Identiv Completes Sale of its Physical Security Business

Identiv 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.

As announced on August 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.

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