WISeKey Signs Agreement To Acquire QuoVadis
Swiss cybersecurity and IoT company WISeKey International Holding Ltd announced that it has signed a binding agreement to acquire 85% of QV Holdings [QuoVadis] a leading managed Public Key Infrastructure [mPKI], Certification Authority [CA] and electronic signature services [eID] company domiciled in Bermuda with operating activities in Switzerland, Germany, the Netherlands, Belgium, the United Kingdom, and Bermuda.
“The Transaction is expected to close in Q1 2017, subject to the satisfaction of all closing conditions. Upon closing of the transaction, WISeKey will hold 85% of the issued and outstanding equity interest of QuoVadis,” the company said.
“Upon completion of the transaction, WISeKey will pay to QuoVadis’ selling equity holders a cash consideration of USD13,000,000 plus 1,110,000 newly issued WIHN Class B Shares issued from existing authorized capital, subject to a lock-up period of 3 months. WISeKey will also repay indebtedness of QuoVadis in the amount of USD2,000,000.
“Existing Management Shareholders of QuoVadis will initially continue to hold a 15% minority stake in QuoVadis, and will thus remain committed to the implementation of the high growth, stand-alone business plan of QuoVadis as well as realizing the significant revenue synergies identified between existing business verticals of WISeKey and QuoVadis.
“WISeKey intends to acquire the remaining 15% stake of the management shareholders of QuoVadis in May 2018, based on the financial performance of QuoVadis.”
Carlos Moreira, Chairman & CEO of WISeKey, commented: “We are happy to announce that following reciprocal due diligence, we have signed this binding agreement to initially acquire 85% of QuoVadis, a leading managed PKI provider in Europe for over a decade, in Q1 2017, with the remaining 15% held by Management Shareholders of QuoVadis to be acquired in May 2018.
“This acquisition will immediately give WISeKey access to a large clientele in the financial, industrial, and media sectors and expand our geographic footprint in Europe.”
Roman Brunner, CEO of QuoVadis, said: “QuoVadis is enjoying rapid growth providing electronic trust services across the European markets based on our proven track record for local support, practical advice, and implementation success.
“The transaction with WISeKey will enable QuoVadis to extend our growth serving our multinational corporate markets, as well as the fast evolving markets for eIDAS cross border services and Internet of Things.
