Identiv has agreed to sell its physical security, access card, and identity reader operations and assets to Vitaprotech Group, the French security solutions company that owns a variety of manufacturers, including fence providers Protech and Sorhea, as well as UK-based access control hardware provider TDSi.
Under the terms of the agreement, Identiv will receive a cash payment of $145 million upon closing of the transaction, which is expected in Q3 of 2024. According to a press release, longtime Identiv CEO Steven Humphreys will follow the security business to Vitaprotech.
“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,” Humphreys said in the release. “Our security business naturally aligns with Vitaprotech’s strategy and vision for the market, creating a world leader in enterprise security.”
Created in 2012, Vitaprotech Group currently comprises 14 companies covering a variety of enterprise security needs. Those companies design, manufacture and distribute interoperable, customised solutions focused on physical access security.
Identiv’s product line ranges from access control hardware, such as power units, controllers, and communication boards, to entry control solutions such as intercoms. Notably, it also is the provider of the Hirsch Velocity line of access control products and software, which was a key component of the company’s launch in 2013. Identiv also acquired 3VR in 2018.
For its part, Identiv will now focus solely on its specialty IoT business. Kirsten Newquist will assume the role of President of IoT Solutions as of April 15. Newquist has more than 25 years experience in strategy, product management, business development, and global sales and marketing. She will join Identiv after 17 years at Avery Dennison. She will assume the role of CEO of Identiv once the transaction closes.
