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Identive Agrees to Acquire Outstanding Shares of idOnDemand
GlobeNewswire 2011-12-28
SANTA ANA, Calif. and ISMANING, Germany, Dec. 28, 2011 (GLOBE NEWSWIRE)
-- Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV), a provider of
products, services and solutions for the identification, security and
RFID industries, today announced it entered into an agreement on
December 22, 2011 among Identive, ActivIdentity Corporation and
idOnDemand, Inc. to acquire the remaining outstanding shares of
idOnDemand, Inc. held by ActivIdentity for a sum of $500,000. The
agreement contains customary provisions and certain releases. Upon
consummation of the share purchase, idOnDemand will be a wholly-owned
subsidiary of Identive.
"As we expand our R&D investment in SaaS and gear up to launch our
cloud-based secure NFC platform, we view full ownership of idOnDemand
to be strategically important and we are pleased to have been able to
reach this agreement," stated Ayman S. Ashour, Chairman and CEO of
Identive.
As previously announced, Identive acquired more than 95 percent of the
shares of stock of idOnDemand, Inc. on May 2, 1011. Based in
California, idOnDemand is a pioneer of the Software as a Service (SaaS)
business model, delivering a managed identity service that allows
organizations to use a single, globally trusted credential for secure
access to buildings, computers, mobile devices and corporate
information stored in the cloud.
About Identive Group
Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV) is focused on
building the world's signature company in Secure ID. The company's
products, software, systems and services address the markets for
identity management, physical and logical access control, NFC and a
host of RFID-enabled applications for customers in the government,
enterprise, consumer, education, healthcare and transportation sectors.
Identive's mission is to build a lasting business of scale and
technology based on a combination of strong technology-driven organic
growth and disciplined acquisitive expansion. For additional info
visit: www.identive-group.com.
The Identive Group, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8072
CONTACT: Darby Dye
+1 949 553-4251
ddye@identive-group.com
Lennart Streibel
+49 89 9595 5195
lstreibel@identive-group.com
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