“When InfoArmor founder and CEO Drew Smith secured seed money and a big contract from Washington Mutual in 2007, he thought his privacy-management company’s future was assured. But just 60 days before the firm was to roll out an identity-monitoring service for WaMu’s 10 million credit card holders, the U.S. Office of Thrift Supervision seized the struggling bank and placed it in receivership.
InfoArmor needed new customers — fast. Smith, who had been an angel investor in LifeLock (remember the TV spots in which its CEO broadcasts his Social Security number?), knew how competitive it would be to sell directly to consumers, so he instead began marketing his service to corporations that in turn offer identity protection as an employee benefit, alongside medical insurance and tuition reimbursement.”
Read the full July 1, 2013 Fortune article here.