SEALSQ and LEGIC expand security tech partnership By

© Reuters.

TORTOLA/ZURICH – SEALSQ Corp (NASDAQ:LAES), specializing in semiconductors and post-quantum technology, and Swiss-based LEGIC Identsystems, a leader in secure authentication and access management, have broadened their partnership, focusing on semiconductor components for the LEGIC Security Platform. This collaboration integrates SEALSQ’s Common Criteria EAL 5+ certified hardware platforms with LEGIC’s security solutions, enhancing protection against cyber threats.

The partnership, announced on February 7, 2024, aims to bolster security for various applications, including building access control, resource sharing, supply chain security, smart city integrations, and ePayment services. SEALSQ’s semiconductors are crucial for LEGIC’s platform, which demands high-level security and certification compliance to safeguard customer applications.

Franck Buonanno, VP of Sales at SEALSQ, emphasized the company’s commitment to supporting LEGIC with advanced security and reduced time-to-market. Christoph Beckenbauer, General Manager at LEGIC, expressed confidence in the strengthened protection provided by SEALSQ’s components against diverse cybersecurity threats.

The global access control market, part of the technology addressed by LEGIC, is valued at $10 billion in 2023, with an expected growth rate of 8.5% CAGR, potentially reaching $15 billion by 2028, according to Markets & Markets.

This strategic move is anticipated to leverage SEALSQ’s growth strategies, focusing on revenue generation from new semiconductor technologies and compliance with emerging cyber trust mark standards.

The information provided is based on a press release statement.

InvestingPro Insights

In the wake of SEALSQ Corp’s (NASDAQ:LAES) announcement to deepen its partnership with LEGIC Identsystems, the market has witnessed some notable movements in the company’s stock. An InvestingPro Tip highlights that SEALSQ’s stock has experienced significant volatility, with a sharp decline over the last week. This could be reflective of the broader market’s reception to the news and the company’s current financial health.

On the financial front, InvestingPro Data shows that SEALSQ has a remarkable gross profit margin of 49.08% for the last twelve months as of Q2 2023, indicating a strong ability to convert revenue into profit. Moreover, the company has shown impressive revenue growth of 34.3% during the same period, suggesting a positive trajectory that aligns with its strategic growth plans.

However, it’s worth noting that while SEALSQ’s short-term price performance has been volatile, with a 22.53% drop in the past week, the company has seen an 85.93% return over the last three months. This could indicate a potential rebound or correction after the recent decline.

For investors looking for more in-depth analysis, there are additional InvestingPro Tips available that can provide further insights into SEALSQ’s financial health and stock performance. For example, while the company’s net income is expected to drop this year, and analysts do not anticipate profitability within this fiscal year, the company’s liquid assets do exceed short-term obligations, which could offer some financial stability for the company. Interested readers can explore these insights further and take advantage of a special offer using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.


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