WISeKey International Holding Ltd, a leading global cybersecurity and IoT company, announced today that its shareholders approved all items on the agenda of the 2021 Extraordinary General Meeting held at the offices of law firm Homburger AG, in Zurich, Switzerland, on January 28, 2021, thereby allowing the Company to move forward, in 2021, with its plan to fully acquire arago GmbH (“arago”).
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“Carlos Moreira, Founder, Chairman of the Board and CEO of WISeKey, stated: “I would like to thank our valued shareholders for their continued support and the confidence they have placed in us. I trust that the acquisition of arago and the election of Chris to our Board of Directors will allow a quick and efficient combination of our businesses and reinforce our position in the emerging Cybersecure Automation for the AIoT market.”
Thus, following the shareholders’ approval, WISeKey will acquire a controlling 51% share of arago’s capital on or about February 01, 2021. Previous transactions involving shares in arago have determined arago’s net value at around CHF 100 million.
This strategic acquisition reinforces the WISeKey Platform as arago has a large and recurring customer base and its licensing revenue model is expected to bring significant revenue synergies and strengthen WISeKey’s position in the fast-growing Artificial Intelligence of Things (“AIoT”) market.
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Knowledge Automation and Data platform HIRO™, developed by arago, takes a unique approach to process automation by using AI to autonomously and independently determine how to complete and then automate end-to-end tasks based on real time contextual data. Fully auditable and only using steps defined and approved by the customer, Knowledge Automation delivers significantly higher automation rates at a much lower operational cost.
Hans-Christian Boos, arago’s Managing Director and Founder, and newly-elected member of WISeKey’s Board of Directors, stated: “I am delighted to join WISeKey’s Board and closely work with the team to unlock the significant potentials of Cybersecure Automation following the combination of our businesses. I believe that, together, we will build a broader and stronger foundation for future growth in the AIoT market.”
Peter Ward, member of the Board and CFO of WISeKey, stated: “The combination of WISeKey and arago should fuel revenue growth of the WISeKey group and help us attain higher gross margins. We will dedicate the next few months to the integration of the two businesses in order to rationalize our cost base. This will be a resource-intensive exercise but is essential for our goal to increase profitability.”
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