifyd establish itself as the market leader in guaranteed fraud protection, a model of risk management that is being embraced by the mainstream market. The model combines big data, machine learning and human expertise to sort legitimate orders from fraudulent ones, while promising to reimburse retailers for any costs resulting in an approved order later turning out to be fraudulent.
In May, Signifyd closed a $100 million Series D round of funding, which was followed by being named the industry leader in guaranteed fraud protection by consultancy Frost & Sullivan. The company was also named to the Deloitte 2018 North America Technology Fast 500, identifying it as among the top tier of the fastest growing technology companies in the region.
CB Insights followed this month, identifying Signifyd as one of the 100 most innovative artificial intelligence startups in the world by placing it in the retail technology category of its 2019 AI 100 List.
“Danny is a tremendous addition to lead the growing Signifyd sales and marketing team,” Signifyd Co-Founder and CEO Raj Ramanand said in the news release. “His expertise will enable our sales team to deepen our presence in the enterprise market at scale, while expanding the number of merchants we can help to leverage the benefits of advanced machine learning in ecommerce.”
Retail is experiencing a dramatic digital transformation
Lorenzo will lead the global sales team at a time when retail is undergoing a dramatic digital transformation driven by the need to keep up with consumers’ changing and increasingly sophisticated buying habits. Lorenzo said that this is an era when every retailer is competing with Amazon and seeking to grow topline revenue, while increasing customer lifetime value.
“Every merchant spends significant amounts of money bringing their customers to their site,” he said. “The worst thing they can do is decline good orders — because this bad experience can easily make them lose a customer who will go buy somewhere else.”
Signifyd is able to help merchants with multiple goals, he add, “by solving a really critical need: removing the fear of fraud so merchants can eliminate friction in the buying process and delight their customers with a great shopping experience.”
Photo by iStock