QuoVadis Signs LOI To Be Acquired By WISeKey
WISeKey International Holding Ltd, a Swiss cybersecurity company, announced today that it has entered into a Letter of Intent [LoI] to acquire QuoVadis, a Bermuda-domiciled company with operating activities in Switzerland, Germany, the Netherlands, Belgium, the United Kingdom, and Bermuda.
“WISeKey and QuoVadis intend to pursue reciprocal due diligence and negotiate definitive agreements, with the objective of signing of a binding transaction agreement by mid-February 2017 and closing in Q1 2017,” the announcement said.
“QuoVadis is a leading global Certification Authority providing Trust/Link managed PKI services, including digital certificates for TLS/SSL and a wide variety of end entity uses including eID/authentication, encryption, and digital signature. QuoVadis also provides both on-premises and cloud-based solutions for sealsign electronic signature and roaming certificates, as well as trusted time-stamping.
“QuoVadis has particular strength serving enterprise customers, with more than 300 large cap and 3000 overall customers worldwide including across Europe, the United States, and Australia.
“For FY2016, QuoVadis expects USD 17 million of revenues and USD 3.5 million of EBITDA. For FY2017, revenues in excess of USD 20 million and EBITDA of USD 7 million are projected on a stand-alone basis.
“QuoVadis is an established Qualified Trust Services Provider [TSP] both in the European Union under the eIDAS regulation for eID and electronic transactions and in Switzerland under ZertES, with significant experience in eID including the Dutch PKIoverheid and eHerkenning and the Swiss SuisseID programmes. QuoVadis is the only TSP accredited in multiple countries with real operations on the ground, balancing services to both the public sector and the corporate markets.
“This transaction will bring strong synergies to WISekey with the large recurring customer base of QuoVadis’ proven Trust/Link and sealsign technologies; in-depth operations experience running multiple secure and high-availability trustcentre environments under strict accreditation regimes; and adept sales and support teams based in important customer markets, including Switzerland.”
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