GENEVA & ZUG, Switzerland--(BUSINESS WIRE)--WISeKey International Holding Ltd (“WISeKey”) announced today that it has completed the integration of VaultIC, the IoT and integrated circuit solutions and semiconductor business acquired in September 2016, into the WISeKey Vertical Platform.
Through the acquisition of VaultIC from INSIDE Secure, WISeKey added a team of 70 people at its Aix-en-Provence (France) Semiconductors facility, in areas such as R&D, sales, marketing and support to its overall staff amounting to a total of over 140 people, including staff in Switzerland, Vietnam, USA, Japan, Taiwan and Singapore, giving WISeKey a global reach.
The vertical integration of WISeKey’s unique Root of Trust and Identity technology with VaultIC’s hardware & software, system certification, provisioning and up to management services, created the first ever comprehensive trusted end-to-end cybersecurity platform for people and objects (IoT) and gave WISeKey the unique ability to deliver the most secure Platform to its customers.
The integration included the transfer of products, technology, customer agreements, and certain patents from INSIDE Secure to WISeKey including the development and sale of secure integrated circuits designed to secure and power the strongly growing IoT market. Thus, WISeKey is generating strong sales in new areas such as chip based IoT, anti-counterfeiting, brand protection, EMV payment card and secure access to building IT equipment. For the first half of 2017, the IoT segment generated revenues of approximately $15 million (unaudited), and it is expected to add approximately $30 million to 32 million (unaudited) to WISeKey’s total revenue for FY2017.
As we move forward, the Internet of Things it will quickly become the Internet of Everything (IoE), with more devices and objects connected and able to collect and transmit data over the internet, the WISeKey Vertical Platform potential for monetizing services, blockchain, AI and the data produced by these connected devices continues to grow. The total number of IoT connections is expected to grow from $6 billion in 2015 to $27 billion in 2025 all of them requiring the type of chips and software offered by WISeKey. Global spending on IoT/IoE technology-based services, is now expected to reach $3 trillion by 2025.
In addition, the integration of QuoVadis, a Managed PKI (Public Key Infrastructure) business acquired by WISeKey in April 2017, is expected to add an extra $20 million to WISeKey’s total revenue for FY2017.
Since the beginning of the year, WISeKey has already realized synergistic cross-selling opportunities for the combined company integrating chips, smart metering and identification token technology (clients include world leaders in IT infrastructure), by using the chips to secure the hardware.
This type of IoT revenue generated by WISeKey is premium revenue as many organizations that have invested in similar projects have yet to derive any significant revenue from their solutions. Business models are changing from transactional to collaborative, transactions are evolving from simple one-off payments to complex variants of usage-based billing. WISeKey’s success is built on a clear vision and business strategy that allows us to generate revenue from IoT devices, cybersecurity services, data and more importantly our Trusted Ecosystem and Vertical Platform.
Additionally, the integrated circuit solutions and semiconductor technology offered by WISeKey and QuoVadis (clients include as car and watch manufacturers) has the ability to authenticate and remotely manage millions of networked, automated devices and equipment; this technology is gaining traction as everything, from refrigerators, watches, wearables to wine bottles, are connecting and will be communicating via the Internet.
Carlos Moreira, WISeKey CEO noted, “While the IoT security landscape is still evolving and the IoT adoption is expected to revolutionize how enterprises do business. Early movers in this space, such as WISeKey, stand to gain substantial market share, since Root of Trust (“RoT”) is required for secure communication over IoT. This is a key differentiator for WISeKey vis-a-vis its competitors. WISeKey RoT serves as a common trust anchor, which is recognized by operating systems (OS) and IoT applications to ensure the authenticity, confidentiality and integrity of on-line transactions. We believe these features could be vital in creating significant business opportunities with various governments, international bodies, industrial entities which are wary of foreign government oversight and centralization of data on servers outside their jurisdiction.”
Also, multinational corporations that need to comply with International Standards on the deployment of their IoT infrastructural are ideal candidates for WISeKey Trust Model. Amidst the threat of increasingly sophisticated data and online identity thefts, WISeKey’s robust solutions should ensure data protection for its customers including individuals, enterprises & their IoT objects and government organizations. Since early 2016, WISeKey has been increasing its focus on the IoT segment, and it is currently offering various solutions (both hardware and software) supporting customers using IoT-based systems, while is also working on a future wave of WISeKey IoT implementations.
About WISeKey:
WISeKey (SIX Swiss Exchange: WIHN) is a
leading global cybersecurity company currently deploying large scale
digital identity ecosystems with a patented process. WISeKey’s Swiss
based cryptographic Root of Trust (“RoT”) provides secure authentication
and identification, in both physical and virtual environments, for the
Internet of Things, Blockchain and Artificial Intelligence. The WISeKey
RoT serves as a common trust anchor to ensure the integrity of online
transactions among objects and between objects and people. For more
information, visit www.wisekey.com.
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