Artificial intelligence is rapidly moving from assisting employees to running parts of the business itself. As that shift accelerates, companies face a new challenge: understanding what their AI agents are actually doing.

For Matti Erkheikki, the new chief executive of Finnish software company QPR Software, the answer lies in a field known as process intelligence. “We see AI agents being a new user group for our software,” Erkheikki says.

The idea represents a subtle but important shift in enterprise software. For decades, business applications have been designed for human users. In the next generation of digital systems, software may increasingly be built for AI agents instead.

“We are no longer making our software only for humans,” Erkheikki says. “We have a new user group and audience, which is the AI agents.” 

But those users behave very differently from people. “They don’t use a user interface,” Erkheikki says. “They just need access to the data and insight.” QPR is developing an interface that allows AI agents to connect directly to its process intelligence platform. The company is not alone.

Major technology vendors are also building systems to manage the rise of autonomous software. Microsoft and Salesforce have introduced platforms designed to deploy and govern AI agents operating inside enterprise systems, while companies such as Nvidia are building the infrastructure that powers them.

The pace of technological change only adds urgency. “The changes are taking place faster and faster,” Erkheikki says.

A CEO who knows the company from the inside

Erkheikki took over as chief executive in February after more than two decades inside the company. He joined QPR in 2002 as a consultant and most recently served as chief product officer, responsible for the company’s product vision and portfolio.

After rising through the ranks at QPR, he knows its technology, customers, and strategy. Yet the leadership role still represents a significant shift. “It gives me extra energy to do something completely new but in a familiar environment,” he says.

His leadership philosophy reflects that long internal journey. “Leadership is really like a service profession,” Erkheikki says. “My duty is to provide people with the premises to succeed in their work.”

The Espoo-based company develops software that helps organizations analyze and improve how their operations run. QPR operates in the field of process mining and analytics, tools that reveal how work actually flows across systems and where inefficiencies occur. 

Despite its modest market cap of EUR 11 million, QPR has built a global footprint. The company has active customers in nearly 40 countries, including enterprises like Sanofi, Ericsson, Wärtsilä, and Metsä Board. In 2025, about 39 percent of revenue came from Finland, roughly 47 percent from the rest of Europe, and around 14 percent from other regions.

Turning international reach into sustained growth remains a familiar challenge for smaller Nordic technology companies. QPR reported net sales of €5.6 million in 2025 as the company invested heavily in product development and international expansion, recording a net loss of about €1.05 million during this growth phase.

Monitoring agentic AI

The rapid development of agentic AI is one of the most significant shifts now unfolding in enterprise technology.

“The real potential of AI is when it is used to automate business processes,” Erkheikki says.

As companies begin to deploy AI systems that make operational decisions, a new question emerges. “Now that companies will have those AI agents independently making decisions, it becomes even more important to see what they are actually doing,” he says.

Software such as QPR’s ProcessAnalyzer examines the flow of work across information systems and reveals how processes actually unfold inside organizations.

In a world where automated agents execute those processes, that visibility becomes increasingly valuable.

The challenge of being heard

For smaller European software companies, technological capability alone is rarely enough to stand out globally.

“As a company, it is very difficult for us to get our voice heard if we are just a universal player among SAPs, Microsofts, and IBMs,” Erkheikki says.

The observation reflects a broader lesson for Nordic technology firms competing internationally. Instead of trying to match the breadth of global software platforms, smaller companies often succeed by solving a clearly defined problem exceptionally well.

For QPR, that focus lies in process intelligence and the growing intersection between operational analytics and artificial intelligence.

Choosing where to concentrate is not always straightforward. “The problem really is that there are so many opportunities,” Erkheikki says.

From individual customer wins to scalable growth

Like many enterprise software companies, QPR’s largest customer wins have often required navigating complex and highly individualized sales processes.

“Every great customer win has been more or less unique in its own way,” Erkheikki says.

The next phase is about identifying common patterns across customers and industries. “What success would look like is that those wins begin to share more common characteristics,” he says.

Once those patterns become clearer, new deals become easier to win, and growth becomes more predictable. “That’s when things start to scale,” he says.

The role of partners

Partnerships play a central role in that strategy. Instead of building large sales and consulting teams in every country, QPR works with regional partners that combine their industry expertise with the company’s technology platform.

These partners can develop specialized solutions for particular sectors or use cases and bring them to multiple customers.

