CHANDLER, Ariz. - Microchip Technology Inc . (NASDAQ:MCHP), a prominent provider of embedded control solutions, has expanded its Trust Platform portfolio with the introduction of the ECC608 TrustMANAGER, integrating Kudelski IoT keySTREAM, a Software as a Service (SaaS) solution aimed at bolstering cybersecurity in the burgeoning Internet of Things (IoT) sector.
The ECC608 TrustMANAGER is designed to facilitate secure and manageable IoT ecosystems, addressing the growing need for dynamic and scalable security as devices become increasingly interconnected. Unlike traditional security measures which are static and implemented during manufacturing, the ECC608 TrustMANAGER enables in-field provisioning of custom cryptographic credentials, allowing devices to be managed by end-users without supply chain customization.
The keySTREAM service, a device-to-cloud solution, supports the secure management of cryptographic keys and certificates throughout a product's lifecycle. This service allows users to set up a self-serve root Certificate Authority (root CA) and manage a dynamic certificate chain, which is crucial for maintaining compliance with evolving security standards and regulations.
Nuri Dagdeviren, corporate vice president of Microchip's security computing group, highlighted the partnership with Kudelski and the benefits of the new service in efficiently managing and updating IoT ecosystems. Hardy Schmidbauer, senior vice president of Kudelski IoT, emphasized the collaboration's goal to establish a new standard for smart device security.
The ECC608 TrustMANAGER's in-field provisioning capability not only meets IoT security standards but also simplifies the supply chain process for distribution partners. The device is available starting at $0.75 each in 10,000-unit quantities, with an activation fee applied after the initial connection.
Microchip Technology, headquartered in Chandler, Arizona, serves a diverse customer base across multiple markets, providing development tools and a wide range of products to facilitate design processes that reduce risk and cost while accelerating time to market.
This new offering from Microchip Technology, based on a press release statement, represents a significant step in addressing the security challenges faced by IoT device manufacturers and users, ensuring that devices can be securely managed and updated to protect against evolving threats.
InvestingPro Insights
Microchip Technology Inc. (NASDAQ:MCHP) continues to demonstrate its commitment to innovation and security in the IoT space with the launch of the ECC608 TrustMANAGER. This initiative aligns with the company's reputation as a prominent player in the Semiconductors & Semiconductor Equipment industry. As investors consider the company's latest move, here are some key insights from InvestingPro:
InvestingPro Data shows that Microchip Technology has a market capitalization of $48.49 billion and is trading at a P/E ratio of 20.69, which is adjusted to 20.45 for the last twelve months as of Q3 2024. The company's revenue growth for the same period stands at 6.1%, indicating its ability to increase sales over time. However, it's also notable that the company's quarterly revenue growth has seen a decline of -18.6% in Q3 2024, which may reflect some of the challenges faced in the current market.
An InvestingPro Tip to consider is that Microchip Technology has raised its dividend for 12 consecutive years, showcasing a strong commitment to returning value to shareholders. The dividend yield as of the date provided is 2.01%, with a significant dividend growth of 37.2% in the last twelve months as of Q3 2024. This could be particularly attractive to income-focused investors.
For those interested in further insights and metrics on Microchip Technology, InvestingPro offers additional tips and data to help make informed investment decisions. To explore these, visit https://www.investing.com/pro/MCHP and use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 12 more InvestingPro Tips available for Microchip Technology, providing a comprehensive view of the company's financial health and market position.
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