Omada A/S, a global pioneer of Identity Governance and Administration (“IGA”) software and cloud delivered IGA services, announced the appointment of Michael Garrett as CEO. IGA services improve compliance and IT security, manage secure access across all corporate systems, ensure employee access is compliant with access policies and help to automate IT processes for better efficiency. Michael joins Omada with extensive software and services experience and was most recently CEO at Workshare, a UK-based provider of secure enterprise file sharing and collaboration applications. Prior to this he spent 15 years at Hewlett Packard where he led the Global Software Services Division. Michael will bring deep global software experience to the existing leadership team enabling the acceleration of Omada’s growth. Michael takes over as CEO from founder Morten Boel Sigurdsson, who is taking on a new role as President of the rapidly expanding North American region where his knowledge and experience will be vital. Significant growth and investment plan IGA is one of the fastest evolving requirements of digital transformation, compliance and IT security" The appointment forms part of a significant growth and investment plan following the acquisition of Omada by two leading private equity firms, CVC Capital Partners and GRO Capital. Michael’s appointment is the latest of a number of key leadership and Board changes over the last year, including; adding industry leading technology executives, Kevin Hickey (President & CEO of Prevalent and previously President & CEO of Beyond Trust) and Franck Cohen (previously President SAP Digital Core & Industry Solutions and previously President SAP EMEA) as Non-Executive Board Directors and Jim Ousley (Senior Operating Partner at CVC Growth Partners, previously CEO at Savvis, and several other global technology companies) as Chairman of the Board, as well as new leaders in the Services and US Sales teams (Lars Bell and Jim Voloumanos). Identity and access governance Jim Ousley, Chairman, says: “We are excited to have Michael join the leadership team at Omada. His extensive and proven industry expertise in leading global software and services organisations will be a great addition to the company, coupled with the other on-going positive enhancements we are making as we embark on our next stage of global growth.” IGA leadership position was named as Leader in 2019 Gartner Magic Quadrant for Identity Governance and Administration “I am very pleased to join Omada at this pivotal time in the company’s history”, said Michael Garrett. “IGA is one of the fastest evolving requirements of digital transformation, compliance and IT security. Organisations across the globe are currently in a transition to the next generation of identity and access governance and this is exactly what Omada provides today,” Michael continues. “I believe Omada is perfectly positioned with a superior enterprise grade IGA SaaS solution in combination with the unique best practice IGA process framework. Flexible compliance products “This combination differentiates Omada in the market, accelerating adoption and return on investment for its customers. I look forward to working with the broader Omada team to execute on our transformational growth strategy.” Morten Boel Sigurdsson adds, “Omada is experiencing strong demand for its software and services offerings driven by increasing market demand for efficient, flexible compliance products and services. Our IGA leadership position was recently highlighted by being named as a Leader in the 2019 Gartner Magic Quadrant for Identity Governance and Administration. I look forward to working with Michael and our team in this exciting new chapter for the company.”
Identiv, Inc, a global provider of physical security and secure identification, has entered into a definitive agreement to acquire 3VR Security, Inc., a video technology and data analytics company. It is anticipated that this combination will provide Identiv with a full range of technologies to deliver its vision for secure, pervasive yet frictionless premises security, situational awareness and business insights. 3VR’s video intelligence solutions provide a single platform for real-time security and customer insights, enabling organisations to protect employees, customers and assets as well as improve store operations and shopping experiences. 3VR’s open, pluggable platform leverages existing customer infrastructure and allows customers to expand their systems’ capabilities seamlessly. 3VR serves customers in the financial services, retail, hospitality and other industries. Video intelligent solutions “We are advancing our global strength in the premises security industry, particularly in the attractive and fast-growing video segment,” said Jim Ousley, Chairman of Identiv’s Board of Directors. “This accretive acquisition is part of our communicated plan to grow both organically and inorganically. Overall, we believe 3VR takes us closer to achieving our long-term model and becoming an at-scale growth company.” Steven Humphreys, CEO of Identiv, stated: “Customers are looking for integrated solutions for access, video and analytics. The acquisition allows us to address this demand by including video security as part of our overall premises security and technology platform. Since access control and video management go hand-in-hand, we believe 3VR is a great fit from a technology, strategic, and financial perspective. The combined companies’ breadth of solutions across our Hirsch Access Control, 3VR video surveillance, real-time analytics, our access readers, RFID and identity cards would represent a complete solution for customers to adopt an entire physical security platform that’s extensible into real-time people and item tracking, consumer experience enhancement and business optimisation.” Security and business intelligence solutions Al Shipp, CEO of 3VR, commented: “The 3VR team is excited to be joining the Identiv team who shares our passion for innovation enabling a new level of security and business intelligence solutions. This combination offers greater scale that will accelerate that innovation, creating more value for customers which has been a core tenet of 3VR’s since our founding.” Mark Allen, General Manager, Physical Access of Identiv, said: “Our DNA has always been to build trusted relationships with our customers and partners. Our companies’ vertical expertise and anchor customer strengths reflect our shared strategy as a trusted advisor to our customers. Since the video industry has arrived at the point where everything is digital — from the camera to the screen — the focus now is on usability. The combination of Identiv and 3VR not only makes sense but when we integrate 3VR’s video technology into our Hirsch PACS platform, we anticipate creating a seamless user experience. Today, Identiv is substantially deepening the scope of the solutions and bringing these benefits to the physical world of people, places and things.” Investments towards premises segment revenue Identiv expects 3VR to add between $10 million and $11 million to the company’s premises segment revenue in fiscal year 2018. Identiv also expects 3VR to contribute a mid-term target non-GAAP adjusted EBITDA margin of approximately 10% post synergies. Identiv’s acquisition of 3VR is subject to customary closing conditions and is expected to close no later than February 20, 2018. The total consideration at close is expected to be $6.9 million, comprised of $1.6 million in cash; $2.0 million in subordinated promissory notes; and $3.3 million in shares of Identiv common stock. Additionally, in the event 3VR achieves certain significant shipment targets in 2018, Identiv would be obligated to issue additional earnout consideration in shares of Identiv common stock, and in the event that 3VR generates certain additional gross margin concerning a supply arrangement, Identiv would pay a portion of the additional margin as consideration, as further described in the definitive agreement.
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