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Utimaco

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Utimaco
Company typePrivate
IndustryCybersecurity, Compliance Solutions
Founded1983
Key people
  • Stefan Auerbach (CEO)
  • Martin Stamm (CFO)
  • Håcan Tiwemark (COO)
  • Cindy Provin (CSO)
  • Stefan Zeichner (Senior Vice President Utimaco TS GmbH)
Number of employees
500+ (2024)
ParentSGT Capital Group
WebsiteOfficial website

Utimaco is a company active in the sector of cybersecurity and compliance solutions, with headquarters in Aachen, Germany, and Campbell, California, USA. Founded in 1983, the company provides on-premises and cloud-based hardware security modules, key management, data protection as well as data intelligence solutions for regulated critical infrastructures and Public Warning Systems.

Products and services

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Utimaco's product portfolio includes:

  • Hardware Security Modules (HSMs)
  • Key Management Solutions
  • Data Protection
  • Data Intelligence Solutions
  • Public Warning Systems

History

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Early years

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In mid-1983, Horst Görtz acquired the computer centre company Utilisation des Machines Comptables, and renamed it uti-maco software GmbH (an abbreviation of the original name).[1][2]

In 1990, the company moved from Frankfurt to Oberursel.[3] One year later, Utimaco established its first subsidiary in the USA.[1] In 1994, the company merged with the Austrian Safeware Ges.mbH in Linz[4] and subsequently changed from a private company (GmbH) to a joint-stock corporation, the Utimaco Safeware AG.[5]

Later that year, Utimaco took over the Dutch distributor D&R, which had been Utimaco's sales partner since 1988, and continued after the acquisition as a wholly owned subsidiary under the name Utimaco Safeware BV.[6] Until 1998, further subsidiaries were founded in Austria and Belgium,[7] France, Switzerland, United Kingdom, Norway,[8] as well as in Sweden and Finland,[9] and the US company Mergent International was acquired.[10]

IPO and acquisition through Sophos

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Utimaco made its IPO in February 1999 as Utimaco Safeware AG at Neuer Markt, a segment of Deutsche Börse.[2] Later that year, Utimaco took over the operating business of Kryptokom GmbH in Aachen.[11]

In 2000, Utimaco introduced a card reader for online payments.[12] In the same year, ACG and Utimaco founded the joint venture Omnikey AG.[13] By 2000, the company's SafeGuard Easy software was used by companies and authorities like the Federal Bureau of Investigation (FBI), Deutsche Post AG and the Canada Customs and Revenue Agency, amongst others.[3]

In 2001, Utimaco entered a partnership with Precise Biometrics, a European company in the field of biometrics.[14] In 2002, the company was restructured. The business units Personal Device Security (PDS), Digital Transaction Security (DTS) and the system house for customer-specific security services — the core of former Kryptokom — were retained. The two business units Network Security and Security Modules were discontinued.[15]

In 2008, Sophos announced to take over Utimaco through a voluntary public tender offering.[16] By 2009, Sophos had acquired 92% of Utimaco's shares and subsequently established a profit and loss transfer and domination agreement.[17][18] In 2012, Sophos conducted squeeze-out proceedings against the minority shareholders of Utimaco and delisted the company from the stock market.[18] In the same year, the annual general meeting amended the Articles of Association and transferred the registered headquarters from Oberursel to Aachen.[19]

New owners and restructuring

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In 2011, Utimaco faced allegations of supplying Lawful Interception Management Systems (LIMS) to repressive regimes such as Iran and Syria, raising ethical concerns when their products were used by Iranian authorities to detain and torture a university student.[20]

Following the controversy, in 2013 Sophos sold Utimaco to management and financial investors Pinova Capital GmbH (Munich) and BIP Capital Partners (Luxembourg),[21] and since January 2017, the investment company EQT Partners has become an additional shareholder.[22]

In 2014, Utimaco Safeware AG was dissolved,[19] and in 2016, Utimaco Management GmbH was founded.[23] Two years later, Utimaco acquired the US company Atalla and its product lines from Micro Focus International.[24]

In February 2020, Utimaco announced the acquisition of Geobridge (Virginia, USA). In December 2020, Utimaco acquired UK-based MYHSM, a global provider of payment hardware security modules. In April 2021, Utimaco acquired exceet Secure Solutions GmbH, a provider of secure services for IT security and the Internet of Things (IoT).[25] Furthermore, in May 2021, Utimaco acquired all shares in Realia Technologies, S.L. (Realsec), Madrid, Spain — a provider of hardware security modules — and the corresponding subsidiaries.[26]

