Trust Stamp adds six veteran sales team members to drive adoption of its Orchestration Layer through direct sales with another two onboarding before the end of Q3

Rhea-AI Summary

Trust Stamp adds six sales team members to drive adoption of its Orchestration Layer through direct sales. Anticipates contracted revenue in 2023 with significant banked revenue in 2024. Addressable market in the US for biometric software estimated to be around $14.7B in 2024, growing at a compound rate of 14% over the next four years. Each account executive responsible for an annual quota of $1MM in new Annual Recurring Revenue. Sales pipeline has already seen a meaningful increase.

With six veteran sales team members onboarded, Trust Stamp has already seen a meaningful increase in its sales pipeline and anticipates contracted revenue in 2023 with significant banked revenue in 2024

ATLANTA, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company^TM, has added six sales team members to drive the adoption of its Orchestration Layer through direct sales. In Q2, Ally Madrone and Vince Giganti each joined the team as Directors of Sales and Business Development. In Q3, Gloria Tse and Kevin Hasinks joined as Account Executives with another two Account Executives scheduled to join the team before the end of Q3.

Andrew Gowasack, President of Trust Stamp, commented, “While we are thrilled to have 29 new banks in various stages of implementing our software, and are projecting 45 to 50 banks in implementation by year-end through our channel partnership, we believe that there is even greater opportunity in the broader US market.  The addressable market in the United States for biometric software is estimated to be around $14.7B in 2024, growing by a compound rate of around 14% over the next four years. With a combination of market growth and typical contract turnover, we are estimating an addressable market of contracting opportunities approaching $5B per annum within the US alone.

I personally spoke to nearly fifty veterans from our industry and selected the candidates that not only have a track record of success, but are also the best fit for our corporate ethos. These new team members bring substantial experience in the identity industry, having worked for companies such as ID.me, Jumio and Veriff, and each has a track record of personally generating sales and in some cases of building sales teams. Each account executive is personally responsible for an annual quota of $1MM in new Annual Recurring Revenue.”
To support the account executives, Trust Stamp has also added two sales development representatives, Melissa Schonberger and Kevin Ketchell.

Gowasack went on to state: “Our sales development representatives also hail from the industry and have proven track records of success. We have already seen a meaningful increase in our sales pipeline, and with their help, we anticipate contracted revenue in 2023 with significant banked revenue in 2024.”

Inquiries

Trust Stamp                                                   Email: Shareholders@truststamp.ai

Andrew Gowasack, President                       

About Trust Stamp

Trust Stamp the Privacy-First Identity Company^TM, is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.

Located in six countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.

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