Two releases, on 19 August. Nightingale Health spent its operating chief's role on commercial leadership ten weeks after cutting its growth target — while the finance seat stays with the founder.

Nightingale Health published two leadership releases on 19 August. Janna Ranta, chief operating officer since May 2025, became Chief Commercial Officer, Research and Healthcare. Hugh Watson, who has spent 25 years in United States laboratory diagnostics, joined from outside as Chief Commercial Officer, Americas. Both changes took effect that day. Both changes took effect that day, and the operating role Ranta leaves behind will not be filled.

Taken separately, the two releases are a busy morning in Helsinki. Taken together, they are one decision: Nightingale Health has turned an operating seat into a selling seat, at the point where it needs the Americas to start producing revenue.

The appointments move two leadership roles fully onto the commercial side

Following the appointments, two new seats now hold fully commercial roles. Suna tied the timing to a completed build phase. "In the past year, we invested heavily in refreshing our core product, the Nightingale Health Check. That work required strong operational management, and Janna had a crucial role in completing the successful product refresh. With strong data on product-market fit, I'm excited to allocate more investment to our commercial scaling, and I warmly welcome Janna to her new role."

The growth downgrade came first

Nightingale Health entered its 2025 to 2026 financial year targeting revenue growth above 50%, and restated that target in March alongside half-year revenue of EUR 2.41 million and an operating loss of EUR 8.80 million for July to December 2025. 

On 8 June it reduced the target to approximately 20%, plus or minus 5%, after roughly EUR 2 million of revenue from one project moved into the following financial year for reasons the company said were outside its control.

Suna's framing at the time was that "the reason is timing, not lost business," with revenue in the next financial year expected to exceed EUR 10 million.

Ten weeks later that framing has resource attached to it. 

Watson runs execution in the Americas, Ranta keeps group-level oversight of it

The structure is worth noting. Ranta takes global research leadership and group-level oversight of the healthcare business in the Americas. Watson owns commercial execution in the region day to day, working alongside her rather than beneath her.

Watson's record sits squarely in the market the company is trying to open: two decades at Genova Diagnostics, rising from sales into vice-president roles, followed by a period as senior vice president at Boston Heart Diagnostics, a cardiometabolic laboratory in the United States. His own account of the move was about pace. "Throughout my career, I have built commercial organizations in laboratory diagnostics, and I am particularly drawn to companies where commercial execution must keep pace with scientific innovation. Nightingale Health is exactly that: technology validated at a scale our industry rarely sees, and a commercial opportunity in the Americas to match. I look forward to building it "

Suna was explicit about what the hire signals: "Attracting a commercial leader of Hugh's caliber says a lot about where Nightingale Health is heading."

A split like this buys two things at once, regional credibility from an outside hire and continuity from the insider who ran the product refresh. That reading of the split is interpretation.

Suna has been his own interim CFO for eight months

Nightingale Health's commercial organisation gained two chiefs in one morning. Its finance seat has been open since 8 December 2025, when Tuukka Paavola left after four years in the role and Suna stepped in on an interim basis while a search began. 

Four days later the company disclosed a wider management change: chief scientific officer Jeffrey Barrett would leave by March 2026, a chief medical officer would be recruited in his place rather than a new scientific officer, and the finance search would continue in order to support international sales growth.

Eight months on, based on the disclosures reviewed for this piece, no permanent appointment to that role has been announced. The founder is still carrying it, through a downgrade and now through a commercial build-out.

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Leaders

Nightingale Health removed its operating chief's role and put two commercial chiefs in its place

Nightingale Health removed its operating chief's role and put two commercial chiefs in its place

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5 min read

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Credit: Nightingale Health

Credit: Nightingale Health

Two releases, on 19 August. Nightingale Health spent its operating chief's role on commercial leadership ten weeks after cutting its growth target — while the finance seat stays with the founder.

Nightingale Health published two leadership releases on 19 August. Janna Ranta, chief operating officer since May 2025, became Chief Commercial Officer, Research and Healthcare. Hugh Watson, who has spent 25 years in United States laboratory diagnostics, joined from outside as Chief Commercial Officer, Americas. Both changes took effect that day. Both changes took effect that day, and the operating role Ranta leaves behind will not be filled.

Taken separately, the two releases are a busy morning in Helsinki. Taken together, they are one decision: Nightingale Health has turned an operating seat into a selling seat, at the point where it needs the Americas to start producing revenue.

The appointments move two leadership roles fully onto the commercial side

Following the appointments, two new seats now hold fully commercial roles. Suna tied the timing to a completed build phase. "In the past year, we invested heavily in refreshing our core product, the Nightingale Health Check. That work required strong operational management, and Janna had a crucial role in completing the successful product refresh. With strong data on product-market fit, I'm excited to allocate more investment to our commercial scaling, and I warmly welcome Janna to her new role."

