ASSA ABLOY has signed an agreement to sell HID's Public Key Infrastructure (PKI) business unit to Vista Equity Partners, with the transaction expected to close during the fourth quarter of 2026.

The PKI business provides digital trust, identity, authentication, encryption and certificate management solutions. Its portfolio includes PKI software-as-a-service offerings, including IdenTrust, as well as HydrantID, credential management solutions and ZeroSSL.

The business also provides public and private PKI issuance and management, self-service SSL certificates and on-premise credential and smart card lifecycle management.

The business unit generated approximately $58 million in sales in 2025, equivalent to about SEK 570 million, and reported a strong operating margin, according to ASSA ABLOY.

“I find it very satisfying that with Vista, the PKI business unit and its employees and customers gain a committed long-term investor, creating new opportunities for the future and I wish them every success,” said Nico Delvaux, president and CEO of ASSA ABLOY.

Björn Lidefelt, executive vice president and head of HID, said Vista has the expertise to support the business as the market evolves.

“Our PKI team has built a strong business with a strong customer base, and Vista has the expertise to take it forward as the market evolves,” Lidefelt said. “We are pleased with this outcome for our customers, our employees, and for HID.”

Vista outlines plans for PKI business

Vista Equity Partners has an existing portfolio of cybersecurity investments, including KnowBe4, Infoblox, Securonix, Critical Start and Menlo Security, according to the firm's website.

Patrick Severson, senior managing director and co-head of Vista's Foundation Fund, said the firm plans to invest in the business's products, employees and customer relationships.

“This leading PKI platform delivers trusted identity solutions that underpin how regulated and compliance-focused organizations operate in a digital-first world,” Severson said. “We are excited to build on that foundation, and we look forward to investing in the people, products, and deep customer and partner relationships that define this business.”

The transaction remains subject to customary closing conditions, regulatory approvals and employee consultation.

HID said customers and partners can expect business as usual, with existing products, services and commitments remaining in place.