SEALSQ signs share purchase agreement to acquire 100% of ASIC specialist IC'ALPS for EUR 12.5M plus earn-out
On 2025-05-27 SEALSQ Corp, a member of the WISeKey Group, announced the signing of a share purchase agreement to acquire 100% of IC'ALPS SAS, a French ASIC-design specialist. The fixed price is EUR 12.5 million (EUR 10 million cash and EUR 2.5 million in SEALSQ ordinary shares), with an earn-out of up to EUR 4 million in shares contingent on IC'ALPS exceeding EUR 11 million revenue in the twelve months to 2025-12-31. The signing followed a 2025-05-22 exclusive-negotiation update.
A signed binding SPA to bring ASIC-design capability in-house is a concrete vertical-integration step supporting SEALSQ's post-quantum semiconductor roadmap, though the roughly $14M scale sits below the §8 score-5 funding/M&A anchor.
Owning ASIC-design talent reduces SEALSQ's dependence on external design houses for its post-quantum secure-element chips and adds roughly 100 technical staff, positioning it to control more of the PQC-hardware stack ahead of QS7001 commercialization.