ICTK buys majority of WithNetworks in $8.38M security push
What's the deal? ICTKDealroom has a profile for this one. Try Dealroom → is acquiring a 56.75% stake in unlisted WithNetworksDealroom has a profile for this one. Try Dealroom → for about US$9.56M (roughly $8.38 million, FX-converted), making it the largest shareholder. The company said on September 30 that its board approved buying 710,080 of WithNetworks' 1.26 million shares.
What's the endgame? ICTK wants to run security-chip and security-solution businesses side by side. The plan is to embed its proprietary post-quantum cryptography (PQC) and physical unclonable function (PUF) chip technologies into WithNetworks' products — the WithVTM asset and vulnerability management platform and Airix, a Wi-Fi 7-based WLAN security tool.
Why now? An ICTK official said major telecom operators, including Deutsche Telekom, had asked for bundled offerings combining security chips and solutions. ICTK has prepared for acquisitions since May 2025, when it issued US$17.6M in convertible bonds, with US$10.9M earmarked for buying equity in other companies.
The numbers: WithNetworks reported about US$23.3M in revenue and US$302.7K in net profit last year. The deal followed an external valuation by Roel Accounting Corp., which gave an "appropriate" opinion after roughly a month of review from August 31.
What changes for customers? WithNetworks builds wired and wireless network and information-security infrastructure for telecom carriers, financial institutions, and public-sector bodies. Its client list includes KT Corp.Dealroom has a profile for this one. Try Dealroom →, Shinhan BankDealroom has a profile for this one. Try Dealroom →, and Mirae Asset SecuritiesDealroom has a profile for this one. Try Dealroom →, giving ICTK an established base to cross-sell chip-plus-solution products.
The signal: The deal reflects a broader move toward quantum-resistant security as hardware makers bundle chips with software to meet telecom demand. For ICTK, owning both layers is a bet that customers increasingly want integrated security rather than components alone.
Read more: thelec.net
Image credit: simon.carr
