WISeKey International Holding Ltd., a leading global cybersecurity, AI and IoT company, announced that it has transferred its 51% controlling interest in arago GmbH (arago) to OGARA GmbH (OGARA).
WISeKey signed a Share Purchase and Transfer Agreement to sell its 51% stake in arago to a German consortium of investors led by arago’s founder through his investment company, OGARA.
Recommended AI News: Rising Network Automation Unlocks Massive Growth Opportunities Across 5G
The transfer of the shares gives OGARA full control of arago’s operations into the acquiring consortium, and establish the framework of the partnership between WISeKey and arago to work together on the increasing adoption of AI and IoT convergence as one of the primary factors driving the growth of the IoT market.
WISeKey’s management, in consultation with its board of directors, considered a number of factors, including the already implemented separation of its operations from those of arago, before effecting the transfer. The transfer does not affect WISeKey‘s right to the purchase price, the payment of which is expected in Q3 2022. The transfer will, however, allow WISeKey to move ahead with its strategic vision of refocusing on the core business.
Recommended AI News: FoundriesFactory Supports Arm’s Project Cassini for Secure Production Edge Deployments
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.