Aix-en-Provence, France, September 20, 2016 – INSIDE Secure (Euronext: INSD), at the heart of security solutions for mobile and connected devices, announced today that it has completed the sale of its semiconductor business to WISeKey International Holding Ltd, a Swiss cybersecurity company (SIX Swiss Exchange: WIHN).
This transaction was 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, address enhanced security requirements for digital content protection and also provide embedded security technology licenses for Internet of Things (IoT) markets.
Upon completion of the transaction, INSIDE Secure received CHF2 million in cash together with a loan note redeemable into WISeKey International Holding Ltd Class B listed shares for an amount of CHF 11 million. 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 Class B shares with a minimum 10% discount on the volume-weighted average quoted price during the 15 trading days prior to the conversion date. WISeKey would have a right to redeem the convertible loan note in cash, and INSIDE Secure may request, 20 days prior to maturity, redemption in cash for up to 30% of the principal amount of the convertible loan note.
About INSIDE Secure
INSIDE Secure (Euronext Paris – INSD) is at the heart of security solutions for mobile and connected devices, providing software, silicon IP, tools and know-how needed to protect customers’ transactions, content, applications, and communications. With its deep security expertise and experience, the company delivers products having advanced and differentiated technical capabilities that span the entire range of security requirement levels to serve the demanding markets of network security, IoT security, content & application protection, mobile payment & banking. INSIDE Secure’s technology protects solutions for a broad range of customers including service providers, content distributors, security system integrators, device vendors and semiconductor manufacturers. For more information, visit http://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.