Wisekey sells majority stake in start-up Arago
The company wants to sell its 51 percent stake in the German AI start-up.
The cyber security company Wisekey is selling its majority stake in the German start-up Arago to the investment company of Arago founder Hans-Christian Boos. Wisekey is receiving 25.5 million euros for its shares, which the company says is more than five times the original purchase price.
"Having established a good technical integration of the assets, the challenges and investment required to maintain the operations of Wisekey and Arago under one roof did not justify the increased expense nor allow us to fully realize the valuation potential of both companies," says Carlos Moreira, CEO of Wisekey, about the sale of the shares.
The reason for the separation is the different business approaches and market launch strategies. At the same time, both companies want to continue a strategic partnership in the field of AI and IoT applications. The ongoing cooperation is intended to ensure that both companies can use each other's technology for their business.
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