The growth downgrade came first

Nightingale Health entered its 2025 to 2026 financial year targeting revenue growth above 50%, and restated that target in March alongside half-year revenue of EUR 2.41 million and an operating loss of EUR 8.80 million for July to December 2025. 

On 8 June it reduced the target to approximately 20%, plus or minus 5%, after roughly EUR 2 million of revenue from one project moved into the following financial year for reasons the company said were outside its control.

Suna's framing at the time was that "the reason is timing, not lost business," with revenue in the next financial year expected to exceed EUR 10 million.

Ten weeks later that framing has resource attached to it. 

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Watson runs execution in the Americas, Ranta keeps group-level oversight of it

The structure is worth noting. Ranta takes global research leadership and group-level oversight of the healthcare business in the Americas. Watson owns commercial execution in the region day to day, working alongside her rather than beneath her.

Watson's record sits squarely in the market the company is trying to open: two decades at Genova Diagnostics, rising from sales into vice-president roles, followed by a period as senior vice president at Boston Heart Diagnostics, a cardiometabolic laboratory in the United States. His own account of the move was about pace. "Throughout my career, I have built commercial organizations in laboratory diagnostics, and I am particularly drawn to companies where commercial execution must keep pace with scientific innovation. Nightingale Health is exactly that: technology validated at a scale our industry rarely sees, and a commercial opportunity in the Americas to match. I look forward to building it "

Suna was explicit about what the hire signals: "Attracting a commercial leader of Hugh's caliber says a lot about where Nightingale Health is heading."

A split like this buys two things at once, regional credibility from an outside hire and continuity from the insider who ran the product refresh. That reading of the split is interpretation.

Suna has been his own interim CFO for eight months

Nightingale Health's commercial organisation gained two chiefs in one morning. Its finance seat has been open since 8 December 2025, when Tuukka Paavola left after four years in the role and Suna stepped in on an interim basis while a search began. 

Four days later the company disclosed a wider management change: chief scientific officer Jeffrey Barrett would leave by March 2026, a chief medical officer would be recruited in his place rather than a new scientific officer, and the finance search would continue in order to support international sales growth.

Eight months on, based on the disclosures reviewed for this piece, no permanent appointment to that role has been announced. The founder is still carrying it, through a downgrade and now through a commercial build-out.

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Authors

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Authors

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

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Market Signals

Rainmaker buys Inhouse Group to close its B2B gap ahead of a possible First North listing

Oct 7, 2026

Rainmaker has agreed to buy all shares in Yellow Holding, owner of B2B sales outsourcer Inhouse Group, and is investigating a listing on Nasdaq First North Growth Market Finland. The Finnish sales and customer service outsourcer had 2025 turnover of EUR 45.9 million.

Rainmaker buys Inhouse to close the gap on its EUR 7 million B2B target 

Rainmaker aims to grow its B2B business to around EUR 7 million by the end of its 2025 to 2027 strategy period. B2B sales revenue was EUR 1.6 million in the first half, up from EUR 1.0 million. Two pilot assignments did not move into production, and volumes in its SDR service fell in spring before recovering in early summer. Inhouse covers prospecting, customer acquisition and appointment booking, and will keep its own brand. The purchase price was not disclosed.

“Inhouse Group has built a strong position in demanding B2B solution sales and developed operating models that perfectly complement Rainmaker's business entity. The acquisition supports our strategy to grow and strengthens our position as a growth partner for our customers,” says Tapio Korttilalli, CEO of Rainmaker, in the press release.

Inhouse follows two acquisitions in the first half of 2026

In February, Rainmaker bought telephone sales company Myyntimestarit and its roughly 60 sales professionals. It also bought Digizer's e-commerce customer service business.  First-half revenue rose 14.2% to EUR 24.6 million, with organic growth of 10.6% and acquisitions adding 3.6 percentage points. Comparable EBITDA rose to EUR 1.7 million, or 7.0% of revenue, the bottom of its 7 to 10% medium-term target range.

The balance sheet has been rebuilt for a listing since spring

In June, pension insurer Veritas subscribed EUR 2.0 million of new shares, equal to 11.76% of shares after registration. “The company's growth prospects and market position create a solid foundation for the company's future development and it is really great to be part of this story,” says Theo Laakso, portfolio manager at Veritas.

Interest-bearing net debt fell to EUR 5.6 million from EUR 9.7 million a year earlier, or 1.5 times rolling EBITDA. In July, several loan arrangements were replaced with a single long-term facility with fewer covenants.

Two holding companies own more than 90% of the shares

Before the Veritas shares were registered, GTW Group held 58.56% of Rainmaker and Divest Group 34.34%. The company says a listing would strengthen its capital structure and fund organic and acquisition-driven growth. A new company form, an outside equity investor and simpler debt all point the same way. The Inhouse deal gives prospective investors a first look at what a listing would pay for.

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