Identiv, Inc. closed the sale of its Internet of Things business to Trackonomy Systems, Inc. on 15 September 2026 and immediately renamed itself INVE Technologies, Inc. The legacy Identiv brand went to Trackonomy with the assets, leaving the Santa Ana, California company with a new name, a stake in a private buyer and no RFID manufacturing of its own. Its shares continue to trade on Nasdaq under the same ticker, “INVE”, which is about the only piece of the old identity that survives.
INVE Technologies received $50 million in Trackonomy preferred equity at closing, subject to post-closing adjustment. The two companies said they are working towards a definitive strategic partnership to collaborate on software opportunities built on Trackonomy’s platform.
What Trackonomy has actually bought
The transaction was first announced on 24 June 2026. Identiv agreed to hand over its IoT operating assets, its German research and development centre and its Thai subsidiary, and to contribute $25 million in cash towards integration and capital spending, in return for the $50 million preferred stake.
That package is a working RFID manufacturer, not a patent portfolio. Identiv made HF and NFC inlays and tags at 13.56 MHz, UHF RFID products and Bluetooth Low Energy smart labels, sold into healthcare and pharmaceutical packaging, consumer electronics, luxury goods, logistics and smart packaging. Its ID-Tiny family of ultra-miniaturised HF/NFC inlays was designed for items with almost no room for a tag, such as surgical instruments, pharmaceutical vials and wireless earbuds.
Production sits in Bangkok. Identiv started output at the 22,600 square foot Thai plant, inside a free trade zone, in July 2023, rated at roughly 600 million single-pass RFID units a year, and announced on 18 December 2025 that it had finished shifting manufacturing there from Singapore after a two-year process. The site’s differentiator is multicomponent manufacturing, combining chips, sensors and batteries into a single RFID or BLE tag, which is precisely the capability a battery-powered smart label business needs.
Trackonomy Systems is a privately held US company co-founded and led by Dr Erik Volkerink. It builds battery-powered smart labels and what it calls physical AI, low-cost cloud-connected sensors that report on goods as they move, and sells into healthcare, airline, logistics, manufacturing and government markets. It has raised more than $250 million from backers including 8VC, Kleiner Perkins, Koch Disruptive Technologies and In-Q-Tel, and bought BLE chip developer InPlay in September 2025. Owning Identiv’s plant means it can now build its own labels rather than buy them in.
The second disposal in two years
This is the second time in two years that the company has sold its main operating business. In April 2024 Identiv agreed to sell its physical security, access card and identity reader operations to security group Vitaprotech for $145 million. That deal closed on 9 September 2024 for about $144.2 million in cash, and Vitaprotech relaunched the operations under the Hirsch brand. Kirsten Newquist, then president of IoT solutions, succeeded Steven Humphreys as chief executive at that point, with RFID and IoT left as the entire business.
Selling that too leaves INVE Technologies holding cash, a minority position in Trackonomy and a strategy rather than a product. The company says it intends to build a physical AI software-as-a-service business aligned with Trackonomy’s platform, assembled through targeted acquisitions of compliance SaaS companies in regulated industries.
A new name and an interim chief executive
James Greenwell becomes interim chief executive on 21 September 2026. The company cites more than 30 years of executive experience across the RFID, IoT and supply chain markets, with previous roles at Spotlite360, Datria Systems, MusclePharm and DecisionOne.
Newquist resigns as chief executive the same day, remains an employee through the end of September 2026 and leaves the board on 30 September 2026. “Today marks the beginning of an exciting new chapter in our company’s history,” she said. Chairman James Ousley said that “bringing this transformational transaction to a successful close marks an important strategic milestone for our company”.
Raymond James & Associates, Inc. acted as financial adviser on the transaction and Pillsbury Winthrop Shaw Pittman LLP as legal counsel. More on consolidation across the tag and inlay market is in the Company & Financial section.
