Leadership transition comes as cybersecurity firm works to restore profitability
Rami Raulas will retire as chief executive of SSH Communications Security Oyj after less than three years in the role, with the board launching a search for his successor as the Helsinki-listed cybersecurity company works to restore profitability while expanding its recurring software business and strengthening its position in defense and critical infrastructure.
Raulas will remain CEO until a replacement is appointed, ensuring continuity, SSH announced recently. The search will consider both internal and external candidates with the support of an external advisor.
SSH Communications Security is a Helsinki-listed cybersecurity company specializing in privileged access management and quantum-safe network security. The company is expanding its presence in defense and critical infrastructure, supported by a strategic partnership with Italian defense group Leonardo, its largest shareholder following a EUR 20 million investment in 2025.
The board credited Raulas with strengthening SSH's strategic position. Board Chair Henri Österlund said Raulas helped strengthen SSH's position in defense and critical infrastructure, including the company's strategic partnership with Leonardo.
Raulas said it had been "a privilege" to lead SSH over the past two and a half years, adding that the company had built momentum in its chosen markets and was on the right path.
The CEO change coincides with weaker earnings despite continued revenue growth. Second-quarter net sales rose almost 7% to EUR 5.7 million and first-half revenue increased almost 3% to EUR 11.1 million, but first-half EBITDA turned to a EUR 0.4 million loss from a EUR 0.6 million profit a year earlier. Subscription annual recurring revenue grew over 14% to EUR 14.8 million, while PrivX, its platform for securing privileged access to critical systems, expanded more than 25% to become the company's largest business area.
What SSH is trying to accomplish
SSH's strategy is centered on building a larger recurring software business while capitalizing on growing cybersecurity demand from defense, public-sector and critical infrastructure customers. Subscription ARR has continued to expand, as the company shifts its revenue mix away from traditional license sales.
A key priority is converting its strategic partnership with Italian defense group Leonardo into revenue. SSH expects the partnership to contribute more meaningfully during 2026 after integration work and personnel training delayed the commercial rollout. Management has repeatedly identified the relationship as a long-term growth driver.
SSH continues to expand PrivX. The company continues to add capabilities for non-human identities and agentic AI workloads while expanding deployments across financial services, energy, government, telecommunications, aviation, defense and manufacturing. At the same time, SSH is investing in quantum-safe network security as a longer-term growth opportunity.
The company now faces the challenge of delivering those growth ambitions while restoring profitability after first-half EBITDA turned negative. Growing recurring revenue, commercializing the Leonardo partnership and restoring margins are likely to remain the company's principal priorities over the coming quarters.
Investor watchpoints
The CEO search adds to an unusually active period of leadership change. Incoming Chief Financial Officer Cristian Arias is due to join no later than Oct. 1 after Michael Kommonen departs at the end of July, following an earlier failed CFO succession, reported by Listeds. Investors will be watching how SSH manages overlapping transitions across two of its most senior executive roles.
Another watchpoint is whether SSH can restore profitability after first-half EBITDA turned to a EUR 0.4 million loss. SSH has yet to update its outlook following the first-half results.
Investors will also be monitoring how quickly the Leonardo partnership translates into reported revenue during 2026 and whether PrivX can maintain its strong growth trajectory. In addition, the board's authorization to issue up to 4 million new shares and repurchase roughly 4% of outstanding shares, valid until June 30, 2027, could become relevant for acquisitions, financing or incentive programs.
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Leadership transition comes as cybersecurity firm works to restore profitability
Rami Raulas will retire as chief executive of SSH Communications Security Oyj after less than three years in the role, with the board launching a search for his successor as the Helsinki-listed cybersecurity company works to restore profitability while expanding its recurring software business and strengthening its position in defense and critical infrastructure.
Raulas will remain CEO until a replacement is appointed, ensuring continuity, SSH announced recently. The search will consider both internal and external candidates with the support of an external advisor.
SSH Communications Security is a Helsinki-listed cybersecurity company specializing in privileged access management and quantum-safe network security. The company is expanding its presence in defense and critical infrastructure, supported by a strategic partnership with Italian defense group Leonardo, its largest shareholder following a EUR 20 million investment in 2025.
The board credited Raulas with strengthening SSH's strategic position. Board Chair Henri Österlund said Raulas helped strengthen SSH's position in defense and critical infrastructure, including the company's strategic partnership with Leonardo.
Raulas said it had been "a privilege" to lead SSH over the past two and a half years, adding that the company had built momentum in its chosen markets and was on the right path.
The CEO change coincides with weaker earnings despite continued revenue growth. Second-quarter net sales rose almost 7% to EUR 5.7 million and first-half revenue increased almost 3% to EUR 11.1 million, but first-half EBITDA turned to a EUR 0.4 million loss from a EUR 0.6 million profit a year earlier. Subscription annual recurring revenue grew over 14% to EUR 14.8 million, while PrivX, its platform for securing privileged access to critical systems, expanded more than 25% to become the company's largest business area.
What SSH is trying to accomplish
SSH's strategy is centered on building a larger recurring software business while capitalizing on growing cybersecurity demand from defense, public-sector and critical infrastructure customers. Subscription ARR has continued to expand, as the company shifts its revenue mix away from traditional license sales.
A key priority is converting its strategic partnership with Italian defense group Leonardo into revenue. SSH expects the partnership to contribute more meaningfully during 2026 after integration work and personnel training delayed the commercial rollout. Management has repeatedly identified the relationship as a long-term growth driver.
SSH continues to expand PrivX. The company continues to add capabilities for non-human identities and agentic AI workloads while expanding deployments across financial services, energy, government, telecommunications, aviation, defense and manufacturing. At the same time, SSH is investing in quantum-safe network security as a longer-term growth opportunity.
The company now faces the challenge of delivering those growth ambitions while restoring profitability after first-half EBITDA turned negative. Growing recurring revenue, commercializing the Leonardo partnership and restoring margins are likely to remain the company's principal priorities over the coming quarters.
Investor watchpoints
The CEO search adds to an unusually active period of leadership change. Incoming Chief Financial Officer Cristian Arias is due to join no later than Oct. 1 after Michael Kommonen departs at the end of July, following an earlier failed CFO succession, reported by Listeds. Investors will be watching how SSH manages overlapping transitions across two of its most senior executive roles.
Another watchpoint is whether SSH can restore profitability after first-half EBITDA turned to a EUR 0.4 million loss. SSH has yet to update its outlook following the first-half results.
Investors will also be monitoring how quickly the Leonardo partnership translates into reported revenue during 2026 and whether PrivX can maintain its strong growth trajectory. In addition, the board's authorization to issue up to 4 million new shares and repurchase roughly 4% of outstanding shares, valid until June 30, 2027, could become relevant for acquisitions, financing or incentive programs.
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