IoT News

Identiv completes US$144.2 million asset sale to Vitaprotech

September 10, 2024

Posted by: Magda Dabrowska

Still life of dollar coins piles

Image by Freepik

Identiv has announced the 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 US$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 transaction to a successful close,” said James Ousley, the 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.”

Ousley added, “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. We wish him and the Physical Security team continued success in their future endeavors.”

The closing of the asset sale transaction marks a step in Identiv’s history. Kirsten Newquist, the CEO of Identiv, said, “I am excited to lead Identiv through its next phase as the company transitions into a dedicated IoT solutions provider. 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. We are committed to maximising this exceptional opportunity to benefit our investors, customers, partners and employees.”

As announced on August 8, 2024, management continues to expect fiscal Q3 2024 revenue from continuing operations to be in the range of US$5.8 million to US$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.

Imperial Capital LLC served as financial advisor and Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to Identiv.

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