Oregon cybersecurity startup moves HQ to Texas, Washington
Published 4:00 am Tuesday, May 16, 2023
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Hillsboro identity verification startup Q5id is moving its headquarters to new locations in Bellevue, Washington, and Austin, Texas.
Q5id said it’s splitting its headquarters between those two cities in pursuit of software engineering skills, proximity to potential business partners and “tax and business friendly environments.”
Founded in 2018, Q5id emerged from the wreckage of another Hillsboro technology company, SureID. SureID was among Oregon’s largest homegrown technology companies until 2017, when it lost its contract providing identity verification services to the U.S. Navy, an arrangement that provided 70% of its revenue.
SureID laid off nearly 400 in the span of a few months, split the business in two, changed its name and collapsed into bankruptcy.
SureID founder Steve Larson started over with Q5id, which offers online identity verification services to prevent cybercrime. The company employed 35 in Oregon as of 2020.
Q5id replaced Larson and most of its executive team in March, part of a leadership overhaul the business said “positioned the company for growth.” New CEO Michael Marcotte has worked in various corporate roles at other companies, according to Q5ID, including executive positions at EchoStar.
Q5id reports raising $25.5 million in investment, including a $10 million round in 2021.
The company didn’t respond to a message seeking details on how many it employs, whether it will retain an Oregon office, or whether any jobs are moving from Hillsboro to Bellevue and Texas with the new headquarters designation.