(The Swiss Post brand should obviously be a help there.) It said today that the acquisition will strengthen its business by supporting further expansion in core markets - including Germany, Austria and Switzerland. The 2011-founded startup sells what it brands as “ultra secure” cloud services - such as storage, file syncing and collaboration - targeted at business users (it has 10,000+ customers globally) all zipped up with a “zero access” promise courtesy of a technical architecture that means Tresorit literally can’t decrypt customer data because it does not hold the encryption keys. and the U.S., with the current management (founders), brand and service also slated to remain unchanged, per the announcement. Tresorit will remain an independent company within Swiss Post Group, continuing to serve its global target regions of EU countries, the U.K. “Zero access” encryption was still pretty niche back when Tresorit got going over a decade ago but it’s essentially become the gold standard for trusted information security, with a variety of players now offering e2e encrypted services - to businesses and consumers. It looks like a measure of the rising store being put on data security that a veteran “household” brand like Swiss Post sees strategic value in extending its suite of digital services with the help of a trusted startup in the e2e encryption space. According to Crunchbase, Tresorit had raised less than $18 million over its decade+ run. Other backers of the startup include business angels and serial entrepreneurs like Márton Szőke, Balázs Fejes and Andreas Kemi. Tresorit, meanwhile, last raised back in 2018 - when it announced an €11.5 million Series B round, with investors including 3TS Capital Partners and PortfoLion.
A 2019 missive warned its business needed to find new sources of income. But Swiss Post’s income has been falling in recent years, as (snail mail) letter volumes continue to decline. Terms of the acquisition are not being disclosed. Swiss Post, the state-owned mail delivery firm which became a private limited company in 2013, diversifying into logistics, finance, transport and more (including dabbling in drone delivery) while retaining its role as Switzerland’s national postal service, has acquired a majority stake in Swiss-Hungarian startup Tresorit, an early European pioneer in end-to-end-encrypted cloud services.
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