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Identive’s Board of Directors has approved the sale of non-core businesses as part of a plan to simplify the company’s organizational architecture and enhance its focus on high-growth products and markets. Within the next few months, the company expects to execute agreements to sell its Multicard U.S. business as well as the assets related to its Tagtrail™ platform.
“Simplification, focus and growth. Those are the key principles guiding the company over the next few months as we look to create long-term value for our stakeholders,” said Jason Hart, chief executive officer of Identive. “As discussed on our recent earnings call, we are implementing dramatic changes to philosophically and structurally transform Identive into a single, unified company focused on providing trusted ID products for high-growth markets. Part of our right-sizing of the business is to strip out activities that are not core to this vision. A simpler and more focused organization will allow us to make meaningful reductions in our operating expense base and to enhance investment in our target growth markets such as cloud-based identity management.”
In regards to Identive’s government ID business, Dr. Manfred Mueller, chief operations officer of the Identive Group, told Silicon Trust: “During September Identive announced changes to our executive leadership and board and reiterated our focus on the core activities for which the company is best known: providing great products and solutions for Secure Access. Our historic focus on the logical and physical access markets remains unchanged and is in fact stronger than ever. Government ID remains a significant component of Identive’s business worldwide, and we are leveraging our know-how in this market to offer government-grade, high assurance solutions to our enterprise customers. We continue to expand our portfolio of leading smart card readers and tokens and to build out our next-generation HIRSCH platform for physical access control. We are also using our expertise and capabilities in cloud-based identity management and secure mobile authentication to provide our customers with a clear pathway to incorporate these emerging technologies.”