NXT-ID has added two key executives to its growing team.
The company, which develops personal emergency response systems (PERS), health communications devices and IoT technology, relocated its headquarters to Louisville late last year.
The new hires include Mark Archer, chief financial officer, and Rafael Saavedra as vice president of engineering. Both executives will join the leadership team and be responsible for directing and managing NXT-ID's patented IoT technology that helps improve the lives of seniors, according to a news release.
"As NXT-ID grows, we are thrilled to have these seasoned executives in top roles to support the company as we build out our new software and products," said Chia-Lin Simmons, CEO of NXT-ID, in the release. "With Mark and Rafa we have added another layer of extraordinary talent to our organization."
Archer brings 30 years of CFO experience in public and private companies, both consumer and technology focused. He had been working with NXT-ID (Nasdaq: NXTD) since July 2021 as a consultant. Previously, he was CFO at Saxco International, a private equity-owned middle market distribution company. Before joining Saxco International, Archer was president and CEO of SmartBee Controllers, a technology company manufacturing hardware products based on IoT technology.
"I'm excited to work at a company with the technology, vision and the important audience of the aging population. NXT-ID is on a trajectory to create sophisticated devices that will help people stay safely at home as they age," Archer said.
Saavedra has spent more than 20 years building and leading globally-distributed engineering teams. He was CTO and vice president of a Venrock-backed startup that exited to Harman International (NYSE: HAR, acquired by Samsung), and also led one of the first consumer GPS system companies, which exited to Motorola. He has expertise in product development, technology strategy, and system architecture for hardware-phone-cloud connectivity, as well as analytics, machine learning, blockchain, IP and data security, among others.
"This is a very personal mission for me. I'm very excited to bring my experience in connected devices, IoT and AI to the newest NXT-ID products," Saavedra said.
As I previously reported, Simmons, who is based in California, joined NXT-ID as its top executive in June 2021. Much of the company's team is distributed, but with the largest concentration of its employees based in Louisville, she opted to make the Derby City home to its sole office.
NXT-ID's full-year earnings report is not yet available, but as of the nine months ended Sept. 30, 2021, the company's revenue totaled $7.6 million, a decrease of $1.3 million, or 14%, compared to the same nine-month period in 2020.
