[September 29, 2016] |
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WISeKey International Holding Signs MOU with Indian Investors to Establish a Joint Venture (WISeKey India) to Expand IoT and Cybersecurity in the Indian Market
WISeKey International Holding Ltd (WIHN.SW) ("WISeKey") and a group of
successful entrepreneurs having built and sold multiple companies in
India and US announced today that they have signed a Memorandum of
Understanding ("MoU") to establish a Joint Venture to deploy WISeKey IoT
and Cybersecurity Platform to the Indian Market.
WISeKey reached an agreement that would result in the localization of
WISeKey's Cybersecurity Platform in India to serve several markets such
as IoT, Cybersecurity and Authentication of objects. This will grant
Indian customers - both individuals and organizations - trusted
identities for IoT objects and mobiles, enabling them to complete secure
online transactions with confidence, trust the identities of others, and
the identities of the IoT infrastructure on which the transactions run
via localized Root of Trust to serve the Indian Ecosystem. Some of the
segments that will benefit from the WiseKey platform are telecom,
manufacturing and retail including e-commerce.
Certain terms of the WISeKey India Joint Venture remain subject to final
approval by all parties and should be concluded soon and expected to be
announced in October at the Indian Economic Summit.
The WISeKey India Joint Venture incorporation and deployment includes
the development of a full Root of Trust and Public Key Infrastructure
("PKI") for WISeKey India including a globally trusted Certification
Authority under the "Digital India Vision," a campaign launched by the
Government of India that has taken major initiatives to make the country
e-ready by initiating various e-governance implementations across the
country like automation of income tax, passport, Company Law,
e-procurement and bidding etc. Public Key Infrastructure forms the
backbone for all these initiatives.
As per the terms of the Joint Venture, WISeKey will create a WISeKey
Cryptographic Root of Trust in India for IoT manufacturers and
chipmakers allowing them to add digital certificates on their chips at
the hardware level to encrypt the communication and authenticate the
devices. The first project is already under development for the use of
semiconductors IoT Chips and Asymmetric Keys to authenticate a very
large number of products to be deployed in the country.
WISeKey is currently deploying large scale IoT digital identities for
objects including watches, sensors, mobile phones, laptops and wearables
using its Cryptographic Root of Trust and VaultIC© Semiconductors IoT
technology. This trusted technology integrates wearable technology with
secure authentication and identification, in both physical and virtual
environments, and empowers IoT and wearable devices to become secure
transactional devices. WISeKey has patented this process in the USA as
it is currently used by many IoT providers (for more information visit: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=wisekey&OS=wisekey&RS=wisekey).
The Root of Trust ("RoT") serves as a common trust anchor, which is
recognized by the operating system ("OS") and applications, to ensure
the authenticity, confidentiality and integrity of on-line transactions.
With the Cryptographic Root of Trust embedded on the device, the IoT
product manufacturers can use code-signing certificates and a
cloud-based signature-as-a-service to secure interactions among objects
and between objects and people.
At the heart of this strategy is the OISTE-WISeKey Cryptographic Root of
Trust which has been actively used since 1999 by over 2.6 billion
desktops, browsers, mobile devices, SSL certificates and Internet of
Things' devices. The OISTE WISeKey Cryptographic Root of Trust is
ubiquitous and universal, and a pioneer in the identification of objects.
It is estimated that the global wearable market will grow at an annual
rate of 35% over the next five years. The rapid growth of the number of
connected devices is driving the shift from the current traditional
mobile payment method to highly secure transactions from wearable
devices using trusted communications and authentication technology.
WISeKey's Cryptographic Root of Trust and NFCTrusted© technology enables
these wearable devices to connect safely and make secure payments and
other transactions.
WISeKey India will also deploy a private-label mobile application and
service platform that provides Near Field Communication (NFC) payment
functions, pre-paid services capabilities, e-coupons, targeted
advertising, as well as the management of and access to personal data by
users.
Carlos Moreira, Founder and CEO of WISeKey said, "We are thrilled
to sign this MoU and establish WISeKey India Joint Venture which will
serve as the trusted IoT infrastructure the country requires to provide
millions of people and billions of objects with an interoperable
'environment' for identification, authentication, and authorization
during the course of online transactions. This cooperation goes in line
with WISeKey's commitment to the World Economic Forum and Clinton Global
Initiative (http://goo.gl/F0RW3)
to provide one billion digital identities by 2017."
Gary Gauba, serial entrepreneurs with three successful exits in India
and US to Fortune 500 companies ,who also serves on the board of WISeKey
North America commented: "The establishment of Indian Root of Trust
and Public Key infrastructure by WISeKey India will dramatically
increase the confidence in individual as well as organizations to
conduct online transactions".
About WISeKey
WISeKey (SIX Swiss Exchange: WIHN) is a leading cybersecurity company
and selected as a World Economic Forum Global Growth Company. WISeKey is
currently deploying large scale Internet of Things ("IoT") digital
identity ecosystems and has become a pioneer of the "4th Industrial
Revolution (News - Alert)" movement launched this year at the World Economic Forum in
Davos. WISeKey's Swiss based cryptographic Root of Trust ("RoT")
integrates wearable technology with secure authentication and
identification, in both physical and virtual environments, and empowers
IoT and wearable devices to become secure transactional devices. The RoT
serves as a common trust anchor, which is recognized by the operating
system and applications, to ensure the authenticity, confidentiality and
integrity of on-line transactions. With the cryptographic RoT embedded
on the device, the IoT product manufacturers can use code-signing
certificates and a cloud-based signature as a service to secure
interactions among objects and between objects and people. WISeKey has
patented this process in the USA as it is currently used by many IoT
providers.
http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=wisekey&OS=wisekey&RS=wisekey).
Disclaimer:
This communication expressly or implicitly contains certain
forward-looking statements concerning WISeKey International Holding Ltd
and its business. Such statements involve certain known and unknown
risks, uncertainties and other factors, which could cause the actual
results, financial condition, performance or achievements of WISeKey
International Holding Ltd to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. WISeKey International Holding Ltd 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.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities, and it does not
constitute an offering prospectus within the meaning of article 652a or
article 1156 of the Swiss Code of Obligations or a listing prospectus
within the meaning of the listing rules of the SIX Swiss Exchange.
Investors must rely on their own evaluation of WISeKey and its
securities, including the merits and risks involved. Nothing contained
herein is, or shall be relied on as, a promise or representation as to
the future performance of WISeKey.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160929006394/en/
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