Identiv, based in Fremont, Calif., said it has received regulatory approval for the company’s sale of its physical security business to Vitaprotech, a security solutions provider with headquarters in France. 

The $145 million cash transaction — announced in April — positions Identiv for a strategic shift toward its IoT security and digital identity platform, which incorporates RFID and NFC technologies. According to Identiv, the cash injection enhances its financial stability and provides the necessary resources to drive expansion in the IoT sector. Meanwhile, the deal allows Vitaprotech to acquire Identiv’s portfolio of physical security, access cards and biometric identity readers. 

Identiv received approval from the U.S. Department of Treasury on Aug. 19, representing the Committee on Foreign Investment in the United States (CFIUS), confirming there are no unresolved national security concerns related to the proposed transaction. With all regulatory and shareholder approvals in place, Identiv and Vitaprotech are moving forward to close the transaction within 30 days of CFIUS approval. 

Identiv CEO Steven Humphreys described the sale as “a game-changing transaction for the future of Identiv” when it was first announced, adding, “This strategic step is extremely positive for our IoT business, with the capital, leadership, team and industry position to lead in our markets.”