September 2017 - daks2k3a4ib2z.cloudfront.net · 0 10 20 30 40 50 60 1990 1992 1994 1996 1998 2000...
Transcript of September 2017 - daks2k3a4ib2z.cloudfront.net · 0 10 20 30 40 50 60 1990 1992 1994 1996 1998 2000...
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September 2017
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DISCLAIMER
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and
other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of
this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This corporate presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it
does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein
is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
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VISION
Premier Cybersecurity company offering digital security for large scale Internet of Things (“IoT”) and digital identity ecosystems
Authenticate and secure devices, websites, people, and documents as well as the communication between them for enterprises and government agencies
Maximize experience value and enhance trust with authenticated secure device data
Ensure secure connection of People-to-Machines and Machine-to-Machines, creating new opportunities to:
Enhance quality of life (confidentiality, security and reliability online)
Improve existing businesses and empower new ones
Optimize processes, resources and end-user experience
Reduce risk for service/product providers and users
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Founded in 1999
COMPANY SNAPSHOT
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Headquartered in Geneva, Switzerland
Cybersecurity and IoT Technology Platform
Employees: 165 worldwide
SIX Swiss Exchange (SWX: WIHN)
3,400+ clients worldwide
Clients
3.6 Billion 400 Million 1 Million 800 Million 1.6 Billion 200 Million 120 Million 1.2 Million 250 Million
Browsers (total) Root of Trust installed
New browser per year Root of Trust Installed
Watches – WISeKey asymmetric keys
IoT chips – WISeKey VaultIC chips since 2010
Mobile OS (total) Root of Trust installed
Mobile OS per year Root of Trust installed
CertifyID and WISfans (personal identities)
WISeKey apps downloaded
Digitally signed emails per year
Key Figures
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SECURE IDENTIFICATION IN THE DIGITAL WORLD
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Everything and everybody connected to the Internet needs to be secured via a digital identity!
Digital identities for individuals, legal entities, servers, devices and program code
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• Critical Accreditations
WE ARE IN THE DIGITAL TRUST BUSINESS ACCREDITATIONS & COMPATIBILITY ARE THE VERY FOUNDATIONS
• Multiple Roots of Trust - Global Ubiquity - Trusted by the Browsers and big software companies
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Regional Europe
eIDAS
Global
ISO 27001
Operating Systems Browsers Applications Frameworks
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CYBERSECURITY THREAT IS THE SINGLE GREATEST CHALLENGE FOR BUSINESS TODAY
Consumers need reassurance they are safe online
Targeted attacks on the rise Data is the new perimeter Service/Product/Person
digital interaction is new norm
PRIVACY PRODUCTIVITY THEFT SAFETY
Control garage door
locking
Fraud
Payment
Hacking
Unlock remotely
Spying
Infotainment system
Malware attacked
Pacemaker malfunction
Activate alarm sensor
Shut down factory
Steal Company
know-how Reduce energy supply
Stop alarm sensor
Turn off engine
Private Health data
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10
20
30
40
50
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1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Bill
ion
s o
f D
evic
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Year
LARGE AND RAPIDLY GROWING MARKET OF CONNECTED IOT DEVICES
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2003 - 0.5 Billion Devices 1992 - 1,000,000 Devices
2009 - IoT Inception
2012 - 8.7 Billion Devices
2013 - 11.2 Billion Devices
2014 - 14.4 Billion Devices
2015 - 18.2 Billion Devices
2016 - 22.9 Billion Devices
2017 - 28.4 Billion Devices
2018 - 34.8 Billion Devices
2019 - 42.1 Billion Devices
2020 - 50.1 Billion Devices
Source: NCTA
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SECURITY IS OFTEN AN AFTERTHOUGHT TO CONVENIENCE / EASE OF USE IN IOT
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Example IoT Security Breaches
I. WikiLeaks release of CIA documents revealed internet-connected TVs can record conversations
II. Mirai botnet infecting routers and IP cameras used
to flood DNS provider DYN with a DDOS attack in October 2016
III. Cybercriminals shut down heating of two residential buildings in Finland for 1 week in November 2016 after attacking unprotected building management systems
IV. A report in January 2017 by Verizon Enterprises described an unnamed university that saw over 5,000 IoT devices attacked via a botnet
V. In 2016, The Wiesmann Institute of Science demonstrated that virus infecting connected wireless lamps, drone or connected cars could spread to smart cities containing millions of interconnected devices
Leading Technologies for IoT Security1
1) IoT Network Security
2) IoT Authentication
3) IoT Encryption
4) IoT PKI
5) IoT Security Analytics
6) IoT API Security
WISeKey Area of Focus
1. Forbes, “6 Hot Internet of Things (IoT) Security Technologies”, March 20, 2017
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INTEGRATED IoT PLATFORM «RoT to Chip»
WISEKEY VERTICAL CYBERSECURITY PLATFORM
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Secure Element
Secure Micro-processors
Tamper Proof highest level
Chip
Integrated Circuit
Strategic Partners
Secure Algorithms
Business Analysis
Shared Distributed
Ledger
Identity
SSL
eBilling
Encryption
eSignature
Secure Mail
MDM / IoT
Autorisation
Common Criteria EAL 4++
EMV
SELECT SOURCING VIA CENTERS OF EXCELLENCE/PARTNERS
CYBERSECURITY SAAS MPKI & SIGNING SERVICES
SEMICONDUCTORS & IOT IOT SECURITY & ANTI-COUNTERFEITING
ARTIFICIAL INTELLIGENCE & BLOCKCHAIN
Vault IC NFC
