SEALSQ Receives Final Approval from the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty and Completes Acquisition of IC’ALPS

Rhea-AI Summary

SEALSQ (NASDAQ: LAES) has completed the acquisition of IC'ALPS SAS following approval from the French Ministry of the Economy. The deal, valued at EUR 12.5 million plus potential earn-out of up to EUR 4 million, strengthens SEALSQ's European semiconductor presence by adding 90 employees.

IC'ALPS reported revenue of EUR 9.76 million in 2024 with a net loss of EUR 2.02 million, compared to 2023 revenue of EUR 8.47 million with net income of EUR 318,000. The acquisition combines SEALSQ's quantum-resistant chip technology with IC'ALPS' ASIC design capabilities, targeting a $36.8 billion market by 2032.

The strategic merger will focus on developing secure ASICs, including the QVault TPM chip expected in Q1 2026, serving automotive, healthcare, IoT, and defense sectors with quantum-resistant security solutions.

Positive

• Strategic acquisition expands European presence with 90 additional employees
• Access to major silicon foundries including TSMC, GlobalFoundries, and Intel Foundry
• Combined expertise enables development of quantum-resistant ASIC solutions
• IC'ALPS revenue grew from EUR 8.47M (2023) to EUR 9.76M (2024)
• Potential market opportunity of $36.8B by 2032
• Development of first joint product (QVault TPM) scheduled for Q1 2026

Negative

• IC'ALPS reported EUR 2.02M net loss in 2024, down from EUR 318,000 profit in 2023
• Significant acquisition cost of EUR 12.5M plus potential EUR 4M earn-out
• 180-day lock-up period for shares issued as consideration
• Financial statements need to be adjusted from French GAAP to US GAAP, which may result in material differences

Insights

Semiconductor Industry Analyst

SEALSQ's acquisition of IC'ALPS creates a strategic EU-based secure chip powerhouse combining quantum-resistant technology with custom ASIC capabilities.

SEALSQ has finalized its €12.5 million acquisition of IC'ALPS, with a potential additional €4 million earn-out based on 2025 performance targets. This strategic move brings 90 IC'ALPS employees into SEALSQ's fold, expanding their French workforce to over 150 people and significantly strengthening their European semiconductor presence.

The acquisition creates a powerful synergy between SEALSQ's quantum-resistant security technology and IC'ALPS' custom ASIC design expertise. IC'ALPS brings valuable certifications in medical, aerospace, and automotive applications, along with established partnerships with leading silicon foundries including TSMC, GlobalFoundries, and Intel Foundry.

Looking at IC'ALPS' financial performance, revenue increased from €8.47 million in 2023 to €9.76 million in 2024 (15.3% growth), though profitability shifted from a €318,000 net income to a €2.02 million net loss. While these figures were prepared under French GAAP and may change when converted to US GAAP, the declining profitability warrants attention.

The strategic value lies in creating an end-to-end EU sovereign Secure ASIC solution combining SEALSQ's NIST-approved post-quantum cryptographic algorithms with IC'ALPS' analog and digital design capabilities. Their first joint product, the QVault TPM chip based on QS7001 architecture, is slated for initial sampling in Q1 2026.

This acquisition positions SEALSQ to compete in the projected $36.8 billion ASIC market by 2032, particularly in high-growth sectors including automotive (connected/autonomous vehicles), healthcare, IoT, defense, and AI applications. The emphasis on quantum-resistant security addresses growing concerns about quantum computing threats to traditional cryptographic methods like RSA and ECC.

SEALSQ's operational headquarters in Aix-en-Provence, France is being positioned as a "Quantum Corridor" hub for post-quantum semiconductors and identity-focused microchips, further strengthening EU semiconductor sovereignty efforts.

Geneva, Switzerland, Aug. 04, 2025 (GLOBE NEWSWIRE) -- SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or "Company"), a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products, and its parent company, WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN), a global leader in cybersecurity, digital identity, and IoT technologies, today announced that it received final approval from the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty under applicable foreign investment regulations and subsequently completed the acquisition of 100% of the share capital and voting rights of IC’ALPS SAS from its current shareholders (the “Sellers”), effective August 4, 2025.

As a result of the acquisition, approximately 90 employees from IC’ALPS have joined SEALSQ, bringing the Company’s total staff in France to over 150 people, significantly strengthening SEALSQ’s presence and capabilities in Europe’s semiconductor sector.

The acquisition was for a total fixed purchase price of EUR 12.5 million, payable in a combination of cash and SEALSQ shares, with a further earn-out payment of up to EUR 4 million payable in SEALSQ shares, subject to IC’ALPS achieving certain revenue targets for the twelve months ending December 31, 2025.

