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Ipsidy Announces Phil Broenniman to Join Board

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Ipsidy Inc., a provider of an Identity as a Service (IDaaS) platform and a suite of secure, mobile, biometric identity solutions, available to any vertical, today announced that Philip R. Broenniman has joined the Board of Directors.

Mr. Broenniman brings over 25 years of experience as an investment manager, entrepreneur, and financial analyst with skills in derivative analytics, risk management, and portfolio construction.  Mr. Broenniman has been, for the last nine years, Managing Partner and Portfolio Manager for Varana Capital, LLC (“VCLLC”), a firm he co-founded in 2011. Through his position at VCLLC, Mr. Broenniman invests in, and consults with the Board of Directors of, certain public and private companies, working with each on strategic planning, financing, and/or balance sheet restructuring. From 2003 until 2008, with his own firm, Cadence Investment Partners, LLC (“Cadence”), and from 2008 until 2011 with Visium Asset Management, LP, which acquired Cadence in 2008, Mr. Broenniman established and refined the opportunistic/deep value, multi-asset class investment paradigm that is the foundation of VCLLC.

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Mr. Broenniman began his portfolio management career with the Bass family of Fort Worth, TX in 1993, investing in event strategies, assisting on a $1 billion book of derivative hedging and investment strategies, and developing his skills. Privately, from August 2010 until February 2018, Mr. Broenniman was co-founder and a director of Cadence Distributors, LLC, an import/export company focused on the fragrance industry. From February 2012 to April 2017, Mr. Broenniman was a founding investor in Cacao Prieto, a bourbon and rum distillery, providing strategic guidance during the initial launch of the business.

From July 2019 to March 2020, upon successful closing of the merger of CSS Industries, Inc., Mr. Broenniman served as a member of the Board of Directors of CSS and its Special Committee, evaluating strategic options for the company. Mr. Broenniman has a BS from Duke University, an MBA from University of Virginia, and is a Chartered Financial Analyst.

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“The Board welcomes Phil Broenniman’s appointment to the Ipsidy Board as an independent director,” said Philip Beck, Chairman and CEO Ipsidy Inc.  “At this critical stage of the Company’s development, which we believe is at an inflection point, we believe Phil’s extensive experience and analytical skills will make a significant contribution  helping us achieve our goals.”

Philip Broenniman added, “I have been an investor in Ipsidy for some time and believe that the Company has tremendous potential for delivering innovative identity solutions.  I very much look forward to rolling up my sleeves, working with the Ipsidy Board and the Ipsidy leadership team to help execute our strategic plan.”

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