Inside Secure completes the sale of its semiconductor business to Swiss cybersecurity expert WISeKey
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.
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Richard Vacher Detournière
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Founder & CEO
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This press release contains certain forward-looking statements relating to the business of Inside Secure, which shall not be considered per se as historical facts, including the ability to manufacture, market, commercialize and achieve market acceptance for specific projects developed by Inside Secure, estimates for future performance and estimates regarding anticipated operating losses, future revenues, capital requirements, needs for additional financing. In addition, even if the actual results or development of Inside Secure are consistent with the forward-looking statements contained in this press release, those results or developments of Inside Secure may not be indicative of their in the future.
In some cases, you can identify forward-looking statements by words such as "could," "should," "may," "expects," "anticipates," "believes," "intends," "estimates," "aims," "targets," or similar words. Although the management of Inside Secure believes that these forward-looking statements are reasonably made, they are based largely on the current expectations of Inside Secure as of the date of this press release and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In particular, the expectations of Inside Secure could be affected by, among other things, uncertainties involved in unexpected regulatory actions or delays related notably to building and operating permits and renewable support policies, competition in general or any other risk and uncertainties developed or identified in any public documents filed by Inside Secure with the AMF, included those listed in chapter 4 “Risk factors” of the 2015 “document de reference” approved by the French financial market authority (the Autorité des marchés financiers – the “AMF”) on March 30, 2016 under number R. 16-014. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made in this press release will in fact be realized. Notwithstanding the compliance with article 223-1 of the General Regulation of the AMF (the information disclosed must be “accurate, precise and fairly presented“), Inside Secure is providing the information in these materials as of this press release, and disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.