Iverify's Mike May Assumes New Role, Collaborates with Incoming CEO Mark Spagnolo as the Company Continues to Scale and Achieves Profitably Sustained Growth

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May 12, 2011, 08:20 ET

CHARLOTTE, N.C., May 12, 2011 /PRNewswire/ -- Iverify President and Chief Executive Officer Mike May announced today he will be assuming a new role with the innovative security services company after more than seven years at the helm. May will be succeeded by the company's Interim Chief Financial Officer, Mark Spagnolo. Together, the two executives will work closely with the management team to ensure a smooth transition as the company prepares for its next phase of growth and a new level of scalability.

"Mike, Mark, and the company have accomplished exceptional results and I am genuinely excited for the vast opportunities in front of them," said Iverify's equity partner Eli Boufis, Managing Director of Driehaus Private Equity.

May will stay with Iverify as a strategic advisor focused on client relations and major sales opportunities, and applying his security expertise towards product development as the company researches new technology. May, the company's Founder, will maintain his equity interest in Iverify and serve on the company's Board of Directors.

"I've been privileged over these years to have led a company I believe in, and to have worked with people I admire," May said. "Iverify is a company that takes its core values to heart, and I've had the honor of working with some of the most knowledgeable, dedicated professionals in the world, and I'm excited about the opportunity to get back into the marrow of the business -- working with clients and expanding our technology."

Spagnolo was appointed as the company's new CEO based on his track record with enhancing sales and customer service for a broad range of client-facing organizations.

"We are fortunate to have a successor of the caliber of Mark Spagnolo, who has spent his career in the technology and communications industries, holding executive management positions for Fortune 500 companies, and has proved himself a levelheaded, trustworthy leader," May said. "As a true catalyst for change, the role of Chief Executive Officer of Iverify suits him perfectly."

Mark Spagnolo is the past President of a strategic business unit of Electronic Data Systems; former CEO and President of UUNET; previous CEO Chairman of Site Smith; and past President and CEO of Metromedia Fiber Networks. In 2002, he founded The Spagnolo Group, L.P., a management consulting firm, and served as 'Iverify' Interim CFO since 2010.

"I'm honored to be leading Iverify and accept the job of expanding on Iverify's strengths and reputation as we prepare for accelerated growth," said Spagnolo. "I thank and congratulate Mike on all he's accomplished and look forward to collaborating with him in the future as Iverify strengthens its focus on keeping customers safe and improving offerings within the industries we protect."

About Iverify

Iverify is an innovative security services company that lives and breathes the protection of people so that they have safe places to shop and work. From its state-of-the-art audio and video monitoring center, called the "I," Iverify uses breakthrough surveillance technologies that put virtual eyes, ears and voice commands in every corner of a business. Specially trained Protection Specialists actively monitor local, regional and national locations to reduce loss from internal theft, shoplifting and robbery, creating more secure environments, happier, more productive employees, and stronger, more profitable businesses.

Contact: Jayne Leonard, Executive Assistant to the President, 704.970.2330, http://iverify.us/

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SOURCE Iverify