Identiv announces agreement to sell its IoT assets to Trackonomy, creating a global physical AI and intelligent supply chain leader

Identiv, a global leader in RFID- and Bluetooth Low Energy (BLE)-enabled Internet of Things (IoT) solutions, announced today that it has entered into a definitive agreement to sell its IoT business operating assets and its Thai subsidiary to Trackonomy Systems, a pioneer in battery-powered smart labels and a global leader in Physical AI. This transaction represents a significant milestone in the Company's strategic evolution and positions Identiv for its next chapter of growth.
 
Under the terms of the agreement, Identiv will sell its IoT assets, including its German R&D center, and its Thai subsidiary, and will contribute $25 million in cash, in exchange for $50 million in Trackonomy preferred equity. Identiv's cash contribution is intended to support integration efforts and fund incremental capital expenditures, including the scale-up of high-volume opportunities.
 
The two companies have also entered into a strategic partnership framework agreement to work toward a definitive agreement to collaborate on new software opportunities that leverage Trackonomy's physical AI platform. Following the transaction close, Identiv's strategy will focus on building a physical AI SaaS business synergistic with this platform, aiming to drive revenue growth and maximize long-term stockholder value.
 
Trackonomy serves major global enterprises across healthcare, airline, logistics, and manufacturing markets, as well as government. Its platform uses low-cost, cloud-connected sensors and AI to bring real-time visibility and intelligence to physical goods and assets. Privately held Trackonomy has raised over $250 million and is backed by prominent venture capital firms and investors, including 8VC, Kleiner Perkins, Koch Disruptive Technologies, and InQTel, among others.
 
The sale is expected to close in Q3 or early Q4 fiscal year 2026, subject to customary closing conditions, including Identiv stockholder approval at a meeting of stockholders to be scheduled. Identiv intends to remain a publicly listed company on the Nasdaq stock exchange under the ticker symbol "INVE"; however, the Identiv name and brand will be included in the sale of the IoT business operating assets, and the name of Identiv's remaining public company will change after transaction close.
 

Highly Complementary Capabilities and Compelling Synergies

The two businesses have complementary products and capabilities, and Trackonomy's acquisition of Identiv's IoT assets is expected to create compelling strategic and operational synergies. Trackonomy's deep expertise in large-scale deployments is expected to strengthen execution across strategic programs from Identiv. In addition, Trackonomy's acquisition of Identiv's operations, including its state-of-the-art Thailand manufacturing site, is intended to support Trackonomy's growing demand for production capacity, increase utilization, and drive meaningful cost efficiencies. Overall, the transaction is expected to generate substantial synergies that Identiv believes will support its long-term strategic objectives and benefit its equity ownership in Trackonomy.
 

Identiv Post-Closing Strategy Targets SaaS Acquisitions to Drive Value Through Integration into Trackonomy's Physical AI Platform

Following the sale of its IoT operations, Identiv will transition into a SaaS and physical AI-focused company. Leveraging its core expertise in RFID and BLE technologies, Identiv intends to acquire compliance SaaS companies in highly regulated industries at attractive valuations using a combination of cash and stock. Through the expected definitive strategic partnership, these acquired software assets will be integrated into Trackonomy's physical AI data platform, enhancing the services with a physical AI data and infrastructure layer. This unique integration is intended to create immediate end-customer value and competitive differentiation, expand market reach, and contribute to revenue growth for Identiv's acquired SaaS businesses.
 
Identiv is actively evaluating potential acquisition opportunities, with the objective of completing an acquisition shortly after the closing of the transaction with Trackonomy.
 

Leadership Commentary

"After conducting an extensive review of strategic alternatives, Identiv's Board of Directors is pleased that the process has resulted in this unique value-creating transaction that will benefit our multiple stakeholders," said James Ousley, Chairman of the Board of Identiv. "Our largest shareholder is supportive of this transaction and has entered into a voting agreement with the company and Trackonomy. The Identiv Board also unanimously supports this transaction and Identiv's go-forward business strategy."
 
Mr. Ousley continued, "Importantly, Identiv stockholders will be able to benefit from potential upside that may be realized from our expected strategic partnership with Trackonomy and future value creating opportunities long after transaction close."
 
"I am incredibly proud that Trackonomy recognizes our team's achievements and specialized RFID and BLE capabilities. This transaction significantly transforms the company by streamlining and reducing execution risk for Identiv's IoT business, while preserving financial upside potential for our stockholders through participation in Identiv's go-forward strategy and ownership interest in Trackonomy," said Kirsten Newquist, CEO of Identiv.
 
"By acquiring Identiv's IoT business assets, I believe Trackonomy can continue its growth and further enhance its position as a leading global provider of vertically integrated physical AI-based solutions across multiple industries," said Dr. Erik Volkerink, Co-Founder and CEO of Trackonomy.
 

Governance and Leadership

Upon close of the transaction, Dr. Volkerink will become an observer of Identiv's Board of Directors, and Mr. Ousley will become an observer of the Trackonomy Board. These appointments are intended to facilitate strategic alignment, continuity, oversight, and direct insight into the two companies' strategies and execution. The Identiv Board expects the synergies between both companies to scale quickly, fostering a collaborative and mutually beneficial strategic relationship. 
 
Furthermore, the Identiv Board intends to significantly streamline the Company's go-forward organizational structure into a highly focused, cross-functional team dedicated to driving the new SaaS and physical AI strategy. Post-close, the Board intends to add senior leadership with deep experience in SaaS and M&A integration to lead the organization and successfully execute this next chapter of growth.