Inside information: WithSecure starts change negotiations to improve profitability and competitiveness

WithSecure Corporation, Stock Exchange Release, 9 February 2023, 7:58 EET

Inside information: WithSecure starts change negotiations to improve profitability and competitiveness

WithSecure Corporation and its affiliates start change negotiations to improve the company’s profitability and competitiveness.

The negotiations could result in the reduction of approximately 120 positions globally, of which at most 34 are expected to be in Finland. Global personnel of WithSecure is approximately 1,300.

According to its strategy, WithSecure is targeting for a high growth of revenue, especially in the cloud-based cyber security products. An important part of the strategy is to achieve profitability by the end of 2023 and to ensure competitiveness. Through the planned changes, as well as other cost saving measures, the company estimates it can reach annual cost savings of approximately EUR 14 million. The cost savings are expected to be achieved gradually, starting in the second quarter of 2023. 

“One of our key medium-term goals is to reach profitability by the end of 2023. We have seen some slowness in decision making in the market lately, which impacts our industry in general. We need to adjust our cost structure in accordance with our outlook for 2023 and ensure we stay on track on our goal to reach profitability. Transforming into a profitable company is imperative for us to stay competitive” says Juhani Hintikka, President and CEO of WithSecure.

Negotiations are expected to be completed by end of March 2023.

Contact information:

Charlotte Guillou, Chief People Officer

WithSecure Corporation

Laura Viita, Investor Relations Director

WithSecure Corporation

+358 50 487 1044