Dahua DH-P3B-PV 3MP Outdoor Full-colour Active Deterrence Fixed-focal Wi-Fi Pan & Tilt Network Camera
Hikvision Access Control 2.0: DS-K1T502 series vandal-proof access control terminals
March Networks VA5 IR 360° camera with built-in de-warping, video analytics and microphone
Climax Technology Hybrid Panel Lite wire and wireless smart home security gateway with LTE capability
Optimising Suffolk's security infrastructure with BCD's REVOLV system
Climax releases an advanced smart telecare solution with voice control
Non-profit healthcare provider gets enhanced data and facility security for its locations from Brivo
Konica Minolta provides hospital with better notifications for visible weapons
DACHsec Cyber Summit Germany 2024
10th National Conference on CFIUS
Black Hat Asia 2024
THE 29TH INTERNATIONAL EXHIBITION OF SECURITY AND FIRE PROTECTION EQUIPMENT AND PRODUCTS Moscow 2024
Integrating IT & physical security teams
Understanding all-in-one solutions
Top 7 trends to watch in the physical security industry
Verkada workplace safety survey
4 Apr 2024
Identiv, Inc., a global digital security and identification pioneer in the Internet of Things (IoT), has entered into a definitive asset purchase agreement to sell its physical security, access card, and identity reader operations and assets to Vitaprotech, a security solutions provider. The proceeds from the sale will significantly strengthen Identiv’s financial position, generating capital to fund future organic and inorganic growth of its specialty IoT solutions business.
Under the terms of the agreement, Identiv will receive a cash payment of $145 million upon closing of the transaction, subject to customary adjustments. Identiv, Inc. will remain a publicly listed company on the Nasdaq stock exchange under the ticker symbol “INVE”.
Identiv told the work of Kirsten Newquist as President, of IoT Solutions, effective April 15, 2024
Aligned with this strategic direction, Identiv announced the appointment of Kirsten Newquist as President, of IoT Solutions, effective April 15, 2024. Ms. Newquist is a seasoned business pioneer with over 25 years of experience in strategy, product management, business development, and global sales and marketing.
She will join Identiv after 17 years at Avery Dennison Corporation. She was most recently Global Vice President, Avery Dennison Smartrac, and previously held other leadership roles including the VP/GM of Avery Dennison Medical.
“The Board has successfully concluded its strategic alternatives review with an outcome that we strongly believe is beneficial for all stakeholders,” said James Ousley, Chairman of the Board. “We said at the beginning of this process that we felt each of our business units would benefit from additional resources and management focus to achieve their full potential. We feel this transaction accomplishes both and provides excellent value-creation paths for both businesses.”
“Identiv’s IoT solutions business opportunity is vast, high growth, and high value-add where we believe we can establish market leadership. We expect to refocus our growth strategy with a particular focus on healthcare-related segments and other high value-add opportunities for which we believe our technology can be both differentiated and transformational.”
Identiv’s aim is to ensure that its technology and core competencies become an integral and critical part
“We are thrilled that Kirsten will be joining our executive leadership team,” added Mr. Ousley. “Her prior experience working with healthcare companies and other value-add industries to deploy innovative and impactful IoT solutions is ideal for pioneering Identiv’s post-transaction organic and inorganic growth strategies.”
As the healthcare industry and its providers advance their digital transformations, Identiv’s aim is to ensure that its technology and core competencies become an integral and critical component of its journey, delivering a compelling value proposition for patients, physicians, providers, and payors, and addressing the critical unmet needs in healthcare around data science, compliance, utilisation, effectiveness, and efficiency.
Michael Kellen and Andrew Gundlach, co-CEOs of Bleichroeder LP, Identiv’s largest stockholder, said, “We believe that Identiv’s Board has taken the right strategic step to maximise the company’s opportunity to build the pioneering company in specialty IoT solutions with a particular focus in healthcare.”
