Identive Group buys idOnDemand
04 May, 2011
category: Corporate, Digital ID, Government
Identive Group Inc. announced that it has acquired substantially all of the shares of stock of idOnDemand Inc., a provider of service-based identity credential provisioning and management. The transaction closed on May 2.
Privately-held idOnDemand is headquartered in Pleasanton, Calif. and maintains data centers in Santa Clara, Calif. and Canberra, Australia. Jason Hart, founder, chief executive officer and the majority shareholder of idOnDemand, will continue to manage the company as a business unit within Identive Group.
idOnDemand is a provider of the Software as a Service (SaaS) business model, delivering a managed identity service that enables organizations to use a single credential for secure access to buildings, computers, mobile devices and corporate information stored in the cloud.
Based on its own IP portfolio and IP licensed from ActivIdentity, idOnDemand’s technology supports a range of corporate standards, including the U.S. government’s FIPS 201 specifications.
In return for 95.8% of the outstanding shares of idOnDemand, Identive Group paid initial consideration of approximately $2.4 million cash and 995,675 shares to a group of selling shareholders of idOnDemand. Total consideration also includes an earn-out worth up to approximately $21.0 million in shares of Identive common stock, dependent on the achievement of specific EBITDA and sales performance targets over the next three years and eight months.
