Dive Brief:

• Global risk and compliance software-as-a-service (SaaS) company Exiger on Wednesday named executive Matt Hibbard to serve as its CFO.
• Hibbard’s focus will be on fostering scalability and growth, he said in an interview, with the company looking to focus primarily on government and large commercial enterprises. Exiger, launched in 2013, received $70 million in funding from Monroe Capital in November 2021 to support its growth efforts.
• Exegir is already on a path to accelerated growth, Hibbard said, stating its total addressable market (TAM) is sizable and efforts are “more about getting the word out to the right targets and focusing a team in certain specific industries, both commercial and government.”

Dive Insight:

As well as serving as CFO for consumer activation firm WellTok, Inc. beginning in February 2021, Hibbard also served as CFO for digital payment service Xoom for a four year period starting in in 2011. He guided that firm through its February 2013 initial public offering, according to his LinkedIn profile. Xoom was acquired by payments platform PayPal in July 2015.

Earlier in his career, he served as controller for online dining reservation platform OpenTable from 2007 to 2011 — with its IPO taking place in May 2009. He has also held CFO roles at cybersecurity firm Imperva and video conferencing platform Lifesize.

Exiger’s CFO designation is the latest in a flurry of executive hiring and shuffling, following just a few months after the appointment of the former assistant director for Cybersecurity and Infrastructure Security Agency (CISA) Bob Kolasky as its SVP for critical Infrastructure.

Brandon Daniels, a five year veteran of the company who served in the president’s role for nine months, transitioned to the firm’s CEO position effective May 21.

Exiger has also launched additional products and services as it fills out its leadership team, with its Supply Chain Explorer platform coming to market in March. Explorer is a SaaS platform which taps artificial intelligence (AI) to identity and minimize risks inside companies’ supply networks.

The company is currently taking steps to broaden into new potential markets and industries, Hibbard said.

“We’re in the process of developing a two-year outlook in terms of our product ambitions right now...there’s a lot of different areas we could expand into,” he said. “Which expands the TAM, and gives us more opportunity.”The company will focus more specifically on bringing its solutions to larger commercial enterprises and government agencies, where previously risk management and supply chain processes have been largely manual, Hibbard said.

“Government is a huge area that we’re focused on,” Hibbard said. “There’s a lot of growth we’re seeing in government, because demand there is actually relatively new, it’s only [risen within] the last three or so years.”