WISeKey to buy INSIDE Secure’s IoT integrated circuits and semiconductor arms

WISeKey to buy INSIDE Secure’s IoT integrated circuits and semiconductor arms
IoT News is a practical resource providing news, analysis and opinion on the burgeoning Internet of Things ecosystem, from standardisation, to business use cases, and development opportunities. We take the best research and put our own spin on it, report from the frontline of the industry, as well as feature contributions from companies at the heart of this revolution.

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In order to form a trusted end-to-end cybersecurity platform for people and objects, WISeKey International is acquiring INSIDE Secure’s IoT integrated circuit solutions and semiconductor business. At closing, WISeKey would pay a cash consideration of CHF 2 million (£1.4m) and would issue a loan note convertible into WISeKey Class B Shares in the amount of CHF 11m (£7.7m), taking the total value of the transaction to CHF 13m (£9.1m).

The WISeKey cybersecurity offer will now include certified hardware and software, system certification, provisioning and up to management of services. The transaction will cover the transfer of products, technology, customer agreements, and certain patents. In particular, the transaction will cover the transfer of assets related to the development and sale of secure integrated circuits for the IoT market as well as a complete team in R&D, sales, marketing and support.

IoT devices will be able to group themselves into trusted networks based on mutual authentication, identity and integrity on account of WISeKey solutions. The cybersecurity platform will only enable IoT devices that present a recognised identity and a valid integrity report to connect with peer devices. INSIDE Secure’s integrated circuits will facilitate the hosting of WISeKey’s cryptographic Root of Trust and digital certificates on a hardware vault that features certification to encrypt the communication and authenticate the devices.

The Internet of Things security market is anticipated to witness a CAGR of 35% over the half decade to 2020, according to Markets and Markets, growing from $6.89 billion in 2015 to nearly $29 billion by 2020. These vast collections of connected objects are on the receiving end of regular attacks and are hence creating a huge requirement for trusted end-to-end cybersecurity solutions.

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