Geneva, Switzerland, February 27, 2025 -- SEALSQ Corp("SEALSQ" or "Company"), a leading developer and provider of Semiconductors, PKI, and Post-Quantum technology hardware and software solutions, today announced that it has entered into exclusive negotiations with the shareholders of IC’ALPS SAS (“IC’ALPS”), an ASIC design and supply specialist based in Grenoble, France, to acquire 100% of the share capital and voting rights of IC’ALPS. These exclusive negotiations result from the execution of a Letter of Intent with IC’ALPS and its shareholders. The acquisition is subject to, amongst other items, the completion of the appropriate due diligence, execution of definitive agreements, and authorization by French regulatory authorities. This proposed strategic acquisition will reinforce SEALSQ’s commitment to advancing its Application-Specific Integrated Circuit (ASIC) development to meet the growing demand in the sector and add approximately 100 highly-skilled staff based out of IC’ALPS’ current centers in Grenoble and Toulouse.

Strategic Expansion into ASIC and Post-Quantum Technology

In 2024, SEALSQ embarked on a bold initiative aiming to capitalize on its QS7001 quantum-resistant hardware architecture in order to penetrate the ASICs segment: SEALSQ engaged major electronics manufacturers that were seeking to develop custom quantum-resistant secure chips, tailored to meet specific use-case requirements. This expansion into the post-quantum ASIC segment marked a pivotal milestone in SEALSQ’s industrial strategy, unveiling significant business opportunities and revenue streams. IC’ALPS, a trusted design partner of SEALSQ that contributed to the new quantum-resistant platform design, emerged as a natural partner to support this new ASICs strategy.

ASIC development is a highly complex process requiring precise customization, rigorous validation, and meticulous manufacturing. SEALSQ’s acquisition of IC'ALPS would bring together IC'ALPS’ cutting-edge ASIC design expertise and footprint in both medical and automotive segments, along with SEALSQ’s extensive security IP portfolio, sales and supply chain capabilities. This synergy will greatly accelerate development timelines, enhance scalability, and enable SEALSQ to offer high-performance, tailored products designed using the latest and most competitive technologies for any kind of application, thus expanding the reach into new segments. The proposed merger is set to position SEALSQ among the key players in the security ICs industry for both European and global markets.

Lucille Engels, COO of IC’ALPS, stated: “At IC’ALPS, we take pride in our achievements, which are the result of the hard work of our dedicated team over the past seven years in creating state-of-the-art ASICs and SoCs for demanding applications in medical (ultrasounds, implantable devices), automotive, IoT, IA, and security, among others. The merger with SEALSQ presents a significant opportunity for IC’ALPS in the security field, particularly for all connected products, while still meeting the needs of other customers as their trusted ASIC design and supply partner.”

“Joining forces with SEALSQ will accelerate IC’ALPS’ growth while elevating our ASIC development solutions. This strategic move will fuel our innovation pipeline and enable us to deliver even greater value to our customers around the globe. It will also strengthen our position in the EU market as a provider of high-performance integrated circuits. Moreover, it sets the foundation for an extraordinary journey ahead: by combining IC’ALPS’ design expertise with SEALSQ’s capabilities, we’re creating a solid powerhouse in the post-quantum ASIC industry for years to come,” said Jean-Luc Triouleyre, CEO of IC’ALPS.

“The collaboration between IC’ALPS and SEALSQ exemplifies the dynamic and innovative spirit of the French semiconductor ecosystem,” added Jean Pierre Enguent, CTO of SEALSQ. “This proposed acquisition demonstrates how mid-size high-tech companies can combine their strengths to develop next-generation products that rival larger corporations. By combining agility with innovation, we are confident that we will set a new benchmark for excellence in the global semiconductor industry.”

Carlos Moreira, CEO of SEALSQ, also commented on the proposed acquisition, stating: “Our plan to acquire IC’ALPS marks a significant milestone in our mission to drive innovation in secure semiconductor technology. By joining forces, we believe that we will be in a position to lead the market in post-quantum security solutions and quantum ASIC development. It is our firm belief that this move will further strengthen our ability to deliver cutting-edge, secure microchips that will define the future of cybersecurity and digital trust.”

“The consolidation of the French semiconductor ecosystem is essential to maintaining our global competitiveness,” said Bernard Vian, MD of SEALSQ. “By acquiring IC’ALPS, SEALSQ would not only expand its technological capabilities but also strengthen the strategic position of the Company and France in the semiconductor industry. This move would foster innovation, ensure supply chain resilience, and support the development of cutting-edge secure chips that will define the future of cybersecurity.”