According to the company, this acquisition will create a global leader in cyber secure physical security solutions for enterprise, hospital, OSE and government customers.

With the support of Seven2 and BPIfrance, Vitaprotech has signed a stock and asset purchase agreement to acquire the physical security, access card and identity reader operations and assets of Identiv, a global digital security and identification leader in the Internet of Things (IoT). The acquisition marks a significant milestone for Vitaprotech, materially expanding access to the North American market, delivering on the strategic objective to further expand outside of Europe.

Under the terms of the agreement, Identiv will receive an all-cash payment of approximately $145 million upon closing of the transaction, subject to certain customary adjustments.

With more than 200 employees and presence across the US, Canada, Germany and India, Identiv’s Security Business provides an industry-leading high-security platform that has been deployed by government agencies and commercial organisations worldwide. The Company’s solutions combine the full spectrum of physical access, video and audio security as well as on-premise and cloud-based access control and VMS software. Its cloud-based software solutions have been granted Fed RAMP Marketplace Authorization and its access control readers are certified as FICAM-compliant, validating highest cyber security standards.

The combined group will generate revenues in excess of $185M with more than 700 employees worldwide.

Eric Thord, Vitaprotech, commented on the move. "I am very pleased to welcome Identiv’s Security Business into 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 access control and video applications. The combination of its physical security, mobile access control and cloud-based offering is truly impressive and value enhancing for the whole Vitaprotech group. Steven Humphreys will join Vitaprotech as our Deputy CEO and Identiv’s management will lead our North American activities and key product and infrastructure activities. I am looking forward to working alongside them in shaping the future of this newly born global group."

Identiv's, Steven Humphreys, said, "This highly complementary business combination is a true win for both the Identiv and Vitaprotech teams as well as for our customers, partners and the industry overall. Our products together represent the industry’s most complete platform, spanning access control, perimeter security, video surveillance, analytics, credentials, physical and logical access readers, monitoring and physical security management software (PSIM’s). With deep strength in both Europe and the Middle East and across North America, we’re one of the most truly global security companies. Together we secure some of the most critical locations worldwide, with a platform built on the highest levels of cyber and physical security, scalable from small shops to global enterprises and government organisations."

The transaction is expected to close in the third quarter of 2024, subject to approval by Identiv’s stockholders, and other customary closing conditions. The transaction is also subject to regulatory approval under the Hart-Scott-Rodino (HSR) Act and to approval from the Committee on Foreign Investment in the United States (CFIUS).