WISeKey (SIX: WIHN) to acquire the IoT integrated circuits and semiconductor business of INSIDE Secure (Euronext Paris: INSD)
WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN), a leading cybersecurity company announced today its intention to acquire the secure Internet of Things (“IoT”) integrated circuit solutions and semiconductor business from INSIDE Secure (Euronext Paris: INSD), a leader in embedded security solutions for mobile and connected devices.
The intended acquisition and technology integration would create the first ever comprehensive trusted end-to-end cybersecurity platform for people and objects (IoT). WISeKey cybersecurity offer will include certified hardware & software, system certification, provisioning and up to management of services.
The scope of the transaction would include the transfer of products, technology, customer agreements, and certain patents. More specifically, it would include the transfer of assets related to the development and sale of secure integrated circuits for the strongly growing IoT market as well as a complete team in R&D, sales, marketing and support. The activities of INSIDE Secure to be acquired for IoT, anti-counterfeiting, brand protection, EMV payment card and secure access generated pro forma revenue (unaudited) of US$33.6 million in 2015. Ongoing support and solutions would be provided to existing INSIDE Secure customers for current products and development projects to ensure a smooth customer transition.
At closing, WISeKey would pay a cash consideration of CHF 2,000,000 (net of transferred cash) and would issue a loan note convertible into WISeKey Class B Shares in the amount of CHF 11,000,000. The convertible loan note would have a 9-month maturity, bear a 2% coupon and could be converted at the option of INSIDE Secure, after a 2-month lock-up period, into freely tradeable WISeKey Class B shares. WISeKey has a right to redeem the convertible loan note in cash, and INSIDE Secure may request redemption in cash for up to 30% of the principal amount of the convertible loan note.
The execution of the share and asset purchase agreement is expected to take place upon the completion of a customary information and consultation process with INSIDE Secure’s works councils in France and is further subject to customary signing and closing conditions. The signing and closing of the acquisition is anticipated to occur in the third quarter of 2016.
Creating the first comprehensive trusted end-to-end cybersecurity platform for people and objects (IoT)
Thanks to WISeKey solutions, IoT devices would be able to organize themselves into trusted networks based on mutual authentication, identity and integrity. This trusted cybersecurity platform will only enable IoT devices which can provide a recognized identity and a valid integrity report to communicate with peer devices that are part of the trusted community.
INSIDE Secure’s integrated circuits will allow WISeKey’s cryptographic Root of Trust (“RoT”) and digital certificates to be hosted on a hardware vault that has received the highest level of certification to encrypt the communication and authenticate the devices. Furthermore it leverages the massive deployment of WISeKey’s RoT now embedded in more than 2.5 billion devices worldwide benefitting from the strong cryptographic capabilities to operate on induced power, allowing to be deployed in all sorts of IoT products.
Addressing fast growing IoT market
The ability to authenticate and remotely manage millions of networked, automated devices and equipment is becoming pervasive − from the factory floor, to the hospital operating room, to the residential home − everything, from refrigerators, watches, wearables to wine bottles, is connecting and communicating via the Internet.
The Internet of Things security market is expected to grow from $6.89 billion in 2015 to nearly $29 billion by 2020 according to a report published by Markets and Markets, thus growing at an annual rate of 35% over the next five years. These massively deployed connected objects are facing regular attacks hence generating a large need for trusted end-to-end cybersecurity solutions.
Chairman & CEO of WISeKey, Carlos Moreira commented on the envisaged acquisition: “With this acquisition customers can directly purchase trusted end-to-end cybersecurity solutions from WISeKey, embedding personalization within Integrated Circuits and having the highest level of security certification. As an example, WISeKey’s cryptographic RoT combined with the acquired INSIDE Secure’s technology will enable wearable devices to connect safely and make secure transactions including payments. WISeKey technology will empowers IoT devices to be authenticated with digital identities via a trusted platform and/or blockchains before agreeing to communicate. I believe such a comprehensive trusted end-to-end cybersecurity platform will enable the optimum level of security to safely develop interactions in a world of connected people and objects.”