“We view this as an opportunity to generate substantial value for stockholders, combining the existing strengths of the current RFID business with world-class IoT industry and healthcare-focused leadership and the capital to actualise their vision.”
Trade is also subject to review and approval by the CFIUS and the Federal Trade Commission HSR Act
“This is a game-changing transaction for the future of Identiv that we believe is an excellent outcome for our stockholders, employees, customers, and partners,” said Steven Humphreys, CEO of Identiv. “Our globally recognised security business naturally aligns with Vitaprotech’s strategy and vision for the market, creating a world leader in enterprise security. This strategic step is extremely positive for our IoT business, with the capital, leadership, team, and industry position to lead in our markets.”
The transaction is expected to close in the third quarter of 2024, subject to stockholder approval and other customary closing conditions. The transaction is also subject to review and approval by the Committee on Foreign Investment in the United States (CFIUS) and the Federal Trade Commission under the Hart-Scott-Rodino (HSR) Act.
Upon closing, certain senior executives will join Vitaprotech, including Identiv CEO Steven Humphreys, at which time incoming President Kirsten Newquist will assume the role of CEO of Identiv.
Imperial Capital LLC is serving as financial advisor and Pillsbury Winthrop Shaw Pittman LLP is serving as legal counsel to Identiv. Craig-Hallum Capital Group delivered a fairness opinion to Identiv’s board of directors in connection with the transaction.
Identiv management will hold a conference call on April 3, 2024, at 8:30 a.m. EDT (5:30 a.m. PDT) to discuss the transaction and Identiv’s post-closing business.
Unveiling Wavestore 6.36: Elevate the security experience
Hikvision introduces CGSA-access control and functions
Hikvision's new smart managed switches
“BCD’s solution perfectly fit our scenario. All I needed to hear was ‘we have storage and scalability for the future’. As Suffolk is growing fast and is ver…
There is a bright outlook for trade shows in 2024. In particular, ISC West has recently become the must-see event in the security marketplace. ISC West will take place April 9-12 a…
Munich’s Hofbräuhaus enjoys an iconic status, as both a heritage property and a spiritual home for lovers of German beer. “In this historic building is the world&…
Integrating IT & physical security teams
Understanding all-in-one solutions
Top 7 trends to watch in the physical security industry
Defend against critical data attacks with Rubrik & CrowdStrike
Facial recognition
Everon announces grand opening of Innovation and Operations Centre in Dallas
Milestone delivers four years of record-high net revenue
The CMOOR Group bolsters business development with security industry veteran – Dan DeBlasio
Climax Technology Hybrid Panel Lite wire and wireless smart home security gateway with LTE capability
March Networks VA5 IR 360° camera with built-in de-warping, video analytics and microphone
Dahua DH-P3B-PV 3MP Outdoor Full-colour Active Deterrence Fixed-focal Wi-Fi Pan & Tilt Network Camera
Follow us
"Global security firm Identiv finalises $145m asset deal with Vitaprotech for its physical security operations. With new funds, Identiv will bolster its IoT solutions and inorganic growth strategies, especially in healthcare."
SourceSecurity.com – Making the world a safer place
Copyright © Notting Hill Media Limited 2000 – 2024, all rights reserved
Our other sites:
SecurityInformed.com | TheBigRedGuide.com | HVACinformed.com | MaritimeInformed.com | ElectricalsInformed.com
How to Make Building Security a Core Business Driver, a live webinar hosted by ASSA ABLOY 25th April
Updated Privacy and Cookie Policy
We have updated our Privacy Policy for GDPR.
We also use cookies to improve your online experience, Cookie Policy
About The Author
More Stories
From Email to Case Study: What We Learned About Connecting Refugee Communities in Just One Year
Local Infrastructure, Lower Costs: How Peering Is Moving the Needle on Internet Affordability
On Global Accessibility Awareness Day, An Internet for Everyone Must Include Everyone