“That is where partners play an important role,” Erkheikki says. “They combine their local competencies with our platform and build solutions that can be replicated across customers.”

The model allows a relatively small company to expand internationally while keeping its own organization lean.

AI inside the company

Artificial intelligence is also reshaping how software itself is developed.

“You can develop specific user interfaces or something similar without programming at all. Just prompting,” Erkheikki says.

Tools based on generative AI are already helping development teams move faster and experiment more freely. For smaller technology companies, that productivity boost can make a meaningful difference.

A new layer of enterprise technology

When AI agents become a normal part of how companies operate, organizations will still need ways to understand what those systems are doing.

Managers will want to see how processes evolve, where automated decisions are made, and whether the outcomes match expectations. In that environment, process intelligence platforms could become an essential layer of enterprise technology.

Balancing long-term strategy with immediate opportunities remains a constant challenge.

“One euro today is always better than a promise of two tomorrow,” Erkheikki says. “But you also have to avoid short-sighted decisions that will harm you later.”

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Leaders

The future users of enterprise software will not only be humans. That creates a new opportunity, says QPR CEO Matti Erkheikki

The future users of enterprise software will not only be humans. That creates a new opportunity, says QPR CEO Matti Erkheikki

·

5 min read

Explore and follow profiles from this article to get timely updates:

Credit: QPR Software: Matti Erkheikki

Credit: QPR Software: Matti Erkheikki

Artificial intelligence is rapidly moving from assisting employees to running parts of the business itself. As that shift accelerates, companies face a new challenge: understanding what their AI agents are actually doing.

For Matti Erkheikki, the new chief executive of Finnish software company QPR Software, the answer lies in a field known as process intelligence. “We see AI agents being a new user group for our software,” Erkheikki says.

The idea represents a subtle but important shift in enterprise software. For decades, business applications have been designed for human users. In the next generation of digital systems, software may increasingly be built for AI agents instead.

“We are no longer making our software only for humans,” Erkheikki says. “We have a new user group and audience, which is the AI agents.” 

But those users behave very differently from people. “They don’t use a user interface,” Erkheikki says. “They just need access to the data and insight.” QPR is developing an interface that allows AI agents to connect directly to its process intelligence platform. The company is not alone.

Major technology vendors are also building systems to manage the rise of autonomous software. Microsoft and Salesforce have introduced platforms designed to deploy and govern AI agents operating inside enterprise systems, while companies such as Nvidia are building the infrastructure that powers them.

The pace of technological change only adds urgency. “The changes are taking place faster and faster,” Erkheikki says.

A CEO who knows the company from the inside

Erkheikki took over as chief executive in February after more than two decades inside the company. He joined QPR in 2002 as a consultant and most recently served as chief product officer, responsible for the company’s product vision and portfolio.

After rising through the ranks at QPR, he knows its technology, customers, and strategy. Yet the leadership role still represents a significant shift. “It gives me extra energy to do something completely new but in a familiar environment,” he says.

His leadership philosophy reflects that long internal journey. “Leadership is really like a service profession,” Erkheikki says. “My duty is to provide people with the premises to succeed in their work.”

The Espoo-based company develops software that helps organizations analyze and improve how their operations run. QPR operates in the field of process mining and analytics, tools that reveal how work actually flows across systems and where inefficiencies occur. 

Despite its modest market cap of EUR 11 million, QPR has built a global footprint. The company has active customers in nearly 40 countries, including enterprises like Sanofi, Ericsson, Wärtsilä, and Metsä Board. In 2025, about 39 percent of revenue came from Finland, roughly 47 percent from the rest of Europe, and around 14 percent from other regions.

Turning international reach into sustained growth remains a familiar challenge for smaller Nordic technology companies. QPR reported net sales of €5.6 million in 2025 as the company invested heavily in product development and international expansion, recording a net loss of about €1.05 million during this growth phase.

Monitoring agentic AI

The rapid development of agentic AI is one of the most significant shifts now unfolding in enterprise technology.

“The real potential of AI is when it is used to automate business processes,” Erkheikki says.

As companies begin to deploy AI systems that make operational decisions, a new question emerges. “Now that companies will have those AI agents independently making decisions, it becomes even more important to see what they are actually doing,” he says.

Software such as QPR’s ProcessAnalyzer examines the flow of work across information systems and reveals how processes actually unfold inside organizations.

In a world where automated agents execute those processes, that visibility becomes increasingly valuable.