In August 2021, Utimaco was acquired by SGT Capital[27] and finalised in early May 2022, after receiving all necessary clearances. Soon after, Utimaco acquired Celltick, a provider of public-warning and mass notification systems.[28] In April 2023, Utimaco acquired conpal GmbH, a provider of IT security systems for protection of private data and authentication.[29]

Corporate structure

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Since 2022, SGT Capital is the majority shareholder of the group and is complemented by the minority stake of Utimaco management, employees and EQT; alongside Bain Capital Credit and Tyrus Capital, as well as other institutional investors including Capital Dynamics, Commonfund, Flandrin Capital, University of Wisconsin Foundation, and UBS Global Wealth Management.[28]

Utimaco Verwaltungs GmbH is the group's mother company, which holds liability for Utimaco Management GmbH.[30] Utimaco Management GmbH is responsible for the operating business of the group, with all its subsidiaries.[31] It is led by Stefan Auerbach (2019), Martin Stamm (2020), Hacan Tiwemark (2022) and Cindy Provin (2024).[23]

Revenue (in million EUR)
2017/18 2018/19 2019/20 2020/21 2021/22
34.8 44.4 66.1 83.2 100.4

Source: Bundesanzeiger, Unternehmensregister[32][26][33]

References

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  1. ^ a b "Uti-Maco Software GmbH / Mit Datenschutz-Programmen rund um den Globus" [Uti-Maco Software GmbH / Around the globe with data protection programs.]. Handelsblatt (in German). 1992-06-12. p. 19. Retrieved 2023-03-14.
  2. ^ a b "Utimaco erhält mehr Kapital" [Utimaco receives more capital]. Frankfurter Allgemeine Zeitung (in German). 2003-09-09. p. 24. Retrieved 2023-03-14.
  3. ^ a b Pfeifer, Petra (2003-12-27). "Utimaco sorgt auch beim FBI für Datensicherheit" [Utimaco also ensures data security at the FBI]. Frankfurter Neue Presse (in German). p. 16.
  4. ^ "Schnelles Wachstum mit Datensicherheit" [Rapid growth with data security]. Frankfurter Allgemeine Zeitung (in German). 1995-09-04. p. 18. Retrieved 2023-03-14.
  5. ^ "Handelsregister-Bekanntmachung HRB 5302 - 28. 11. 1994: Utimaco Safeware AG" [Trade Register Notice]. Bundesanzeiger (in German). 1995-01-04.
  6. ^ "Bill Gates zum Verbot des Paketverkaufs" [Bill Gates on the ban of package sales]. Computerwoche (in German). 1998-02-13. p. 43.
  7. ^ "Electronic Banking für Belgien" [Electronic Banking for Belgien]. Frankfurter Allgemeine Zeitung (in German). 1996-03-28. p. 21.
  8. ^ "Die Utimaco-Aktie kommt an den Neuen Markt" [Utimaco share goes public on the Neuer Markt]. Frankfurter Allgemeine Zeitung (in German). 1997-09-01. p. 26. Retrieved 2023-03-14.
  9. ^ "Utimaco plant Ausbau des Auslandsgeschäfts" [Utimaco plans to expand its foreign business]. Frankfurter Allgemeine Zeitung (in German). 1999-09-22. Retrieved 2023-03-14.
  10. ^ Kamp, Matthias (1996-04-14). "Wie Missionare" [Like missionaries]. WirtschaftsWoche (in German). p. 154. Retrieved 2023-03-14.
  11. ^ "Utimaco kauft Kryptokom" [Utimaco purchases Kryptokom]. Frankfurter Allgemeine Zeitung (in German). 1999-07-24. p. 16.
  12. ^ "Geldkarte im Internet" [Cash card on the internet]. c't (in German). 2000. p. 44.
  13. ^ "Joint Venture von / ACG und Utimaco" [Joint Venture of / ACG and Utimaco]. Frankfurter Neue Presse (in German). 2000-04-28.
  14. ^ "Smartcards mit Fingerabdruck kombiniert: Abgekartete Sachen" [Smartcards combined with fingerprint: Ticked off stuff]. Computerwoche (in German). 2001-02-23.
