- Global cybersecurity, AI, and IoT company WISeKey International Holding AG (NASDAQ:WKEY) transferred its 51% stake in German Artificial Intelligence Platform company arago GmbH to OGARA GmbH.
- The transfer of the shares gives OGARA complete control of arago's operations into the acquiring consortium and establishes the partnership between WISeKey and arago to work on the increasing adoption of AI and IoT convergence as one of the primary factors driving the growth of the IoT market.
- In April, WISeKey sold its controlling stake in arago back to a German consortium of investors led by arago's founder through his investment company, OGARA GmbH, for €25.5 million.
- The purchase price was over five times the initial investment made by WISeKey to acquire its 51% stake.
- Price Action: WKEY shares traded higher by 6.69% at $3.03 in the premarket on the last check Tuesday.
