Key Takeaways
- Identiv closed the sale of its IoT assets and brand to Trackonomy, receiving $50 million in preferred equity and rebranding as INVE Technologies.
- The renamed company will pivot toward a physical AI compliance SaaS business under new interim CEO James Greenwell, effective Sept. 21, 2026.
Identiv closed on Sept. 15 its previously announced IoT asset sale transaction with Trackonomy Systems, Inc., a pioneer in battery-powered smart labels and a global leader in Physical AI.
Under the terms of the agreement, the legacy Identiv brand name and IoT business assets were sold to Trackonomy.and Identiv, Inc. changed its corporate name to INVE Technologies. Going forward, INVE Technologies intends to focus on building a physical AI SaaS business synergistic with Trackonomy’s platform, driven by strategic acquisitions of compliance SaaS companies.
Upon closing, INVE Technologies received $50 million in Trackonomy preferred equity, subject to post-closing adjustment. The two companies continue to work towards an expected definitive strategic partnership to collaborate on software opportunities that leverage Trackonomy’s physical AI platform.
What The Sale Means For Identiv, Trackonomy
Bringing this “transformational” transaction to a successful close marks an important strategic milestone for INVE Technologies, according to James Ousley, Chairman of the Board.
“By transitioning to INVE Technologies, securing Trackonomy preferred equity, and pivoting our business strategy around physical AI, we believe we are creating a clear, scalable growth path going forward,” said Ousley in a statement. “We remain disciplined in our capital allocation strategy and are committed to returning capital and driving long-term value for our stockholders.”
Who Will Lead INVE Technologies Next
At the close of the deal, INVE Technologies announced the appointment of James Greenwell as Interim Chief Executive Officer, effective September 21. Greenwell brings over 30 years of executive experience leading high-visibility transformations, M&A roll up strategies and execution, and SaaS commercialization across RFID, IoT, and regulated supply chain markets. He previously held executive leadership roles at Spotlite360, Datria Systems, MusclePharm, and DecisionOne.
As previously disclosed, Kirsten Newquist will resign as CEO, effective on September 21. Newquist will remain an employee through the end of September 2026 and will resign from the INVE Technologies Board effective September 30, 2026.
“Today marks the beginning of an exciting new chapter in our company’s history,” said Newquist. “Moving forward as INVE Technologies, our goal is to build a leading physical AI solutions business through targeted SaaS acquisitions, enhanced by the addition of physical AI data through our expected strategic partnership with Trackonomy.”