  15. ^ Ihlenfeld, Jens (2002-01-31). "Utimaco stößt verlustbringende Geschäftsbereiche ab" [Utimaco sells off loss-making business units]. www.golem.de. Golem.de. Retrieved 2022-09-09.
  16. ^ "Sophos will deutsche Utimaco übernehmen" [Sophos wants to take over German Utimaco]. archiv.handelsblatt.com. Handelsblatt. 2008-07-29. Retrieved 2022-09-09.
  17. ^ "Führungswechsel bei Utimaco" [Change of management at Utimaco]. Börsen-Zeitung (in German). 2009-02-11. Retrieved 2022-09-09.
  18. ^ a b "Oberlandesgericht Frankfurt am Main: Beschluss vom 26.01.2015 21 W 26/13" [Frankfurt am Main Higher Regional Court: Order dated January 26, 2015 21 W 26/13] (PDF). 2015-01-26. Retrieved 2022-09-07.
  19. ^ a b "Handelsregisterauszug von Utimaco Safeware AG aus Aachen (HRB 17938)" [Commercial register excerpt of Utimaco Safeware AG from Aachen (HRB 17938)]. Handelsregister. 2014-04-28. Retrieved 2022-09-09.
  20. ^ Steve Stecklow (December 5, 2012). "Special Report: Chinese firm helps Iran spy on citizens". Reuters. Retrieved June 25, 2024.
  21. ^ "Utimaco erneut verkauft" [Utimaco sold again]. Börsen-Zeitung (in German). 2013-10-18. Retrieved 2022-09-09.
  22. ^ "Utimaco schon wieder verkauft" [Utimaco yet another time sold again]. Börsen-Zeitung (in German). 2016-11-15. Retrieved 2022-09-09.
  23. ^ a b "Firmenauskunft zu Utimaco Management GmbH, Aachen" [Business Information on Utimaco Management GmbH, Aachen] (in German). Northdata. Retrieved 8 September 2022.
  24. ^ "Kurz notiert" [Quickly noted]. Aachener Zeitung (in German). 2018-05-25. p. 7.
  25. ^ Wiltscheck, Ronald (2021-05-04). "Akquisition eines weiteren Verschlüsselungsspezialisten" [Acquisition of another encryption specialist]. ChannelPartner (in German). Retrieved 2022-09-09.
  26. ^ a b Utimaco Management GmbH Konzernabschluss zum Geschäftsjahr vom 01.04.2020 bis zum 31.03.2021 [Utimaco Management GmbH Consolidated Financial Statements for the Fiscal Year from April 1, 2020 to March 31, 2021] (in German), published in Bundesanzeiger on 12 May 2022.
  27. ^ Johann, Bernd (2021). "Geplante Profitabilität" [Planned profitability] (PDF). Focus Money (in German). p. 37.
  28. ^ a b "SGT Capital completes the acquisition of Utimaco, a leading provider of Cybersecurity and Compliance Solutions". Yahoo! Finance. 2022-06-01. Retrieved 2022-09-12.
  29. ^ "Utimaco adquiere Conpal, especialista alemán en protección de datos". Interempresas (in Spanish). 2023-04-14. Retrieved 2024-08-16.
  30. ^ "Jahresabschluss zum Geschäftsjahr vom 01.04.2020 bis zum 31.03.2021: Utimaco Verwaltungs GmbH" [Annual financial statements for the financial year from 01.04.2020 to 31.03.2021: Utimaco Verwaltungs GmbH]. Bundesanzeiger (in German). 2022-06-07.
  31. ^ "§§ 264 Abs. 3, 264b HGB zum Geschäftsjahr vom 01.04.2020 bis zum 31.03.2021: Utimaco Management GmbH (Aachen)" [§§ Sections 264 (3), 264b HGB for the fiscal year from April 1, 2020 to March 31, 2021: Utimaco Management GmbH (Aachen)]. Bundesanzeiger (in German). 2022-05-19.
  32. ^ "Konzernabschluss zum Geschäftsjahr vom 01.04.2018 bis zum 31.03.2019: Utimaco Management GmbH" [Consolidated financial statements for the financial year from 01.04.2018 to 31.03.2019: Utimaco Management GmbH]. Bundesanzeiger (in German). 2020-02-19.
  33. ^ "Konzernabschluss zum Geschäftsjahr vom 01.04.2021 bis zum 31.03.2022: Utimaco Management GmbH" [Consolidated financial statements for the financial year from 01.04.2021 to 31.03.2022: Utimaco Management GmbH]. Unternehmensregister (in German). 2020-02-19.
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