SEALSQ Completes Acquisition of IC'ALPS to Strengthen Semiconductor Capabilities
SEALSQ completes the acquisition of IC'ALPS, enhancing its semiconductor capabilities following French government approval.
- • SEALSQ acquires IC'ALPS for €12.5 million, with additional earn-outs possible.
- • Approximately 90 employees from IC'ALPS will join SEALSQ post-acquisition.
- • The acquisition aims to boost SEALSQ’s capabilities in secure post-quantum cryptographic ASIC development.
- • A key product of the merger, QVault TPM, is set to launch initial samples in Q1 2026.
Key details
SEALSQ Corp has successfully finalized its acquisition of IC'ALPS, receiving official backing from the French Ministry of Economy, Finance, and Industrial Sovereignty. The deal was completed on August 4, 2025, with SEALSQ purchasing IC'ALPS for a total price of €12.5 million, which will be distributed as a combination of cash and shares. Additionally, there are potential earn-outs of up to €4 million based on IC'ALPS's performance in the year ending December 31, 2025.
This acquisition means that approximately 90 IC'ALPS employees will be joining SEALSQ, which will increase SEALSQ's workforce in France to over 150. Notably, IC'ALPS had reported revenues of €9.76 million and a net loss of €2.02 million for its fiscal year ending December 31, 2024. In comparison, its previous year's figures included revenues of €8.47 million and a net profit of €318,000. To ensure compliance and transparent reporting, SEALSQ intends to prepare audited financial statements for IC'ALPS according to U.S. GAAP, which may differ significantly from the preliminary figures reported.
IC'ALPS will continue providing its core custom ASIC design services and maintain its established certifications in the medical, aerospace, and automotive industries while tapping into its existing partnerships with leading silicon foundries. This merger is expected to generate considerable synergies vital for SEALSQ’s ambitions in developing secure ASICs that implement post-quantum cryptographic algorithms, crucial for mitigating emerging security threats due to advancements in quantum computing.
A highlight of the collaboration is the upcoming development of the QVault TPM, the first chip integrating expertise from both companies, with initial samples expected by the first quarter of 2026. This strategic acquisition is a robust response to the growing global demand for secure, sovereign semiconductor solutions from Europe, positioning SEALSQ as a key player in the market.