Crypto AG based in Steinhausen, Zug, is dividing its national and international business into two new companies. The international business is being taken over by the Swedish entrepreneur Andreas Linde and will be further developed by his Crypto International Group. The Swiss business is being transferred to “Crypto Schweiz AG” as part of a management buyout. This move will strengthen both companies and preserve the majority of jobs in the long term. Crypto AG informed the staff about these changes today.
With the new ownership structure, both companies can focus on their business model, will be strengthened and are able to make targeted investments in future technologies and sales channels. The Swiss and international business will not just be maintained as a result but also enhanced thanks to the expansion of their respective market offerings. Giuliano Otth, CEO of Crypto AG and future CEO of Crypto Schweiz AG is convinced: “Two business models with very different characteristics already exist within Crypto AG today. By dividing them, the business models will be separated consistently and driven forward individually.”
In particular, it will be possible to better serve the different needs of the Swiss and international customers and develop the market offering with a greater focus. Crypto’s Chairman of the Board of Directors Robert Schlup: “We are really happy to have found in Andreas Linde a true entrepreneur and strong strategic partner with a wealth of experience in the information security sector.” Despite the separation into two independent companies, both firms intend to cooperate closely in the future, in particular on product developments. The parties have agreed not to disclose the purchase price.
The new Crypto International AG, a subsidiary of Crypto International Group AB, Sweden, is taking over all the international customer relations and will develop its offering in the direction of comprehensive cyber security solutions in addition to the existing product portfolio in the high-security encryption systems sector.
“The international business will further strengthen its crypto offering, and develop a comprehensive cyber security portfolio tailored to the increasingly complex cyber security needs of our international customers”, says Andreas Linde: “To succeed with such a new challenging strategic direction, the company will need to recruit experts spanning over several corporate disciplines.” The Crypto International Group is keeping its Swiss operations in the canton of Zug. The Group will be headed by Anders Platoff, an experienced executive and former fighter pilot and officer in the Swedish Air Forces.
The management buyout of Crypto Schweiz AG is led by Robert Schlup, Giuliano Otth and Thomas Meier, CEO of the affiliated InfoGuard AG. The new unit’s aim is also to further develop its market offering. “Our range is going to be expanded to include broader cyber defence solutions for the Swiss governmental market in close cooperation with our affiliate InfoGuard. Furthermore, we have several ideas as to how our long-standing expertise can be applied for the benefit of customers with high-security requirements in Internet-of-Things (IoT) applications,” CEO Giuliano Otth outlines the strategic direction.
Approximately 150 employees, about 140 of them in Switzerland, will continue to be employed at the two new companies, split about equally. All of the approximately 20 apprenticeships will remain in place. However, a maximum of 14 employees will be made redundant by the end of the year as part of this restructuring. These redundancies will be implemented in a socially responsible manner. Crypto AG had informed staff representatives about the board of director’s proposals at the beginning of the year talks about the principal aspects of the restructuring have been held in the meantime. The employees are being informed today about the changes that will become effective on 1 February 2018.
The operational division into the two new companies will be implemented during the course of 2018. Both companies intend to move to new premises in the canton of Zug by the end of the year. The real estate, comprising the current business premises of Crypto AG in Steinhausen was already sold in December 2017.
Originating from the world leading crypto supplier, the Swiss and International entities are well positioned to thrive in the double-digit growing cyber security market.
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