HID PKI BUSINESS UNIT acquired by Vista Equity Partners

ASSA ABLOY signed an agreement on 16 October 2026 to sell the Public Key Infrastructure business unit of its HID subsidiary to Vista Equity Partners. The perimeter covered the unit’s PKI software-as-a-service activities, carried by the IdenTrust and HydrantID brands, its credential management products and ZeroSSL. The business generated revenue of $50–100M in 2025, with what the seller described as a strong operating margin. The unit issues and manages the digital certificates that prove the identity of systems, users and devices, including those used to verify employees and contractors accessing secure systems. Its customers are government bodies and organisations in regulated and compliance-driven sectors. Vista made the carve-out through its Foundation Fund, which invests in established software businesses, and the unit was to operate as a standalone company after completion. Managing director Stephen Foster said the firm would work with the company on growth both organic and through acquisitions, and that Vista’s in-house team of AI engineers and product specialists could help it design and launch agentic products. Patrick Severson, senior managing director and co-head of the Foundation Fund, said Vista planned to invest in the unit’s employees, its products and its customer and partner relationships. For ASSA ABLOY, the sale fitted a reshaping of its portfolio towards its core access solutions business. Chief executive Nico Delvaux said the unit and its employees gained a committed long-term investor, while Björn Lidefelt, head of HID, said the team had built a strong business with a solid customer base. Completion was expected during the fourth quarter of 2026, subject to closing conditions, regulatory approvals and consultation of employee representatives.