WithSecure Corporation Due Diligence

Run due diligence on WithSecure Corporation: check compliance and get alerts when suppliers change.

Finland · www.withsecure.com · 11 vendors

WithSecure Corporation is a European cybersecurity company based in Finland, offering products, managed services, and consulting to businesses worldwide. They provide comprehensive cybersecurity solutions, including AI-driven protection for endpoints and cloud collaboration, managed detection and response, and exposure management. The company aims to protect organizations from evolving cyber threats and enable their operations.

Resilience scores

Technology vendors

Services catalogue

3 services in catalogue across 3 categories; runs on 11 sub-vendors.

Insights

Last updated 2026-08-14 · revision 2

11 direct vendors, 138 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

11 in-scope frameworks identified; showing 3.

SOC 2 (source) — Evidence found

Evidence: https://www.withsecure.com/en/about-us/achievements-certification/, https://www.withsecure.com/en/

Finnish Information Security Regulations — Evidence found

Evidence: https://www.withsecure.com/en/corporate-privacy/, https://www.withsecure.com/en/about-us/company-contacts-offices/

ISAE 3000 (source) — Evidence found

Evidence: https://www.withsecure.com/en/about-us/achievements-certification/, https://www.withsecure.com/en/

Financials

Three-year financials

Financial Resilience Score: 6/10

WithSecure exhibits a mixed financial resilience profile. On the positive side, the company maintains a strong equity base with an equity ratio above 60% and essentially operates in a net cash position, with EUR 29.5m in cash as of H1 2025 and an undrawn EUR 20m revolving credit facility. Gearing was only 0.4% at end-2024, meaning liquidity risk is limited in the near term. The recurring revenue model, with Elements Cloud ARR of EUR 83-85m and rapid CPSF growth (+54% YoY), provides revenue visibility, and the deferred revenue balance of approximately EUR 62m at H1 2025 supports cash flow stability. However, persistent operating losses remain a significant concern. Continuing operations EBIT was negative at -EUR 10.1m in 2024 and -EUR 6.1m in H1 2025, and the combined operations posted a EUR 38m net loss in 2024 (including a EUR 29m goodwill impairment on the consulting business). Equity has declined sharply from EUR 140.1m in 2022 to EUR 61.1m at H1 2025 due to accumulated losses. Declining managed services (-22% YoY) and on-premise revenues (-18%), combined with a scale disadvantage against giants like Microsoft, CrowdStrike, and Palo Alto, create ongoing competitive pressure. The acquisition by CVC Capital Partners and Risto Siilasmaa consortium in 2025-2026 introduces both stabilization (deep-pocketed backing, removal of public market pressure) and new risks (likely increased leverage under LBO structure). Divestments of the consulting business and Malaysian subsidiary streamline focus on scalable SaaS. Overall, the balance sheet remains solid but sustainable profitability has not yet been demonstrated.

Key strengths: Strong equity ratio above 60% and essentially net cash position, EUR 29.5m cash and undrawn EUR 20m RCF providing liquidity, Recurring revenue model with Elements Cloud ARR of EUR 83-85m, CPSF ARR growing +54% YoY, New private ownership by CVC + Siilasmaa consortium provides financial backing, European sovereignty positioning as differentiator (NIS2, GDPR), Divestments of consulting and Malaysia entity refocus on scalable software/SaaS

Risk factors: Persistent operating losses (-EUR 10.1m EBIT in 2024 continuing ops), Sharp equity decline from EUR 140.1m (2022) to EUR 61.1m (H1 2025), Managed services ARR declined 22% YoY due to UK customer churn, On-premise revenue declining 18%, Scale disadvantage vs Microsoft, CrowdStrike, SentinelOne, Palo Alto, High R&D intensity (~30% of revenue) required to compete, Currency exposure with ~46% revenue outside EUR, Post-LBO leverage risk under CVC ownership, Retention risk following termination of long-term share plans, EUR 29m goodwill impairment on consulting business in 2024

Revenue by geography

Revenue by product/service

Workforce by country

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