![]() ![]() "We are proud and humbled to have built and established a global gold standard for strong authentication," Ehrensvärd said in a statement. Yubico was founded by Stina Ehrensvärd, who transitioned in February from CEO to chief evangelist in conjunction with Danielsson's promotion from chief operating officer to CEO (see: Authenticate 2022: Experts Share Path to Passwordless Future). The company was founded in 2006, employs 409 people and has raised $88 million of outside funding, most recently completing a $32.5 million venture round in July 2020 at a valuation of $604 million, according to Crunchbase. That's in stark contrast to 20, when Yubico had losses of $5.8 million and $23 million, respectively. The company also turned a profit last year for the first time in recent history, generating earnings of $24.8 million. Since 2016, sales have grown at an annual rate of 50%. ![]() Yubico's revenue skyrocketed to $151.3 million in 2022, up 80% from $84 million in 2021 and 157.5% from $58.7 million in 2020. "We see continuous revenue growth, we are profitable, and the need for our technology and our position in the cybersecurity market has never been stronger." Sales Surge in 2022 for Yubico as Company Turns Profit "Becoming a listed company on the Swedish stock market will add opportunities to fuel our growth journey going forward as well as add a further quality stamp for our company," Yubico CEO Mattias Danielsson said in a statement. Yubico expects to complete its merger with publicly traded SPAC ACQ Bure AB in the third quarter. The Swedish company said becoming publicly traded will accelerate Yubico's push to enter adjacent authentication markets, land new customers across different verticals, work more closely with third-party suppliers and increase the number of people using its multifactor authentication hardware token. ![]() See Also: Live Webinar | Breaking Down Security Challenges so Your Day Doesn’t Start at 3pm Hardware-based authentication vendor Yubico plans to go public at an $800 million valuation by merging with a special purpose acquisition company. ![]() From left, Yubico CEO Mattias Danielsson, ACQ CEO Henrik Blomquist and Yubico co-founder Stina Ehrensvärd (Image: Yubico) ![]()
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