Inside information: WithSecure takes next steps in its strategic transformation that started with the partial demerger and becomes a partner channel and SaaS model focused cyber security vendor for mid-market
WithSecure Corporation, Inside information, 31 October 2023 at 7:59 EET
Inside information: WithSecure takes next steps in its strategic transformation that started with the partial demerger and becomes a partner channel and SaaS model focused cyber security vendor for mid-market
The Board of Directors of WithSecure has approved an updated strategy for the company. The new strategy sharpens the company’s focus on serving mid-market customers with the Elements Cloud portfolio and scalable Co-security services through the partner channel. The company will maintain global presence but aims at strengthening its market position especially in Europe and Japan. WithSecure believes that the geopolitical uncertainty will drive a growing need for a European source of world class cyber security technology.
WithSecure plans to enable more independence to the business areas that focus on enterprise customers through direct sales:
- Cloud Protection for Salesforce (CPSF) business continues to operate as an independent unit and develop its unique cloud content protection solutions for large enterprises globally, including Fortune 500 companies
- WithSecure plans to establish its Cyber security consulting business as an independent unit serving large enterprise customers in US, Europe, and Asia, and continue to build a world-leading offensive security consultancy
WithSecure has initiated a process to explore strategic options, including full or partial divestment of one or both enterprise-focused businesses. Both businesses are considered as very strong assets with leading expertise and a strong global customer base.
“Mid-market is the growth driver of the economy. With the fast-evolving threat landscape and professionalization of cyber attacks in general, especially the small and medium sized companies struggle with managing cyber threats.
Value adding partners are the key to reaching these customers, and the updated strategy enables WithSecure to focus on and further develop its core differentiators: Elements Cloud technology platform, Co-security services and the comprehensive partner approach the company is known for.
Adding more Exposure Management capabilities to the Elements portfolio in 2024 and leveraging AI in our operations and offering will benefit our partners and customers even more in the future.
This update gives us a clear focus and a way forward – one that serves our purpose and mission, builds on our strengths, and paves the way towards a market position where we have more room to operate and win.” says President and CEO of WithSecure, Juhani Hintikka.
As a result of the updated strategy, the previously published medium-term financial targets are no longer valid. WithSecure will not publish new medium-term financial targets, due to the ongoing review of strategic options for the enterprise-focused units.
Contact information:
Laura Viita
VP, Controlling, investor relations and sustainability
WithSecure Corporation
+358 50 487 1044
