12.26.18
Identiv, Inc. has entered into a definitive agreement to acquire substantially all assets of the Freedom, Liberty, and Enterphone MESH products and services of Viscount Systems, Inc.
The acquisition is expected to strengthen Identiv’s premises segment with advanced, complementary solutions for the commercial and small- and medium-sized business (SMB) markets, leveraging Freedom’s IT-centric software, defined architecture, and hardware-light platform. The acquisition also marks a strategic step towards Identiv’s vision of converged, highly secure yet frictionless access to places and information, ranging from traditional on-premises solutions to web-based and cloud solutions.
The acquisition will add Viscount’s web-based Freedom access control and Enterphone MESH telephone entry solutions to Identiv’s premises solutions. The Freedom platform is known for its early adoption of web, API-based, cloud-ready architecture. Focused on the SMB and commercial markets, Freedom and the entry-level Liberty product line, are highly scalable, making them suitable for enterprise and federal solutions as well.
“This is another key step on Identiv’s path to deliver trusted as well as disruptive security solutions to our global customers,” said Steven Humphreys, CEO of Identiv. “Freedom and Enterphone MESH are highly complementary offerings, allowing us to address more customers and channels, adding SMB and distribution focus in the commercial market. The highly scalable web- and cloud-based architecture aligns directly with our vision of an integrated software platform for convenience and security. Just as important as the products, the Freedom team includes early leadership from such forward-looking companies as Open Options and Quantum Secure and industry stalwarts such as Tyco.”
Identiv expects the acquired product lines to add between $4 million and $5 million to the company’s Premises segment revenue in fiscal 2019.
The asset purchase agreement is subject to customary closing conditions and is expected to close on or about Jan. 2, 2019. The total consideration at close is expected to be $3 million, comprised of $1 million in cash and $2 million in shares of Identiv common stock.
The acquisition is expected to strengthen Identiv’s premises segment with advanced, complementary solutions for the commercial and small- and medium-sized business (SMB) markets, leveraging Freedom’s IT-centric software, defined architecture, and hardware-light platform. The acquisition also marks a strategic step towards Identiv’s vision of converged, highly secure yet frictionless access to places and information, ranging from traditional on-premises solutions to web-based and cloud solutions.
The acquisition will add Viscount’s web-based Freedom access control and Enterphone MESH telephone entry solutions to Identiv’s premises solutions. The Freedom platform is known for its early adoption of web, API-based, cloud-ready architecture. Focused on the SMB and commercial markets, Freedom and the entry-level Liberty product line, are highly scalable, making them suitable for enterprise and federal solutions as well.
“This is another key step on Identiv’s path to deliver trusted as well as disruptive security solutions to our global customers,” said Steven Humphreys, CEO of Identiv. “Freedom and Enterphone MESH are highly complementary offerings, allowing us to address more customers and channels, adding SMB and distribution focus in the commercial market. The highly scalable web- and cloud-based architecture aligns directly with our vision of an integrated software platform for convenience and security. Just as important as the products, the Freedom team includes early leadership from such forward-looking companies as Open Options and Quantum Secure and industry stalwarts such as Tyco.”
Identiv expects the acquired product lines to add between $4 million and $5 million to the company’s Premises segment revenue in fiscal 2019.
The asset purchase agreement is subject to customary closing conditions and is expected to close on or about Jan. 2, 2019. The total consideration at close is expected to be $3 million, comprised of $1 million in cash and $2 million in shares of Identiv common stock.
