Identive Group, Inc. (INVE) Reports In-Line Q1 EPS; Acquires SaaS Provider idOnDemand

May 4, 2011 7:12 AM
Identive Group, Inc. (NASDAQ: INVE) reported Q1 EPS of ($0.02), in-line with the analyst estimate of ($0.02). Revenue for the quarter came in at $22.4 million versus the consensus estimate of $22.91 million.

Identive also announced that it acquired idOnDemand, Inc.

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.

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.

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Earnings Mergers and Acquisitions