The two sides announced they had signed a memorandum of understanding today. As part of the merger, OpenLimit will be absorbed into WISeKey with the latter's name remaining. The company will also provide interim financing of up to €4.99 million to OpenLimit. The deal is expected to be finalised in the next five to six weeks, according to companies’ statement.
The newly merged company said it will be focusing on the growing cybersecurity market and burgeoning 'internet of things' moving forward. The merger news follows a similar move earlier this month where Avast Software acquired AVG, citing IoT as a major opportunity for the company.
“The combined product and service portfolios of WISeKey and OpenLimit will enable the group to provide more comprehensive, state-of-the-art solutions to the IoT-market,” said René C. Jäggi, chairman of OpenLimit.
Once approved, the merger will allow the new company to further develop its WISeKey Cybersecurity platform for German and other European markets, added Carlos Moreira, CEO of WISeKey.
“WISeKey will be reinforced with 65 staff located in Berlin and will fully participate on Industry 4.0 German vision for the future of manufacturing, one where smart factories will use the WISeKey IoT Platform to digitize their processes and reap huge benefits in the form of improved quality, lower costs, increased efficiency and enter the 4th Industrial Revolution”.
WISeKey is headquartered in Geneva with offices in the US, Spain, Bulgaria, and Brazil.