The challenge of being heard

For smaller European software companies, technological capability alone is rarely enough to stand out globally.

“As a company, it is very difficult for us to get our voice heard if we are just a universal player among SAPs, Microsofts, and IBMs,” Erkheikki says.

The observation reflects a broader lesson for Nordic technology firms competing internationally. Instead of trying to match the breadth of global software platforms, smaller companies often succeed by solving a clearly defined problem exceptionally well.

For QPR, that focus lies in process intelligence and the growing intersection between operational analytics and artificial intelligence.

Choosing where to concentrate is not always straightforward. “The problem really is that there are so many opportunities,” Erkheikki says.

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For those carrying responsibility at the top.

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Delivered monthly.

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From individual customer wins to scalable growth

Like many enterprise software companies, QPR’s largest customer wins have often required navigating complex and highly individualized sales processes.

“Every great customer win has been more or less unique in its own way,” Erkheikki says.

The next phase is about identifying common patterns across customers and industries. “What success would look like is that those wins begin to share more common characteristics,” he says.

Once those patterns become clearer, new deals become easier to win, and growth becomes more predictable. “That’s when things start to scale,” he says.

The role of partners

Partnerships play a central role in that strategy. Instead of building large sales and consulting teams in every country, QPR works with regional partners that combine their industry expertise with the company’s technology platform.

These partners can develop specialized solutions for particular sectors or use cases and bring them to multiple customers.

“That is where partners play an important role,” Erkheikki says. “They combine their local competencies with our platform and build solutions that can be replicated across customers.”

The model allows a relatively small company to expand internationally while keeping its own organization lean.

AI inside the company

Artificial intelligence is also reshaping how software itself is developed.

“You can develop specific user interfaces or something similar without programming at all. Just prompting,” Erkheikki says.

Tools based on generative AI are already helping development teams move faster and experiment more freely. For smaller technology companies, that productivity boost can make a meaningful difference.

A new layer of enterprise technology

When AI agents become a normal part of how companies operate, organizations will still need ways to understand what those systems are doing.

Managers will want to see how processes evolve, where automated decisions are made, and whether the outcomes match expectations. In that environment, process intelligence platforms could become an essential layer of enterprise technology.

Balancing long-term strategy with immediate opportunities remains a constant challenge.

“One euro today is always better than a promise of two tomorrow,” Erkheikki says. “But you also have to avoid short-sighted decisions that will harm you later.”

Board Programme

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Built for Nordic listed company boards.

The only programme in the Nordics designed specifically for listed-company board work.
Five sessions, one cohort, twenty leaders in one room - Helsinki, 2026.

Topics

# Topics

Authors

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Authors

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

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All Listeds newsletters (bundle)

One sign-up, the full picture.

Get every Listeds newsletter: the daily signal drumbeat, the weekly Pulse briefing, the monthly Best of the Month, the CEO letter, and the Weekend read.

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Latest signalsLive feed
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Investor Event

Listeds Investor Event · Defence

Nordic defence is in a once-in-a-generation growth cycle. Eight listed and pre-IPO companies pitch to 100+ invited investors at Valkoinen Sali, Helsinki

21 September 2026

Latest on Listeds

Leadership Moves

Lars Bell arrives at the end of SSH's rebuild. The share is up 49.5% in five days.

Sep 9, 2026

Since January, SSH Communications Security has lowered its sales outlook, watched an incoming chief financial officer withdraw before her start date, and completed a tender offer on its convertible capital securities. Lars Bell's appointment as chief executive, announced 3 September and effective 1 October, is the most visible event in that sequence. It is not the first.

Read on its own, a planned CEO succession looks orderly. Read against the year behind it, it is the last announced piece of a rebuild that began eight months earlier.

The share price read it the other way round. Most of that sequence passed with barely a mark: the three CFO events moved the share −2.2%, +0.5% and −0.5%. Then, in the five sessions to 7 September, SSH's share (SSH1V, Nasdaq Helsinki) rose from EUR 1.786 to EUR 2.67, up 49.5%, on 569,004 shares against August's 403,172 across 21 sessions.

Three CFO plans, and a quarter with EBITDA negative

SSH lowered its 2025 net sales outlook on 2 January. Full-year 2025 net sales came in down 2.4%; Q1 2026 turned EBITDA negative; Q2 revenue recovered to EUR 5.7 million, up 6.8% year on year, while EBITDA was down 40.7%.

