Identiv Inc. has finalized the divestiture of its Internet of Things (IoT) business assets and the legacy Identiv brand to Trackonomy Systems Inc. In exchange, the company received $50 million in Trackonomy preferred equity, subject to a post‑closing adjustment.
Following the transaction, Identiv changed its corporate name to INVE Technologies Inc. The company’s shares continue to trade on the Nasdaq under the ticker INVE. INVE Technologies said it will concentrate on building a physical AI software‑as‑a‑service platform, pursuing strategic acquisitions of compliance SaaS providers and working toward a partnership with Trackonomy on software opportunities.
James Greenwell, who has held senior roles at Spotlite360, Datria Systems, MusclePharm and DecisionOne, will serve as interim chief executive officer effective September 21. Current CEO Kirsten Newquist will resign on the same date, remain an employee through the end of September, and step down from the board on September 30.
Board chairman James Ousley commented that the transaction marks a strategic milestone for the company. Financial adviser Raymond James & Associates Inc. and legal counsel Pillsbury Winthrop Shaw Pittman LLP represented Identiv in the deal. The company is headquartered in Santa Ana, California.
