WISeKey advances acquisition of IC’ALPS for €12.5 million

GENEVA - WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN), a prominent cybersecurity and IoT company with a current market capitalization of $43.3 million, today announced progress in the acquisition of IC’ALPS SAS, an ASIC design firm based in France. According to InvestingPro data, WISeKey maintains a strong liquidity position with a current ratio of 4.71, holding more cash than debt on its balance sheet. The acquisition is part of a strategic move by WISeKey’s subsidiary, SEALSQ Corp, to enhance its ASIC development capabilities and respond to growing market demand.

The preliminary agreement outlines a purchase price of €12.5 million, with €10 million in cash and €2.5 million in SEALSQ shares, based on a 90-day Nasdaq average prior to closing. An additional earn-out payment in shares, valued up to €4 million, is contingent on IC’ALPS exceeding €11 million in revenue by December 31, 2025. The deal comes as WISeKey’s stock has shown remarkable momentum, with InvestingPro reporting a 256% price return over the past six months, despite current challenges in profitability.

The acquisition is subject to conditions, including approval by the French Ministry of the Economy. IC’ALPS reported unaudited revenue of €9.76 million with a net loss of €2.02 million for the year ending December 31, 2024. The previous year’s audited revenue was €8.47 million with a net income of €318,000. These figures may be subject to adjustments upon conversion from French GAAP to US GAAP.

IC’ALPS, boasting over 100 skilled engineers, specializes in ASIC and SoC development, serving sectors like medical, industrial, and automotive. The acquisition is expected to bolster SEALSQ’s product offerings and market position.

SEALSQ is a leader in Post-Quantum Technology hardware and software solutions, focusing on quantum-resistant cryptography to protect data against emerging quantum computing threats.

The information provided is based on a press release statement from WISeKey International Holding Ltd. For comprehensive analysis and additional insights, including 12 more exclusive ProTips and detailed financial metrics, visit InvestingPro to make more informed investment decisions.

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