SAN JOSE, Calif., May 22, 2017 /PRNewswire/ -- The Board of Directors of PeerNova, Inc. (PeerNova) today announced the appointment of Jonathan E. Johnson to the Board of Directors, effective immediately. Johnson joins six other directors: S. Atiq Raza (Chairman), Naveed Sherwani, Jalil Shaikh, David Bell, Howard Mergelkamp, and Gangesh Ganesan.
"PeerNova continues to make significant progress in bringing decentralized ledger technology to the financial services sector," said Patrick M. Byrne, CEO of Overstock.com, Inc. "Jonathan's appointment to the PeerNova board is well aligned with our continued collaboration with PeerNova since our initial investment in 2015."
"Jonathan is an established business leader, who shares PeerNova's vision of bringing blockchain-inspired technology to the financial industry," said Dr. Naveed Sherwani, PeerNova's President and CEO. "Jonathan's wide-ranging executive and board experience further strengthens our team and helps us bring our Cuneiform Platform to more banking partners."
Johnson is president of Medici Ventures, Overstock's subsidiary that oversees a portfolio of blockchain technology and fintech businesses, including PeerNova. Johnson joined Overstock in 2002, and has served as the chairman of Overstock's board of directors since April 2014, transitioning to the position after five years as the company's president, and later, as the acting CEO and executive vice chairman of the board. He has been an integral part of Overstock's meteoric growth from a small start-up to a publicly traded company with over $1.8 billion in sales and over 1,700 employees. Prior to Overstock, he served various positions with TenFold Corporation, including Chief Financial Officer, Executive Vice President, Senior Vice President, and General Counsel. Johnson received a Bachelor's Degree in Japanese from Brigham Young University, studied at Osaka University of Foreign Studies in Japan as a Ministry of Education Scholar, and received his Juris Doctor degree from the J. Reuben Clark Law School at Brigham Young University.
"PeerNova has a great board and management team," said Johnson. "I'm excited to be part of such an innovative blockchain technology company that continues to lead in the fintech space."
"I am pleased to welcome Jonathan to the PeerNova Board of Directors," said S. Atiq Raza, PeerNova's Chairman of the Board. "Jonathan is an excellent addition to our board, bringing significant industry expertise and business insight to the table."
About PeerNova, Inc.
PeerNova combines the best of Blockchain, Big Data, and Cloud to uniquely enable financial institutions to securely and verifiably manage their data and address their reconciliation, audit, and compliance challenges. Based in Silicon Valley, the PeerNova team has expertise in distributed systems, Blockchain technology, networking solutions, compiler technology, Big Data, and financial services. For more information, please visit http://www.peernova.com.
About Medici Ventures
Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc. created to manage and oversee investments in firms building solutions leveraging and servicing blockchain technologies. Named for the Medici Bank of Florence -- a pioneer of the double entry bookkeeping that revolutionized money and banking in the Renaissance -- Medici Ventures seeks to encourage the adoption of distributed ledgers, and in so doing, precipitate a rebirth of efficiency, security and transparency in financial technology.
Medici Ventures has several blockchain-focused investments, including t0.com, PeerNova, Bitt, SettleMint, Factom, and IdentityMind. The company's majority-owned financial technology company, t0.com, executed the world's first blockchain-based stock offering in December 2016.
Overstock.com, Inc. has turned millions of houses into dream homes as the premier value destination for home goods including furniture, décor, rugs, bedding, and accessories. Based in Salt Lake City, Utah, Overstock.com has been a pioneering force in e-commerce since 1999, providing our customers the assortment and convenience they want for less. In addition to home goods, Overstock.com offers a variety of products including jewelry, electronics, apparel, and more, as well as a marketplace providing customers access to hundreds of thousands of products from third-party sellers. Additional stores include Worldstock.com, dedicated to selling artisan-crafted products from around the world, and Main Street Revolution, supporting small-scale entrepreneurs in the U.S. by giving them access to our national customer base. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock regularly posts information about the company and other related matters under Investor Relations on its website.
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SOURCE PeerNova, Inc.