FB pixel

Identiv sells biometrics assets for $145M in pivot to IoT

Identiv sells biometrics assets for $145M in pivot to IoT
 

Identiv is selling its physical security, access card and biometric identity reader operations to European security technology provider Vitaprotech in a $145 million deal.

The asset sale represents a pivot by Identiv to focus on its internet of things (IoT) business. Kirsten Newquist has been appointed as President of IoT Solutions to lead that transition.

“Our globally recognized security business naturally aligns with Vitaprotech’s strategy and vision for the market, creating a world leader in enterprise security,” comments Identiv CEO Steven Humphreys. “This strategic step is extremely positive for our IoT business, with the capital, leadership, team, and industry position to lead in our markets.”

Humphreys and other senior executives of Identiv will join Vitaprotech when the deal closes, with Newquist taking over as Identiv’s CEO. She brings 25 years of experience in strategy, product management, business development, and global sales and marketing to Identiv, according to the announcement, most recently over 17 years at Avery Dennison Corporation.

The change comes on the heels of Identiv reporting record revenue of $116.4 million in its fiscal 2023, up 3 percent year-over-year. The company shipped almost 200 million RFID units in 2023. Digital identity revenues were $68.1 million and Identiv’s Premises division made $48.3 million.

“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,” says Identiv Board Chairman James Ousley. “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 launched biometric MFA reader ScrambleFactor for the federal government access control market just a month ago.

The company will continue trading on the Nasdaq. The transaction is subject to the usual closing conditions and adjustments, and expected to wrap in the third quarter of 2024.

Related Posts

Article Topics

 |   |   |   |   | 

Latest Biometrics News

 

Physical, digital spoof detection for ID documents upgraded by IDScan.net

IDScan.net is introducing new tools to detect more instances of tampering on identity documents. The new features to detect physical…

 

Social media giants face the wrath of new Australian government committee

Australia continues to harden its stance on social media. In a release from the office of Minister for Communications Michelle…

 

New Zealand trust framework looks to onboard digital ID providers

In an interview with Radio New Zealand (RNZ), Digital Identity New Zealand Executive Director Colin Wallis confirms that the country’s…

 

Google introduces passkeys for users at high risk of cyberattacks

Google users now have the option to use passkeys for account security in signing up for its Advanced Protection Program…

 

EU residency permits to exempt Brits from biometric checks at UK border

The UK government has confirmed its intention to implement the changes necessary to accommodate the European Union’s new digital Entry/Exit…

 

DHS to hold industry day for biometric scanner contract

A hybrid industry day will be held by the U.S. Department of Homeland Security on July 29 to share information…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events