Identiv Completes Sale of Its Physical Security Business

Identiv, Inc. announced the successful conclusion of its previously announced asset sale transaction with Vitaprotech, a security solutions provider.

Upon closing the transaction, Identiv received a cash payment of approximately $144.2 million, subject to further customary adjustments, and Kirsten Newquist, formerly Identiv’s president, IoT Solutions, succeeded Steven Humphreys as the company’s CEO.

“We are pleased to have brought this strategic transaction to a successful close,” said James Ousley, chairman of the board. “The proceeds significantly enhance our financial position and provide us with capital to judiciously invest in the future growth of our IoT solutions business.

“The board would also like to extend its gratitude to Steve Humphreys for his many years of exceptional leadership at Identiv and his invaluable contributions to the board,” Ousley added. “We wish him and the Physical Security team continued success in their future endeavors.”

“I am excited to lead Identiv through its next phase as the company transitions into a dedicated IoT solutions provider,” Newquist said. “We are focused on executing the three pillars of our growth strategy, including the accelerated transition of RFID production to our Thailand facility and developing key RFID-enabled IoT applications for high-value segments such as healthcare, smart packaging, smart home devices, and specialty retail.”

As announced on Aug. 8, 2024, management continues to expect fiscal Q3 2024 revenue from continuing operations to be in the range of $5.8 million to $6.1 million.  Management will not be providing an update to its previous outlook for total revenue from continuing operations and revenue included in discontinued operations since the asset sale transaction closed prior to the end of fiscal Q3 2024.