WISeKey Completes Acquisition Of QuoVadis
WISeKey International Holding Ltd, a leading Swiss cybersecurity and IoT company, has completed the previously announced acquisition of QuoVadis Holdings Ltd, a leading cybersecurity company with operating activities in Switzerland, Germany, the Netherlands, Belgium, the United Kingdom and Bermuda.
The company said, “The consideration paid to QuoVadis’ selling equity holders ABRY and One Communications Ltd. [formerly known as KeyTech] consisted of a cash consideration of USD13,000,000, plus 1,110,000 newly issued Class B Shares of WISeKey issued from existing authorized capital, subject to a lock-up period of three months. WISeKey will also repay indebtedness of QuoVadis in the amount of USD2,000,000.
“WISeKey and management have each a right to acquire and sell, respectively, the remaining 15%-stake of QuoVadis’ management in May 2018 based on QuoVadis’ performance in financial year 2017, at the election of WISeKey in cash or against Class B Shares. Any issuance of new Class B Shares would be capped at 946,000 Class B Shares.
“For FY2016, QuoVadis generated approx. USD18 million of revenues and approx. USD4 million of EBITDA. For FY2017, QuoVadis projects stand-alone revenues in excess of USD20 million and EBITDA of USD7 million.
“The pro forma combined, consolidated revenues for FY2016 of WISeKey, Vault IC and including QuoVadis are approx. USD51 million.”
Carlos Moreira, Chairman & CEO of WISeKey, commented: “We are excited to announce that this strategic acquisition of QuoVadis has now been completed.
“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. WISeKey started 2017 on a strong note, and will continue to expand its business globally in the months to come, in particular in the U.S.”
Roman Brunner, CEO of QuoVadis, said: “We are pleased that the transaction with WISeKey has now closed. The acquisition by 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 [IoT]”.
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