3VR’s video intelligence solutions provide a single platform for real-time security and customer insights, enabling organizations to protect employees, customers and assets as well as improve store operations and shopping experiences. 3VR serves customers in the financial services, retail, hospitality and other industries.
“Customers are looking for integrated solutions for access, video and analytics,” Steven Humphreys, CEO of Identiv, said. “The acquisition allows us to address this demand by including video security as part of our overall premises security and technology platform. Since access control and video management go hand-in-hand, we believe 3VR is a great fit from a technology, strategic, and financial perspective. The combined companies’ breadth of solutions across our Hirsch Access Control, 3VR video surveillance, real-time analytics, our access readers, RFID and identity cards would represent a complete solution for customers to adopt an entire physical security platform that’s extensible into real-time people and item tracking, consumer experience enhancement and business optimization.”
Identiv expects 3VR to add between $10 million and $11 million to the company’s Premises segment revenue in fiscal year 2018. Identiv’s acquisition of 3VR is subject to customary closing conditions and is expected to close no later than Feb. 20, 2018. The total consideration at close is expected to be $6.9 million, comprised of $1.6 million in cash; $2.0 million in subordinated promissory notes; and $3.3 million in shares of Identiv common stock.