FREMONT, Calif. - Identiv, Inc. (NASDAQ: NASDAQ:INVE), a global player in digital security and identification for the Internet of Things (IoT), today announced the appointment of Kirsten Newquist as President, IoT Solutions. Newquist is slated to become CEO following the closure of Identiv's pending transaction with Vitaprotech, a security solutions provider.
With nearly three decades of industry experience, Newquist brings a wealth of knowledge from her tenure at Avery Dennison Corporation (NYSE:AVY). Her most recent role as Global Vice President of Avery Dennison Smartrac, the company's RFID division, saw significant growth in sales and profitability through innovative strategies and an expanded manufacturing footprint. Prior to that, she held senior roles at Copia Associates, Ancora Management Group, and Iwerks Entertainment.
Newquist expressed enthusiasm about her new role, highlighting Identiv's potential to grow its leadership position within the specialty IoT market. She emphasized the company's capabilities in healthcare and other sectors, noting Identiv's potential to deliver applications that improve patient safety and outcomes.
James Ousley, Chairman of the Board of Identiv, praised Newquist's market vision and customer-focused execution, which are expected to drive value creation and capitalize on the digital healthcare revolution. Steven Humphreys, CEO of Identiv, also commended Newquist's expertise and customer-centric approach, which align with Identiv's operational goals.
The transaction with Vitaprotech is anticipated to close in the third quarter of 2024, pending stockholder approval, customary closing conditions, and regulatory reviews by CFIUS and the FTC under the HSR Act.
Identiv, Inc. specializes in RFID, NFC, cybersecurity, and a range of physical security solutions. The company's forward-looking statements reflect its strategy and goals, highlighting its strengths and the expected benefits of Newquist's leadership.
InvestingPro Insights
As Identiv, Inc. (NASDAQ: INVE) welcomes Kirsten Newquist to its executive team, the company's financial standing and market performance provide a backdrop for assessing its potential going forward. According to InvestingPro data, Identiv holds a market capitalization of 117.12 million USD. Despite the challenges in profitability with a negative P/E ratio of -17.06 indicating losses in the last twelve months as of Q4 2023, analysts have a positive outlook, predicting that the company will be profitable this year. This aligns with Newquist's vision for growth and operational goals.
Moreover, Identiv's stock has been trading near its 52-week low, which could suggest a potential entry point for investors, as per one of the InvestingPro Tips. The company's balance sheet strength is highlighted by the fact that it holds more cash than debt, providing financial flexibility as it embarks on new initiatives under Newquist's guidance. Additionally, the stock's RSI suggests it is in oversold territory, hinting at a possible rebound, which could be timely considering the upcoming transaction with Vitaprotech.
For investors seeking more in-depth analysis, InvestingPro offers additional tips that could further inform investment decisions. With the use of coupon code PRONEWS24, new subscribers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription. Discover more exclusive insights and tips by visiting https://www.investing.com/pro/INVE, where 9 additional InvestingPro Tips are available.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.