International. With the support of Seven2 and BPIfrance, Vitaprotech announces the signing of a share and asset purchase agreement to acquire the physical security operations and assets, access cards and identity readers of Identiv, an IoT digital identification and security company.
The acquisition marks an important milestone for Vitaprotech, as it materially expands access to the North American market and fulfills the strategic objective of expanding further outside of Europe.
Under the terms of the agreement, Identiv will receive a cash payment of approximately US$145 million upon closing of the transaction, subject to certain customary adjustments.
With more than 200 employees and a presence in the United States, Canada, Germany, and India, Identiv's security business provides a high-security platform that has been trusted by government agencies and commercial organizations around the world.
The company's solutions combine the full spectrum of physical, video and audio access security, as well as on-premises and cloud-based access control, as well as VMS software. Its cloud-based software solutions have received FedRAMP Marketplace authorization and its access control readers are certified as FICAM compliant.
The combination of Vitaprotech and Identiv's security business will generate revenues in excess of $185 million with more than 700 employees worldwide.
"It is a pleasure for me to welcome Identiv's security business to the Vitaprotech group. Identiv's security business, under the Hirsch, Velocity, TouchSecure, ScramblePad and other Identiv brands, has built an excellent reputation and expertise in the field of high-security video and access control applications. The combination of their physical security, mobile access control and cloud-based offering is truly impressive and adds value for the entire Vitaprotech group," said Eric Thord, executive at Vitaprotech.
Thord said Steven Humphreys will join Vitaprotech as Deputy Chief Executive Officer and Identiv's management will lead North American activities, as well as key infrastructure and product activities. "I look forward to working alongside them to shape the future of this newborn global group," he added.
Steven Humphreys, from Identiv, said: "Our products together represent the industry's most comprehensive platform, encompassing access control, perimeter security, video surveillance, analytics, credentials, physical and logical access readers, monitoring and physical security management software (PSIM). With great strength in Europe, the Middle East and throughout North America, we are one of the most truly global security companies. Together we protect some of the world's most critical locations, with a platform built with the highest levels of physical and cyber security, scalable from small shops to global enterprises and government organizations."
Henry Capelle of Seven2 said: "Seven2 is pleased to continue its commitment to support an ambitious acquisition strategy for the group. Since our investment in January 2023, this is the second additional acquisition for Vitaprotech and is truly transformative for the Company on its journey to become the global leader in electronic security."
Following the announcement, the transaction is expected to close in the third quarter of 2024, subject to the approval of Identiv's shareholders and other customary closing conditions. The transaction is also subject to regulatory approval under the Hart-Scott-Rodino Act (HSR) and approval by the Committee on Foreign Investment in the United States (CFIUS).