ACXIT Capital Partners acts as sole financial advisor to WISeKey and McDermott and Homburger act as legal counsels to WISeKey in this transaction.
WISeKey (SIX Swiss Exchange: WIHN) is a leading cybersecurity company and selected as a World Economic Forum Global Growth Company. WISeKey is currently deploying large scale Internet of Things (“IoT”) digital identity ecosystems and has become a pioneer of the “4th Industrial Revolution” movement launched this year at the World Economic Forum in Davos. WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) integrates wearable technology with secure authentication and identification, in both physical and virtual environments, and empowers IoT and wearable devices to become secure transactional devices. The RoT serves as a common trust anchor, which is recognized by the operating system and applications, to ensure the authenticity, confidentiality and integrity of on-line transactions. With the cryptographic RoT embedded on the device, the IoT product manufacturers can use code-signing certificates and a cloud-based signature as a service to secure interactions among objects and between objects and people. WISeKey has patented this process in the USA as it is currently used by many IoT providers.
About INSIDE Secure
INSIDE Secure (Euronext Paris: FR0010291245 / INSD) provides comprehensive embedded security solutions. World-leading companies rely on INSIDE Secure’s mobile security and secure transaction offerings to protect critical assets including connected devices, content, services, identity and transactions. Unmatched security expertise combined with a comprehensive range of IP, semiconductors, software and associated services gives INSIDE Secure customers a single source for advanced solutions and superior investment protection. For more information, visit www.insidesecure.com
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
For further information, please contact:
Carlos Moreira, +41 22 594 3000
Founder & CEO
Investor Relations (United States)
The Equity Group, Inc.
Lena Cati, 212-836-9611
Richard Vacher Detournière, +33 (0) 4 42 905 905
Group General Manager and CFO
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Seoul Semiconductor’s SunLike Series LEDs Win Product of the Year Award from Elektronik Magazine23.3.2018 18:28 | Pressemelding
Seoul Semiconductor, a global innovator of LED products and technology, announced on March 23rd that its SunLike Series natural spectrum LED product won the Gold Award at the Elektronik Product of the Year 2018 Awards, hosted by Elektronik (http://www.elektroniknet.de), a leading German electronics publication. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180323005646/en/ Product of the Year Award from Elektronik Magazine (SunLike) (Photo: Business Wire) As a publication specializing in electrical and electronic components, “Elektronik” is a prestigious magazine with an illustrious history and the largest number of subscribers in Germany. Over the past 20 years, they have conducted annual surveys among their subscribers to find the “most creative and innovative products.” Based on these survey results, Elektronik selects the top product that with the most impact in its corresponding field, and confers the awards accordingl
Elliott Welcomes Imminent Bezeq Board Overhaul and New Era for Strong Independent Governance23.3.2018 16:05 | Pressemelding
Elliott Advisors (UK) Limited (“Elliott”), which advises funds which collectively hold a significant economic interest in Bezeq The Israeli Telecommunication Corporation Ltd. (“Bezeq” or the “Company”), welcomes the proposed governance reforms announced by Bezeq last night. In its initial letter to Bezeq Interim Chairman David Granot, dated January 16, 2018, Elliott outlined the urgent need to address the Company’s serious corporate governance issues, and called for changes at the Board level that result in “the right mixture of expertise, independence and integrity for the future.” Elliott stated then, and reiterates now, its belief that “there is significant value to be unlocked if the right steps are taken to improve its corporate governance.” Bezeq has strong business fundamentals, an exemplary workforce, and great potential. Following yesterday’s announcement, Elliott highlights the changes that have occurred since January 16th. Taken together, these amount to a revolution in the