The SEALSQ Ordinary Shares issued as part of the consideration will be subject to a 180-day lock-up period, during which the relevant Seller receiving these shares will be restricted from selling, transferring, or otherwise disposing of them.

During the year ended December 31, 2024, based on the audited financial statements of IC’ALPS provided to SEALSQ and prepared according to French GAAP, the revenue of IC’ALPS was EUR 9,756,000 and the net loss was EUR 2,016,000. During the year ended December 31, 2023, based on the audited financial statements of IC’ALPS provided to SEALSQ and prepared according to French GAAP, the revenue of IC’ALPS was EUR 8,465,000 and the net income was EUR 318,000.¹

SEALSQ will prepare audited financial statements for IC’ALPS under US GAAP for the fiscal years 2023 and 2024. These adjustments may result in material differences from the preliminary figures provided above.

Business Continuity and Expertise of IC’ALPS

IC’ALPS will continue its core business of providing bespoke Application-Specific Integrated Circuits (ASIC) design services, ensuring uninterrupted support for clients seeking high-performance, differentiated solutions to drive innovation in their products and systems. With its established certifications in medical, aerospace, and extensive expertise in automotive applications, IC’ALPS remains uniquely positioned to deliver tailored, high-quality designs. The company’s trusted partnerships with leading silicon foundries, including TSMC, GlobalFoundries, Intel Foundry, X-FAB, and ams OSRAM, reinforce its reputation as a reliable design partner, enabling clients across diverse industries to achieve cutting-edge performance and innovation while benefiting from IC’ALPS’ proven track record and rigorous industry standards.

Strategic Vision & Product Innovation

Leveraging SEALSQ’s expertise in quantum-resistant chip technology and IC’ALPS’ proven track record in custom intellectual property block (IP) and ASIC design & supply chain management, this acquisition creates a powerful synergy to revolutionize the development of secure, tailor-made ASICs. The partnership combines SEALSQ’s advanced security intellectual property (IP), including NIST-approved post-quantum cryptographic algorithms (CRYSTALS-Kyber and CRYSTALS-Dilithium), with IC’ALPS’ cutting-edge analog and digital design capabilities. This collaboration enables SEALSQ to offer an end-to-end EU sovereign Secure ASIC solution, including custom derivatives of the QS7001 open hardware platform, designed to meet stringent security standards such as FIPS 140-3 and CC EAL5+ for mission-critical applications.

A key milestone of this collaboration is the development of SEALSQ’s QVault TPM, the first chip to emerge from the integration of SEALSQ and IC’ALPS expertise, with initial samples expected in Q1 2026. Built on the QS7001 architecture, the QVault TPM exemplifies the synergy between advanced security IP and cutting-edge ASIC design, delivering unparalleled protection for digital identities and connected devices across diverse industries.

Synergistic Benefits

On one hand, the acquisition will bolster SEALSQ’s Secure Chip custom design strategy: The offering focuses on developing Secure ASICs, for instance customized derivatives of the QS7001 open hardware platform, designed to integrate NIST-approved post-quantum cryptographic algorithms (CRYSTALS-Kyber and CRYSTALS-Dilithium) for robust, quantum-resistant security, but also traditional counter measures and cryptography to prevent more classic attacks. The chips would therefore offer FIP 140-3 and CC EAL5+ certification capabilities, which are commonly required for sensitive applications like Healthcare, Defense and Automotive. (Visit www.sealsq.com/custom-chips-asic to explore SEALSQ’s tailor-made Secure ASIC solutions)

On the other hand, IC’ALPS plans to leverage SEALSQ’s security IPs to embed quantum-resistant cryptography into its ASIC designs, enhancing the security pillar of its offerings for high-stakes industries, especially Healthcare, Automotive and IoT.

This integration addresses the growing demand for secure, high-performance ASICs in a $36.8 billion market (projected by 2032, Fortune Business Insights), where quantum threats and traditional vulnerabilities are increasing concerns.

Key Use Cases:

• Automotive: The partnership delivers ASICs with quantum-safe cryptography and functional safety for connected cars, electric vehicles, and autonomous driving systems, meeting high Automotive Safety Integrity Levels (ASILs). These ASICs provide superior performance, lower power consumption, and cost efficiency compared to standard chips, ensuring secure and reliable vehicle systems.
• Healthcare: Secure ASICs protect sensitive medical and healthcare systems, safeguarding patient data and ensuring compliance with stringent regulatory requirements.
• IoT: The collaboration enables secure, low-power ASICs for IoT devices, ensuring data integrity and protection against quantum and classical threats in connected ecosystems.
• Defense and AI: Tailored microcontrollers support defense applications and AI-driven systems, providing robust security for mission-critical operations.