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Cloud-based Infrastructure-as-a-Service that enables organizations to issue, renew, and revoke digital certificates
2016 mPKI revenue (% of mPKI revenue): 35% Percentage of recurring: 80%
Managed Public Key Infrastructure (mPKI) Digital Signing Services (sign)
Electronic signatures and time stamp solutions used by individuals and corporations to produce legally bound documents
2016 signing revenue (% of mPKI revenue): 20% Percentage of recurring: 100%
CYBERSECURITY SAAS: QUOVADIS COMPLEMENTING THE MPKI OFFERING
Certificate Authority that issues digital certificates that can be used to power strong authentication and encryption
2016 SSL revenue (% of mPKI revenue): 30% Percentage of recurring: 100%
Digital Certificates (SSL) Digital Identification (eIDs)
Certificates that are enclosed as part of individual electronic ID cards or devices and used to authenticate and / or secure access to government or regulated services
2016 eID revenue (% of mPKI revenue): 15% Percentage of recurring: 80%
mPKI
Services
Digital
Signing
Services
eIDs
SSL
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Industrial/Automotive Smart Cities Authentication IT infrastructure Smart home/ Medical
IT Companies ‘Going Out’
Cu
sto
mer
s N
eed
s
Large scale manufacturers
Automotive Industry
IoT wearables
Home electronical appliances
E-Commerce
Luxury Goods
Pharma Industry
IoT companies that deploy their products in cities
Solve the security concerns from foreign governments
Secure networks
Encryption technologies
Routers and modems need to be secured
Creating an identity of all connected devices or persons
Implementing ID management solution
Secured traceability into the production and distribution chain
Health monitoring and measurement
Secured E-transactions
Protection against fraud and abuse
Protection against counterfeiting
Secured traceability into the production and distribution chain
Protection against warranty fraud
Infrastructure control such as water supply management
Lighting and waste management
Security (video surveillance, fire alarms)
Pollution sensors
WISeKey provides secure communication network with digital identification and
authentication
Combination of established Root of Trust and NFC technologies, consumers are able
to securely use intelligent devices
NFC enabled phone connects with device and verifies the devices identity and
authenticity
Providing smart cities with a scalable and easily manageable object identity
management and security solution
Root of Trust Services
CertifyID Services
WIS
eKey
Pro
du
cts
WISEKEY: PRODUCT/SERVICE USE CASES
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• Cisco IT SSL and Managed PKI services: WISeKey QuoVadis are providing Cisco Systems SSL certificate services for Cisco’s IT resources and assets.
• Cisco Equipments: WISeKey Semiconductors are providing secure chips as Trust Anchor module
• IoT and device SSL certificates for Cisco products/devices: WISeKey QuoVadis to provide high volume device SSL certs for Cisco system devices and services.
• Cisco are working with WISekey to deploy mPKI services and secure chips to address a range of needs both internal and external
CASE STUDY : CISCO
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Security Broker
CISCO IoT Database and Applications
CISCO Device
Root Key
CA
Certificate Status log
Certificate
Managed Services
Certificate and Certificate Owner
Certificate Attribute
Certificate Management
System
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• Holistic approach among Competitors • Competitors in each vertical
CREATING THE FIRST EVER FULLY INTEGRATED TRUSTED IOT PLATFORM
Root of Trust
Secure Identity
Digital Signature
Internet of Things
Semiconductors
Blockchain
Artificial Intelligence
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PLATFORM MONETIZATION / BUSINESS MODEL
Category Description
Semiconductor IoT
31 million ICs Sold in H1’17 IC ASP is approximately $0.50 Secure element for IoT Devices H1 2017 Gross Margin 46%
Cybersecurity SaaS Managed certificate / Signing services and provisioning 90% Recurring Revenue H1 2017 Gross Margin 68%
Combined Platform Cross-sell Cypersecurity/SaaS into semiconductor installed base/vice versa Bring to market bundled solution to customers Good momentum <6 months since close of QuoVadis Acquisition
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RECENT MOMENTUM
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Company Nature Product Description Country Estimated Start Date
Term Years
Automotive Manufacturer
New Win mPKI Enterprise Level / PKI for IoC 2017 / 2018 3
Automotive Manufacturer
Upsell PKI for IoC / MPKI SSL / TLS 2017 / 2018 5
Software Provider
Upsell mPKI Enterprise Level 2017 / 2018 3
Financial Services
Upsell mPKI Enterprise Level 2017 / 2018 3
Automotive Manufacturer
New Win PKI for IoC (Connected Cars) 2017 / 2018 5
Machinery & Equipment
Upsell PKI for IoE (Connected Elevators) 2017 / 2018 5
Conglomerate Upsell Signing Services (eIDAS) 2017 3
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Semiconductor IOT
Cybersecurity SaaS
Integrated Platform
LEADERSHIP POSITION
Differentiation Competitive Landscape
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Trusted brand – best-in-class technology with benefit of Swiss neutrality, security and privacy laws
Integrated platform
Only Root-of-Trust to Secure Chip provider
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WISeKey’s Managed Cryptographic Root of Trust leverages the SAP HANA® Cloud Platform to secure IoT devices
Key Strategy: Collaboration to Secure IoT Edge Devices Bringing payments to luxury brand watches and wearables
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Bring payments to any consumer gadget, accessory or wearable devices – from fitness bands to refrigerators
STRONG PARTNER ECOSYSTEM
CenturyLink resells WISeKey’s cybersecurity solutions to businesses
Providing cybersecurity solutions Bringing Innovation and Security to IoT across the Globe
Providing smart cities with a scalable, easily manageable object identity management
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Expand into new geographies – India, China, U.S.
