Transaction expected to close in September 2016
Aix-en-Provence, France, August 2, 2016 – INSIDE Secure (Euronext: INSD), a leader in embedded security solutions for mobile and connected devices, announced today that it has executed a binding agreement to sell its semiconductor business to WISeKey International Holding Ltd, a Swiss cybersecurity company listed in Zurich (SIX Swiss Exchange: WIHN).
This follows on from the May 19, 2016 announcement and represents the final stage in the process of repositioning INSIDE Secure around software security and technology licensing, to meet the needs of the rapidly expanding mobile payment and mobile banking markets and also provide embedded security technology licenses for Internet of Things (IoT) markets.
The terms and conditions of the transaction are in line with those announced on May 19, 2016. Upon completion of the transaction, INSIDE Secure will receive CHF2 million in cash (net of transferred cash) plus bonds convertible into listed shares of WISeKey International Holding Ltd worth CHF11 million.
The transaction is expected to close in September 2016 and is subject to customary closing conditions, and to the French finance ministry’s approval since it involves the acquisition of control by a foreign company of a business operating in a strategically important area (provision of cryptology capabilities and services).
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
WISeKey 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. WISeKey has patented this process in the USA as it is currently used by many IoT providers.