Benefits of ASICs with Integrated Security:

ASICs offer unmatched performance, energy efficiency, and cost optimization for specialized applications. By embedding SEALSQ’s quantum-resistant security IPs, these ASICs address the vulnerabilities of traditional cryptographic methods (e.g., RSA and ECC) to quantum computing attacks, ensuring long-term protection for critical systems. This is particularly vital as quantum computing advances and industries demand future-proof solutions to safeguard sensitive data and infrastructure.

Strategic Quantum Corridor:

SEALSQ’s operational headquarters in Aix-en-Provence, France, is poised to become a “Quantum Corridor,” a hub for developing post-quantum semiconductors and identity-focused microchips. This acquisition strengthens SEALSQ’s ability to deliver EU-sovereign solutions, meeting the growing global demand for secure, quantum-resistant technologies.

More information:
www.icalps.com | https://www.linkedin.com/company/ic-alps/
www.sealsq.com I https://www.linkedin.com/company/sealsq/
www.wisekey.com I https://www.linkedin.com/company/wisekey-sa/

About IC’Alps

IC’ALPS is your one-stop-shop ASIC partner. Based in France (HQ in Grenoble, two design centers in Grenoble and Toulouse), the company provides customers with a complete offering for Application Specific Integrated Circuits (ASIC) and Systems on Chip (SoC) development from circuit specification, mastering design in-house, up to the qualification, and the management of the entire production supply chain. Its 90+ engineers’ areas of expertise include analogic, digital and mixed-signal circuits (sensor/MEMS interfaces, ultra-low power consumption, power management, high-resolution converters, high voltage, signal processing, ARM and RISC-V based multiprocessors architectures, hardware accelerators) on technologies from 0.18 µm down to 1.8 nm, and from multiple foundries (TSMC, Global Foundries, Tower Semiconductor, X-FAB, STMicroelectronics, Intel Foundry, ams-OSRAM, etc.). The company is active worldwide in medical, industrial, automotive, IoT, AI, mil-aero and digital identity & security sectors. IC’ALPS is ISO 9001:2015, ISO 13485:2016, EN 9100:2018, Common Criteria at site-level, and ready for IATF 16949.

About WISeKey

WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

About SEALSQ:
SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.

SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.

For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com.

Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.

SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

SEALSQ Corp. Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@sealsq.com

SEALSQ Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 lcati@theequitygroup.com

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¹ We note that the net loss of IC’ALPS under French GAAP for the twelve months ended December 31, 2024 included sales to SEALSQ in an amount of approximately EUR 615,000. Excluding the sales to SEALSQ, the net loss of IC’ALPS under French GAAP for the twelve months ended December 31, 2024 would amount to a net loss in the amount of EUR (2,631,000), based on the draft unaudited revenue of IC’ALPS provided to SEALSQ. We note that the net income of IC’ALPS under French GAAP for the twelve months ended December 31, 2023 included sales to SEALSQ in an amount of approximately EUR 1,168,000. Excluding the sales to SEALSQ, the net income of IC’ALPS under French GAAP for the twelve months ended December 31, 2024 would amount to a net loss in the amount of EUR (850,000) based on the audited revenue of IC’ALPS provided to SEALSQ.

FAQ

What is the total value of SEALSQ's acquisition of IC'ALPS?

The acquisition is valued at EUR 12.5 million with an additional potential earn-out of up to EUR 4 million based on revenue targets for 2025.

How did IC'ALPS perform financially in 2024?

IC'ALPS generated revenue of EUR 9.76 million but reported a net loss of EUR 2.02 million in 2024, compared to EUR 8.47 million revenue and EUR 318,000 profit in 2023.

What is the strategic significance of SEALSQ's IC'ALPS acquisition?

The acquisition combines SEALSQ's quantum-resistant technology with IC'ALPS' ASIC design capabilities, targeting a $36.8 billion market by 2032 and strengthening SEALSQ's European semiconductor presence with 90 additional employees.

When will SEALSQ and IC'ALPS launch their first joint product?

Their first joint product, the QVault TPM chip, is expected to launch with initial samples in Q1 2026.

Which major industries will benefit from SEALSQ's IC'ALPS acquisition?

The acquisition will serve automotive, healthcare, IoT, and defense sectors with quantum-resistant security solutions and custom ASIC designs.

What restrictions apply to the SEALSQ shares issued in the acquisition?

SEALSQ shares issued as part of the acquisition consideration are subject to a 180-day lock-up period, during which sellers cannot sell, transfer, or dispose of the shares.