The finance seat moved three times in three months. Maria Alahuhta was appointed CFO on 2 April, her start date was brought forward to 1 October, and on 12 June SSH disclosed she would not take up the role. Cristian Arias was appointed on 7 July, starting 1 October, the same day Bell begins.

What the market paid for

Date

Event

Close (EUR)

Move

Volume

15 Jan

Two New Partnerships with COMIT Corporation in Vietnam and ChyunYao in Taiwan. 

3.47

+24.4%

607,544

17 Feb

FY2025 results

2.41

−6.9%

176,389

2 Apr

Alahuhta appointed CFO

2.19

−2.2%

33,058

12 Jun

Alahuhta withdraws

2.10

+0.5%

40,611

7 Jul

Arias appointed CFO

1.98

−0.5%

38,468

17 Jul

CEO retirement + Q2

2.035

−8.7%

39,444

3 Sep

Bell appointed CEO

2.11

+11.1%

98,535

7 Sep

Bank selects PrivX for Zero Trust


2.67

+18.7%

209,389

Three CFO events: −2.2%, +0.5%, −0.5%. None traded an average day's volume for the year (55,597 shares). On the day SSH disclosed that an incoming CFO would not take up the role, the share rose half a per cent on 40,611 shares.

The disclosures that did move it were the outlook cut on 2 January (−7.9%), the full-year results on 17 February (−6.9%), and the CEO seat. The 17 July release, which carried the retirement of Rami Raulas alongside the Q2 figures, took the share down 8.7% that day, and 18.2% from the 16 July close to the 23 July close.

The largest single day of the September run came two sessions after the appointment was public, on 7 September, +18.7%, as one of the world's largest banks selected SSH Communications Security's PrivX solution to implement Zero Trust with Zero Standing Access. 

Same buyer, different product

Bell comes from Omada A/S, where he was Chief Customer Officer and, from November 2025 to April 2026, interim chief executive. Before that: chief executive of Pedab Denmark, and long tenures at Microsoft, HP and IBM: more than twenty-five years in enterprise software.

His discipline is Identity Governance and Administration. SSH sells Zero Trust privileged access and quantum-safe network encryption. The two compete for the same security budget and often reach the same buyer, but they are not the same product. 

What to watch

Bell and Arias both start on 1 October, which makes SSH's Q3 report the first disclosure a rebuilt executive team owns rather than inherits. It is also the first test of whether the Q2 revenue recovery survives these changes.

Columnists

The Next Nordic advantage‌ - What if talent, capital and innovation start flowing north?‌

Sep 8, 2026

Geopolitical discussions have been framed through the lens of the Global West, Global East and Global South. Recently, a fourth concept has started to emerge in strategic discussions: the Global North.

The term is usually used more broadly to describe the developed world as a whole. In this column, I deliberately narrow it to the Nordic region because it represents a distinctive institutional model.

I first encountered the idea when Finland's President Alexander Stubb discussed the possibility of the Global North as an emerging geopolitical force during an interview on Ykkösaamu, one of Finland's leading current affairs programmes, in February 2026.
Strong Nordic cooperation is one dimension of this thinking.

Are we moving towards a new geopolitical geometry? The significance of the North has grown in recent years through developments such as NATO's enlargement and the increasing strategic importance of the Arctic region. The Arctic has received unprecedented international attention, not only because of security concerns, but also because of its growing relevance for energy, infrastructure, logistics and critical resources. 

The growing strategic importance of the Nordic region is reflected for instance in NATO's decision to establish its Forward Land Forces Multinational Staff Element in Rovaniemi, creating a permanent NATO presence in Northern Finland.

In 2026, the U.S. Coast Guard moved forward with plans to procure 11 new icebreakers from Finland, relying heavily on Finnish icebreaker expertise and shipbuilding capabilities.

The Nordic Effect

For decades, the United States has been the world's dominant magnet for talent, capital and innovation. Yet recent policy shifts and a growing emphasis on "America First" raise a strategic question worth putting to a board: What if America First ultimately makes America less attractive to global talent, capital and ideas? It is a possibility worth exploring. What if a more fragmented geopolitical environment gradually disperses global flows of talent, investment and innovation? What if some of these flows begin seeking more predictable destinations? This is where the Global North starts to matter commercially.

