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 TelekomDealroom has a profile for this one. Try Dealroom →, 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
