The primary source of the revenue is strong demand for its IoT technology and cybersecurity software as a service (SaaS) products, and a larger client base resulting from strong synergies between these two main verticals. The semiconductor IoT Segment generated revenue of approximately $8.4 million while revenue from the cybersecurity SaaS Segment was $6 million in Q3.
The third quarter results show that customers are relying more on the WISeKey cybersecurity SaaS and semiconductor IoT segments. At present, more than 3500 organisations ranging from large multi-nationals, to small- and medium-size businesses, to non-profits all over the world are using the WISeKey Platform to secure their digital assets, the company says.
The integration of chips, smart metering and identification token technology provides the company with substantial synergistic cross-selling opportunities for several clients, including world leaders in IT infrastructure. Moreover, multinational companies are the ideal candidates for WISeKey Trust Model as they need to comply with International Standards on the deployment of their IoT infrastructure.
In terms of recent highlights for the company, last month WISeKey completed the integration of IoT-integrated circuit solutions and semiconductor business VaultIC, into its platform. The integration covered the transfer of products, technology, customer agreements, and certain patents from INSIDE Secure to WISeKey including the development and sale of secure integrated circuits designed to secure and power the growing IoT market. The vertical integration of WISeKey’s Root of Trust and Identity technology with VaultIC’s hardware and software, system certification, provisioning and up to management services, allows WISeKey to position itself as a provider of an end-to-end IoT platform for people and objects.