Key information
WithSecure is a leading European cloudbased cybersecurity software provider for small and mid-sized businesses, and the first investment for CVC's mid-market Private Equity strategy, CVC Catalyst. Founded in 1988 and based in Helsinki, Finland, WithSecure revenue is diversified across business lines, regions and customers, with 98% of it recurring and a clear mission to provide its customers with a compelling sovereign European cyber alternative to US vendors.
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Leaders in serving a business-critical need
WithSecure serves a large and growing market for cybersecurity, driven by business IT adoption, rising cyber threats and tighter regulation. It is one of the few large cloud-native players in Europe and positioned as a European alternative to US vendors in compliance, regulation and sovereignty.
The company operates a channel-led model, supported by a partner ecosystem of more than 7,000 value added resellers, distributors and managed-service providers. Relationships with its 10 largest partners average around 17 years.
WithSecure has two core business units: Elements, a unified, cloud-native cybersecurity platform with c.150,000 end-customers and c.7m end-users; and Cloud Protection for Salesforce (CPSF), the global leader in the specialist cyber niche of protecting the Salesforce installations of large enterprises, with a c.50% segment share and c.300 enterprise customers.
CVC proactively originated this proprietary opportunity by approaching WithSecure’s founder, Risto Siilasmaa who agreed to partner exclusively with CVC to take the business private and help accelerate the development of the company. The founder is rolling 100% of his equity into the transaction and will continue to chair the business, remaining closely involved in delivering the joint value creation plan.
The business has not previously taken private equity capital, creating multiple avenues for value creation. CVC is working alongside and empowering the incumbent management team, who are fully aligned with the transaction and are also rolling 100% of their equity.
This partnership with CVC marks an important milestone in our journey. As cyber threats become more complex and persistent, the need for trusted, sovereign cyber security solutions is greater than ever. CVC shares our vision for building a European leader in cyber security, rooted in innovation, trust and operational excellence. With their support, we will invest further in R&D, talent and our international presence, while continuing to deliver mission-critical services to our clients across sectors.
Risto Siilasmaa Founder and chairman