Customers Include a Top 5 U.S. Bank and a Leading Mexican Bank
FREMONT, Calif., December 27, 2018 — Identiv, Inc. (NASDAQ: INVE), a global provider of physical security and secure identification, has secured new agreements with two major customers in the banking vertical.
The first new agreement is a three-year software and services agreement with an existing customer that has been using Identiv’s 3VR video and analytics solution for bank branch security, fraud detection and ATM skimming prevention. This top 5 U.S. bank customer has contracted with Identiv to provide maintenance services to support its video security and analytics infrastructure, which encompasses over 10,000 video surveillance cameras throughout North America. The aggregate value of the contract exceeds $3 million.
Additionally, the company recently secured a win with a leading Mexican banking conglomerate. The initial deployment across more than 100 locations combines video security, customer experience and business enablement.
“These two wins reflect our focus on expanding our recurring revenue base, as well as continued growth and momentum in our banking vertical,” said Steven Humphreys, Identiv CEO. “It is representative of our emphasis on strategic verticals, as well as growing our recurring revenues across our customer base. Through our comprehensive solutions and our strong customer relationships, we are expanding the software revenue and services aspects of our business, as well as expanding from pure security applications into business-enabling solutions. As we continue to leverage our installed base and secure new customers, we expect our recurring revenue business to continue to increase, generating more sustainable growth and margin expansion over time.”
Identiv, Inc. is a global provider of physical security and secure identification. Identiv’s products, software, systems, and services address the markets for physical and logical access control, video analytics and a wide range of RFID-enabled applications. Customers in the government, enterprise, consumer, education, healthcare, banking, retail, and transportation sectors rely on Identiv’s access and identification solutions. Identiv’s mission is to secure the connected physical world: from perimeter to desktop access, and from the world of physical things to the Internet of Everything. Identiv is a publicly traded company and its common stock is listed on the NASDAQ Capital Market in the U.S. under the symbol “INVE.” For more information, visit identiv.com.
Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations as well as the current beliefs and assumptions of the Company’s management and can be identified by words such as “anticipates”, “believes”, “plans”, “will”, “intends”, “expects”, and similar references to the future. Any statement that is not a historical fact, including the statements regarding the Company’s expectations with respect to its recurring revenue business increasing and contributing growth and margin expansion over time, its focus on strategic verticals, its anticipated growth from its installed base and new customers is a forward-looking statement. Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, actual results for fiscal 2019 and beyond, the Company’s ability to grow recurring revenues and continue the momentum in its business, its ability to successfully execute its business strategy, the level of customer orders, the success of its products and partnerships, industry trends and seasonality, and factors discussed in our public reports, including our Annual Report on Form 10-K for the year ended December 31, 2017 and subsequent reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update such statements.
Investor Relations Contact:
Matt Glover and Najim Mostamand, CFA
Liolios Group, Inc.