Clovis Oncology Initiates Early Access Program for Rucaparib as Treatment and as Maintenance Therapy in Recurrent Ovarian Cancer in Europe23.3.2018 12:52 | Pressemelding
Clovis Oncology, Inc. (NASDAQ:CLVS) today announced the initiation of an early access program in Europe for rucaparib for treatment and as maintenance therapy in recurrent ovarian cancer. The program will be overseen and implemented by Caligor Coghlan, which specializes in early access to medicines. The program, to be known as the Rucaparib Access Program (RAP), will enable participation from certain countries in Europe, where permitted by applicable rules, procedures and regulatory authorities. The RAP protocol allows for rucaparib treatment of an individual patient with third-line or greater BRCA mutant epithelial, fallopian tube, or primary peritoneal ovarian cancer who has platinum-sensitive disease and is unable to tolerate further platinum-based chemotherapy or has platinum-resistant disease and needs treatment with single agent rucaparib. The RAP protocol will also provide access to rucaparib for maintenance therapy of an individual patient with recurrent epithelial ovarian, fal
CHMP Grants Positive Opinion for Clovis Oncology’s Rubraca® (rucaparib) Tablets23.3.2018 12:50 | Pressemelding
Clovis Oncology, Inc. (NASDAQ: CLVS) today announced that the European Union’s (EU) European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending the granting of a conditional marketing authorization for Rubraca as monotherapy treatment of adult patients with platinum sensitive, relapsed or progressive, BRCA mutated (germline and/or somatic), high-grade epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have been treated with two or more prior lines of platinum based chemotherapy, and who are unable to tolerate further platinum based chemotherapy. The European Marketing Authorization application for the treatment indication was based on objective response rate and duration of response results from two multicenter, single-arm, open-label clinical trials, Study 10 and ARIEL2, in women with advanced BRCA mutant ovarian cancer who had progressed after two or more prior chemotherapies. “The recommendation
Janssen Announces Positive CHMP Opinion for JULUCATM▼ (dolutegravir/rilpivirine)23.3.2018 12:46 | Pressemelding
The Janssen Pharmaceutical Companies of Johnson & Johnson today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has issued a Positive Opinion recommending marketing authorisation for JULUCA™ (dolutegravir 50mg [ViiV Healthcare UK Ltd]/rilpivirine 25mg [Janssen Sciences Ireland UC]). Dolutegravir/rilpivirine is a single-pill, two-drug regimen for the treatment of human immunodeficiency virus type 1 (HIV-1) infection in adults who are virologically suppressed (HIV-1 RNA <50 c/mL) on a stable antiretroviral regimen for at least six months with no history of virological failure and no known or suspected resistance to any non-nucleoside reverse transcriptase inhibitor (NNRTI) or integrase strand transfer inhibitor (INSTI).1 “We are delighted to be one step closer to bringing JULUCA™ to people living with HIV in Europe,” said Mathai Mammen, M.D., Ph.D., Global Head, Janssen Research & Development, LLC. “Building on our 25-year c
Aitheon Executives Educate World Leaders on Benefits, Challenges of AI at the Annual World Government Summit in Dubai23.3.2018 12:00 | Pressemelding
Aitheon, makers of the world’s first blockchain-powered platform to solve real problems by integrating AI, robotics, IoT, human specialists and cryptocurrency, announced today that executives from the company held a series of high-level briefings with world leaders at the Annual World Government Summit in Dubai. Briefings covered the benefits and challenges of AI, and revolutionary new solutions to world challenges made possible by transformative new technologies. (Read the full release at www.aitheon.com/news) This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180323005269/en/ Aitheon founder and CEO, Andrew Archer, and Chief Strategy Officer, Ryan Burleson, were invited to brief leaders at the Summit by Cyrus Hodes, Co-founder and Director of the AI Initiative, an undertaking of the Future Society at Harvard University’s Kennedy School. Archer and Burleson addressed a variety of AI-related topics, including the impact of AI on