Identiv sells certain assets to Vitaprotech for $145M

Identiv has entered into a definitive asset purchase agreement to sell its physical security, access card, and identity reader operations and assets to Vitaprotech, a security solutions provider. Identiv will receive a cash payment of $145M upon closing of the transaction, subject to customary adjustments. Identiv also appointed Kirsten Newquist as President, IoT Solutions, effective April 15, 2024. Newquist will join Identiv after 17 years at Avery Dennison. She was most recently Global Vice President, Avery Dennison Smartrac, and previously held other leadership roles including the VP/GM of Avery Dennison Medical. The transaction is expected to close in 3Q24, subject to stockholder approval and other customary closing conditions. The transaction is also subject to review and approval by the Committee on Foreign Investment in the United States and the FTC under the HSR Act. Upon closing, certain senior executives will join Vitaprotech, including Identiv CEO Steven Humphreys, at which time incoming President Kirsten Newquist will assume the role of CEO of Identiv.