IT security company Yubico goes public on Swedish stock exchange

Yubico, a once-small Swedish startup that has gained recognition from tech giants like Google and Microsoft, has gone public on the stock exchange in Sweden. With a turnover of SEK 1.5 billion and 400 employees, Yubico has become a major player in the IT security industry.

Co-founder Stina Ehrensvärd, who has recently handed over the CEO position, said that going public feels like “growing up” for the company. Yubico’s main product, the Yubikey physical security keys, has gained widespread adoption and support from several technology companies, including Apple.

The company plans to continue its focus on developing and implementing authentication standards to expand support for Yubikey to millions of services. In addition to its business goals, Yubico has also embraced philanthropic efforts, investing in projects that protect human rights, the environment, and a free press.

As part of its “Security Forward” program, Yubico has donated security keys to Ukrainian authorities to help them defend against extensive phishing attacks during Russia’s invasion.

Yubico’s staggering sales in 2022

Yubico experienced a remarkable surge in sales in 2022, resulting in the company turning a profit for the first time in recent history. The company’s revenue skyrocketed to $151.3 million, marking an impressive 80 percent increase from $84 million in 2021 and a staggering 157.5 percent growth from $58.7 million in 2020.

This outstanding performance is in line with Yubico’s historical trend. Its sales have been growing at an annual rate of 50% since 2016.

The Swedish company has raised $88 million in outside funding. It also completed a $32.5 million venture round in July 2020 at a valuation of $604 million.

Yubico’s impressive financial performance has garnered significant shareholder support, with entities representing over 80 percent of the company’s outstanding shares already pledging to support the deal. ACQ Bure AB, a leading investment firm, is expected to acquire Yubico in a transaction worth $800 million.

The deal will be funded with 58 percent stock shares and 42 percent cash to existing Yubico shareholders. Shareholders of ACQ are set to vote on the transaction on June 20, with a high likelihood of approval given the significant support it has received thus far.