QuoVadis completes deal with Swiss firm – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

QuoVadis completes deal with Swiss firm

A Swiss company has signed a deal to buy a controlling share in Bermuda-based hi-tech firm QuoVadis.

And WISeKey, a leading cybersecurity and internet of things company, said it expects the acquisition to add more than $20 million in revenues to its top line next year.

Carlos Moreira, chairman and CEO of WISeKey, said: “This transaction will bring strong synergies to WISeKey with a large recurring customer base of QuoVadis' proven trust/link and sealsign technologies, in-depth operations experience running multiple secure and high-availability trustcentre environments under strict accreditation regimes and adept sales and support teams based in important customer markets, including Switzerland, the Netherlands and Germany.

The deal means WISeKey will take an 85 per cent share of the equity in QuoVadis, with the transaction expected to close this quarter.

Existing QuoVadis shareholders will get a cash payment plus equity in WISeKey International Holding and current QuoVadis debt will be extinguished.

QuoVadis management shareholders will retain a 15 per cent minority stake, which WISeKey has the option to later acquire.

QuoVadis will continue to operate as a stand-alone company, expanding its business from centres in Switzerland, Germany, the Netherlands, Belgium and the UK, as well as in Bermuda.

Roman Brunner, CEO of QuoVadis, said: “QuoVadis is enjoying rapid growth providing electronic trust services across the European markets based on our proven track record for local support, practical advice and implementation success.

“The transaction with WISeKey will enable QuoVadis to extend our growth serving our multinational corporate markets, as well as the fast-evolving demands for services in the internet of things and eIDAS EID and electronic trust sectors.”

QuoVadis provides colocation, managed data centre, infrastructure as a service and cloud hosting, as well as disaster recovery services.

Its services also include acting as an international certificate authority and digital signature solutions.

QuoVadis was founded in 2000 by Anthony Nagel and Stephen Davidson.

It now works with 3,000 customers worldwide, including more than 300 large capitalisation companies, with around $17 million in revenue predicted for this year alone and $20 million for 2017.

Mr Davidson is a director of Quo Vadis and vice-president of product development and also deputy chairman of Bermuda Press (Holdings), the parent company of The Royal Gazette,

Signed and sealed: Swiss firm WISeKey has completed the acquisition of a controlling interest in QuoVadis

You must be Registered or to post comment or to vote.

Published February 07, 2017 at 11:52 am (Updated February 07, 2017 at 11:52 am)

QuoVadis completes deal with Swiss firm

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon