Santa Ana’s Identive Group Inc. has grown on the heels of the government’s push to beef up security at its buildings after the 2001 terrorist attacks.
Identive, formerly Hirsch Electronics Corp., makes scanners, readers, cards and other devices that provide security to buildings, computers and networks.
The company is a newcomer to the Business Journal’s 2010 list of the fastest-growing public companies in Orange County and ranks No. 6.
Identive 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 this June.
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’s big on biometrics, or using fingerprint or eye scans to verify identity.
“Everything is going toward not just carrying a card,” said Larry Midland, executive vice president of Identive and founder of Hirsch. “Just because you have a card or a code, it doesn’t mean you are who you say you are.”
The company is winning more business as its customers—usually top-tier 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.
The company came to have its headquarters here by way of an acquisition.
Predecessor Hirsch was bought by Germany’s SCM Microsystems Inc., a maker of smart card readers, in early 2009 for about $14 million.
Identive was formed earlier this year when SCM Microsystems combined with Switzerland’s BlueHill ID AG in a deal that ended with BlueHill holding 40% of SCM’s shares.
“Hirsch, SCM and BlueHill all had the same revenue base,” Midland said. “We were all too small to be public companies on our own. It made sense to put them together.”
The newly combined company changed its name to Identive. Its shares trade on Nasdaq and on the Frankfurt Stock Exchange.
Identive’s operational headquarters is north of Munich with its on-the-books corporate headquarters in Santa Ana.
The Santa Ana operation, which has about 100 workers, includes an office and a 20,000-square-foot factory.
Identive does all of its design work, development and testing here.
The company has a pretty hands-off approach. Each acquisition operates fairly independently. Hirsch kept its operations, management and brand name after becoming part of Identive.
Before Hirsch was acquired last year, it saw roughly $24 million in yearly revenue.
THE NUMBERS
Three-year growth: 104%
12-month revenue through June: $61.7 million
Yearly loss through June: $17.4 million
Market value: $70 million
Employees: 349, 80 in OC
Company: security devices, software for access to buildings, computers, networks
