Orange County Business Journal

Analyst Ups Rating on STEC, Calls Selloff Overdone

Down 25% Since May 11; Growth Prospects Remain Chris Casacchia Sunday, May 22, 2011

T3 also raised $12 million by selling shares to investors. It plans to use the proceeds from the offering to repay debt and for research and development, sales and marketing and hiring.

The company’s three-wheel cruisers are used by security guards, police officers, dock workers and others. They’re used by more than 700 companies and agencies, including police departments for Los Angeles, New York and Dallas as well as by the Royal Canadian Mounted Police.

The company’s developed a prototype for a front-wheel drive, three-wheeled electric vehicle for consumers. The GT3 model is expected later this year.

Identive Director

Industry veteran Phil Libin was appointed to the board of Santa Ana’s Identive Group Inc., a maker of scanners, readers, cards and other devices that provide security to buildings, computers and networks.

Libin has led three technology companies and is chief executive of Evernote Corp., a Mountain View-based online company that allows users to capture, store and locate information and photos on mobile devices and other products.

Identive is one of the county’s fastest growing public companies. It ranked No. 6 on the Business Journal’s 2010 list of the fastest-growing public companies in Orange County.

It posted 104% revenue growth for the three years through June 30. It went from $30 million in revenue for the 12 months through June 2008 to $62 million for the same period through June 2010.

Identive’s Santa Ana operations specialize in designing and making devices for what’s called physical access—security systems that let only certain people inside a building.

The company is winning more business as its customers—including government contractors and big security companies—win pieces of government funding allotted for upgrading security systems.

Identive’s customers include federal, state and local governments here and abroad. It also sells to hospitals, schools and utility companies.

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