WISeKey US Revenue Surges as Demand on IoT Increases
Wisekey International Holding SA
Jul. 31, 2018
WISeKey US Revenue Surges as Demand on IoT Increases
The US IoT Segment Generated Revenues of Approximately $5.3 Million in the First Half of 2018
WISeKey Global IoT Segment FY2018 Revenues are Projected to Reach $32 Million
Geneva - July 31, 2018 - WISeKey International Holding Ltd ("WISeKey", SIX: WIHN, OTCQX: WIKYY), a leading cybersecurity and IoT company today announced that it has secured several major wins in the US market for its microchip based IoT technology, anti-counterfeiting, brand protection, EMV payment card and secure access products within leading US providers of networking equipment, medical devices, smart building solutions, and financial services.
Thus, for the first half of 2018, the US IoT segment generated revenues of approximately $5.3 million (unaudited) and it is expected to generate approximately $13 million of the $32 million of WISeKey's global IoT revenue projected for FY 2018.
This US IoT revenue generated by WISeKey is premium revenue as the US market is a strategic reference market for the company. Many organizations that have invested in IoT deployments, have yet to derive any significant revenue from their solutions. Business models are changing from transactional to collaborative, transactions are evolving from simple one-off payments to complex variants of usage-based billing. WISeKey's success in the US is built on a clear vision and business strategy that allows us to generate revenue from IoT devices, cybersecurity services, and data and more importantly our Trusted Ecosystem and Vertical Platform.
As we move forward, the IoT it will quickly become the Internet of Everything (IoE), with more devices and objects connected and able to collect and transmit data over the internet, the WISeKey Vertical Platform potential for monetizing services, blockchain, AI and the data produced by these connected devices continues to grow. The total number of IoT connections is expected to grow from $6 billion in 2015 to $27 billion in 2025 all of them requiring the type of chips and software offered by WISeKey. Global spending on IoT/IoE technology-based services, is now expected to reach $3 trillion by 2025.
The IoT will live up to its promise only if the connected devices, the data they generate, the business applications that control these devices and the services around them, can be fully trusted. In today's environment, where cyberattacks have become more common and increasingly sophisticated, there is an urgent need to fundamentally rethink the Security Stack for the IOT cloud. IoT-enabled services and products will generate vast amounts of data which, when well-analyzed, are very valuable to government organizations, product manufactures, corporations and end-users. This revenue model relies on data trust and on IoT edge device control. Users can take advantage of this unique solution in the market by remotely being able to: uniquely identify and control an IoT Edge Device (activation/deactivation/revocation), securely provision (point to point secure update) the IOT Edge Device credentials and secure the messages in motion between Edge Devices and Business Applications.
The vertical integration of WISeKey's unique Root of Trust and Identity technology with VaultIC's hardware & software, and trust services for keys and certificates provisioning and life cycle, created the first ever comprehensive trusted end-to-end cybersecurity platform for people and objects (IoT) and gave WISeKey the unique ability to deliver the most secure Platform to its customers.
Today, WISeKey employees a team of 165 people in Switzerland, France, Vietnam, USA, Japan, Taiwan and Singapore, and continues to enlarge its global footprint through expansion in new areas.
"We are excited to have this backdrop of positive traction in the security market combined with the solid foundation of our existing business that we have been growing over the last two decades and feel confident that we are well positioned to take advantage of new expansion opportunities on a global scale," said James Livingston, WISeKey's Vice President of Sales & Business Development.
"The growth potential that we have, as we continue to add talented professionals to our growing sales and support team in the US, is impressive and it's great to be in the position where our secure products and services used in a wide variety of connected devices from our customers are ideally suited to meet the needs of the business entities, financial institutions, government agencies, and end-users that are creating explosive revenue opportunities inside of the IoT market," concluded Mr. Livingston.
About WISeKey: WISeKey (SIX: WIHN; OTCQX: WIKYY) is a leading global cybersecurity company currently deploying via a Virtual Platform large scale digital identity ecosystem. WISeKey's Swiss based cryptographic Root of Trust ("RoT") and IoT Microchips provide secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
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