Vitaprotech Group Goes Global with Identiv Buy for $145m

Leading European electronic security group Vitaprotech has signalled its global aspirations with the signing of a stock and asset purchase agreement with Identiv to acquire its security business for $145m.

© Vitaprotech and Identiv
© Vitaprotech and Identiv

Vitaprotech will 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), with the support of Seven2 and BPIfrance.

The acquisition marks a significant milestone for Vitaprotech, and will create a global leader in cybersecure physical security solutions for enterprise, hospital, OSE and government customers.

It materially expands the group's 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.

Identiv’s security business – which employs more than 200 across the US, Canada, Germany and India – provides an industry-leading high-security platform that has been trusted by government agencies and commercial organisations worldwide.

FedRAMP Marketplace Authorization

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 FedRAMP Marketplace Authorization and its access control readers are certified as FICAM-compliant, validating highest cybersecurity standards.

Identiv has grown significantly through its strong innovation capabilities in the pursuit of satisfying highest security demands, providing room for strong collaboration with the current business of Vitaprotech.

Eric Thord, President of Vitaprotech, said: "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."

Cybersecure Physical Security Solutions

The combination of Vitaprotech and Identiv’s security business will establish a global leader in cybersecure physical security solutions. The combined group will generate revenues in excess of $185m with more than 700 employees worldwide.

Thord continued: "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."

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 (PSIMs).

"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).

Vitaprotech's Ambitious Acquisition Strategy

Henry Capelle, Partner in the Tech & Telecom Team of shareholders Seven2, said: "Seven2 is delighted to continue its commitment to support an ambitious acquisition strategy for the group. Since our investment in January 2023, this marks the second add-on acquisition for Vitaprotech and is truly transformative for the company on its journey to become the global leader in electronic security.

"Both Vitaprotech and Identiv’s security business reinforce each other with a highly complementary value proposition, solution offering and geographic footprint. The acquired business will serve as the nucleus in North America for further organic and inorganic growth initiatives. In addition, the combined entity is expected to realise significant synergies."

Raymond James & Associates Inc is serving as financial advisor and Weil Gotshal & Manges LLP as legal counsel to Vitaprotech.

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