Yubico, a leading hardware-based authentication company, has become a publicly traded company on the Nasdaq First North Growth Market in Stockholm. The company’s ticker symbol on the stock exchange is YUBICO.
Yubico is well-known for its core product, Yubikeys, which are utilized to implement hardware-based multi-factor authentication and enhance zero trust initiatives. These hardware keys are compatible with various authentication protocols, including FIDO2/Web Auth, Universal 2nd Factor, PIV/Smart Card, and One Time Password. In addition to Yubikeys, Yubico also offers the YubiEnterprise Services Program, a program designed to assist enterprises in managing the delivery of these keys.
The decision to go public was driven by Yubico’s goal of expanding into adjacent authentication markets, acquiring new customers, and establishing closer relationships with third-party suppliers. This strategic move was first announced in April when Yubico expressed its intent to merge with Swedish holding company ACQ Bure. By becoming a publicly traded company, Yubico aims to shift from a “just in time” manufacturing approach to providing uninterrupted inventory supply. This transition will enable the company to fulfill larger orders and meet the growing demand for its products. Yubico CEO Mattias Danielsson stated in a FAQ addressing the announcement that the company’s public listing will mark the next stage of growth and allow it to better serve its customers.
Yubico, founded in 2006, has been backed by significant funding amounting to $88 million. In 2022 alone, the company generated approximately $151 million in revenue, with a profit of $24.8 million. Going public is expected to further fuel the company’s growth and enable it to capitalize on new business opportunities in the authentication market.
With the rise in cyber threats and the increasing need for robust security measures, hardware-based authentication has become a critical aspect of safeguarding sensitive information. Yubico’s Yubikeys have gained popularity among individuals and enterprises seeking reliable authentication solutions. By going public, Yubico aims to leverage its strong market position and capitalize on the rising demand for multifactor authentication solutions.
Yubico’s move to the public market will also enable the company to forge stronger partnerships with third-party suppliers. Collaborating with suppliers will enhance Yubico’s ability to meet customer demands, improve product availability, and expand its range of offerings. This, in turn, will allow the company to establish a strong foothold in adjacent authentication markets and increase its customer base.
As the company ventures into the public market, Yubico remains committed to its mission of providing cutting-edge, hardware-based authentication solutions. By going public and securing uninterrupted inventory supply, the company aims to fulfill larger orders and provide its customers with seamless access to its products. Yubico’s decision to become publicly traded aligns with its long-term strategy of growth and innovation in the authentication industry.
In conclusion, Yubico’s transition to a publicly traded company marks a significant milestone for the hardware-based authentication industry. With its renowned product, Yubikeys, and its commitment to providing secure authentication solutions, Yubico is well-positioned to capitalize on the growing demand for robust cybersecurity measures. Going public will enable the company to expand into new markets, forge stronger partnerships, and continue its mission of delivering high-quality authentication solutions to individuals and enterprises worldwide.