Expand into new vertical end markets / areas – blockchain ledgers, smart cities, etc.
Cross-sell software into installed based of semiconductor IOT customers
Expand partnership ecosystem
GROWTH OPPORTUNITIES – LEVERAGE CORE TECHNOLOGY
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INVESTMENT HIGHLIGHTS
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Technology leader with integrated platform
Core technology is horizontally-applicable with increasing adoption across
industries
Large installed base of blue-chip customers
Multiple vectors of growth leveraging core technology
Serve a large and rapidly-growing cybersecurity IoT market
Attractive financial profile
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WISEKEY: THE LEADERSHIP TEAM
Board of Directors
Juan Hernandez Zayas CEO Grupo Cosimet, Sociedad Limitada
Carlos Creus Moreira Chairman & CEO WISeKey
Philippe Doubre President and Secretary General World Trade Center Geneva
Peter Ward Chief Financial Officer WISeKey
Tom Whayne Former Managing Director, Rothschild
Maryla Shingler Bobbio Managing Director, Argentum Group SA
David Fergusson President & Co-CEO The M&A Advisor
Dourgam Kummer Former Chief Operating Officer WISeKey
Management Team
Bernard Vian
General Manager, Semiconductor IOT
More than 25 years of experience in the Secure Semiconductor Industry
Joined INSIDE Contactless in 2002, a leader of NFC payment chip supply in the US
Joined WISeKey as head of Semiconductor division through acquisition of Inside Secure
Carlos Moreira
Chief Executive Officer
Recognized early stage pioneer in the field of digital identity
Adjunct Professor of the Graduate School of (RMIT) from 1995 to 1999
Chair World Economic Forum Global Agenda on Internet
Founder and CEO of WISeKey
Peter Ward
Chief Financial Officer
Chartered management accountant
Significant international experience in the IT, FMCG, medical equipment,
plastics and Biotech industries
Joined WISeKey in 2008 ; Group CFO and a member of the Board since 2012
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Roman Brunner
General Manager
QuoVadis
More than 25 years of experience in the global IT Services industry
Served in general management positions for Comdisco Inc., the largest provider of disaster recovery and IT leasing solutions
Joined QuoVadis in 2003
Carlos Moreno
Interim Chief Operating Officer
More than 20 years of experience in Sales and
business development
Product management and design of solutions
and architectures
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Financial Overview
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Annual Revenue Biannual Revenue
STRONG REVENUE GROWTH
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($ in millions) ($ in millions)
- 2017 Guidance per company press release on September 19th 2017 - 2H 2017 Guidance equals 2017 Guidance from September 19th 2017 press release less 1H 2017 actual results
$2.3
$11.0
$50.0
2015 2016 2017 Guidance
$1.6
$9.4
$21.2
$28.8
1H 2016 2H 2016 1H 2017 2H2017 Guidance
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Gross Margin
Margin Drivers
Attractive Gross Margin Profile
Platform Preference
Cybersecurity SaaS Increasing volumes of
standard managed services (SaaS)
Semiconductor IoT End of onerous contract
in 2018 (from Inside Secure acquisition)
Operational Excellence & cost control
Cybersecurity SaaS Recurring Revenue Higher than Overall
Gross Margins Semiconductor IoT Increasingly enable
incremental software sales with “razor / razor blade” go-to-market strategy
GROSS MARGIN PROFILE
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40.4%
49.1%
2016 1H17
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TARGET FINANCIAL MODEL
$ in Millions 2016 1H 2017
Total Revenue $11.0M $21.2M
IoT Revenue $8.4M $15.0M
Cybersecurity/ mPKI Revenue
$2.6M $6.2M
% of Revenue 2016 1H 2017
Gross Margin 40.4% 49.1%
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