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Cyersecurity companies WISeKey and OpenLimit, listed on Six Swiss Exchange and Deutsche Boerse respectively, have signed a Memorandum of Understanding to merge the two companies. The aim is to further expand cybersecurity and IoT platform and access to the German and EU IoT market.
WISeKey, a Geneva-based cybersecurity company whose Class B Shares are listed on the SIX Swiss Exchange and OpenLimit, a Zug-based cybersecurity company listed on the Deutsche Boerse, have signed a Memorandum of Understanding (MoU) to merge the two companies by the end of August 2016 after the definitive Merger Agreement has been signed.
The merger will create the leading listed European cybersecurity player ideally positioned to capture the numerous growth opportunities. Furthermore, the merger transaction will result in an increased free float and stronger liquidity for the combined entity. The definitive transaction is subject to execution of definitive agreements, the satisfaction of various conditions, including approval by the shareholders of both WISeKey International Holding Ltd and OpenLimit Holding AG.
Chairman & CEO of WISeKey, Carlos Moreira commented on the merger: “With this business combination, we continue our mission to position of WISeKey Cybersecurity Platform as the first ever consolidated integrated vertical process providing a total “chip to root solution” to our existing clients and users and will also give us access to OpenLimit customers, in particular in Germany and other large and more mature markets in Europe. WISeKey will be reinforced with 65 staff located in Berlin and will fully participate on Industry 4.0 German vision for the future of manufacturing, one where smart factories will use the WISeKey IoT Platform to digitize their processes and reap huge benefits in the form of improved quality, lower costs, increased efficiency and enter the 4th Industrial Revolution”.
Chairman, René C. Jäggi of OpenLimit commented: “The combined product and service portfolios of WISeKey and OpenLimit will enable the group to provide more comprehensive, state-of-the-art solutions to the IoT-market. OpenLimit brings additional expertise in the development of certified IT-security solutions for embedded devices to the group and has many existing customers in the German market, as well as other international markets. We will therefore focus our efforts on successfully concluding the merger. With this MoU, both groups have taken the first step towards this important milestone”.