The defining characteristics of the Nordic region include stable societies, low levels of corruption, strong educational systems, safety and security, a strong rule of law, well-functioning institutions, advanced innovation ecosystems and a long tradition of diplomacy and cooperation. These are often described as social strengths. In an increasingly fragmented world, they may also become strategic economic assets.
For instance The World Justice Project's Rule of Law Index 2025 ranked Denmark 1st, with Norway and Finland immediately behind among the strongest rule-of-law countries in the world. Nordic countries also perform exceptionally well in innovation: in the Global Innovation Index 2024

When political risk increases elsewhere, predictability itself may become a competitive advantage and characteristics of an attractive investment environment. 

How could your company benefit if the Nordic region became an increasingly attractive destination for talent, investment and innovation?

No Nordic country can compete with the United States or China on scale alone. Together, however, the region represents a globally relevant platform for innovation, technology, research and investment. The four Nordic exchanges — Helsinki, Stockholm, Copenhagen and Oslo — are already a single functioning market.

Another signal of deeper Nordic integration can be seen in capital markets. In August 2026, Bloomberg reported that the Nordic Compass initiative was exploring a common Nordic stock exchange bringing together the markets of Sweden, Denmark, Norway and Finland. The initiative includes major Nordic actors such as Wallenberg Investments, EQT, Nordea, Nokia, Kone, Nasdaq and the Novo Nordisk Foundation. Its stated ambition is to strengthen the region's ability to compete for capital and support growth companies at a scale that individual Nordic markets struggle to achieve alone. Such discussions suggest that the idea of the Nordics acting as a more integrated economic platform is already moving from geopolitical speculation into practical business strategy.

If the twentieth century rewarded scale and the early twenty-first century rewarded speed, the next decade may reward trusted collaboration.

What's Next?

Whether the Global North emerges as a recognised centre of power remains uncertain. But uncertainty is precisely why boards should explore the possibility.

One of the core purposes of strategic foresight is not to predict what will happen, but to expand the range of possibilities organisations are prepared for. The most valuable strategic question is rarely "What will happen?" It is "What becomes possible if this happens?"

For boards, a practical starting point is visioning.

Imagine it is 2035 and the Global North has become one of the world's most attractive destinations for talent, investment and innovation.

  • What would be the desired role that your company wants to play in that future? 

  • What capabilities would that require?

  • Which partnerships should be built today?

  • What opportunities might competitors overlook?

The companies that benefit most from emerging shifts are rarely those that predict the future correctly. They are those that recognise new possibilities early and position themselves accordingly. 

The future is built, not forecast.

Minna Koskelo

Founder and CEO, 11Helsinki

She is also Founder and Chair of the Board of Futures Finland, a founding organisation of the Nordic Foresight Network. Her work focuses on strategic foresight, helping organisations turn foresight into action.

Nordic Foresight

Minna Koskelo

The Nordic Foresight Network is a network of foresight professionals advancing futures thinking across the Nordic region.

Nordic Foresight Network

The Nordic Foresight Column is a monthly series by Nordic Foresight Network in which foresight professionals from the five Nordic countries examine the shifts shaping the region.

Latest on Listeds

Leadership Moves

Lars Bell arrives at the end of SSH's rebuild. The share is up 49.5% in five days.

Sep 9, 2026

Since January, SSH Communications Security has lowered its sales outlook, watched an incoming chief financial officer withdraw before her start date, and completed a tender offer on its convertible capital securities. Lars Bell's appointment as chief executive, announced 3 September and effective 1 October, is the most visible event in that sequence. It is not the first.

Read on its own, a planned CEO succession looks orderly. Read against the year behind it, it is the last announced piece of a rebuild that began eight months earlier.

The share price read it the other way round. Most of that sequence passed with barely a mark: the three CFO events moved the share −2.2%, +0.5% and −0.5%. Then, in the five sessions to 7 September, SSH's share (SSH1V, Nasdaq Helsinki) rose from EUR 1.786 to EUR 2.67, up 49.5%, on 569,004 shares against August's 403,172 across 21 sessions.

Three CFO plans, and a quarter with EBITDA negative

SSH lowered its 2025 net sales outlook on 2 January. Full-year 2025 net sales came in down 2.4%; Q1 2026 turned EBITDA negative; Q2 revenue recovered to EUR 5.7 million, up 6.8% year on year, while EBITDA was down 40.7%.

The finance seat moved three times in three months. Maria Alahuhta was appointed CFO on 2 April, her start date was brought forward to 1 October, and on 12 June SSH disclosed she would not take up the role. Cristian Arias was appointed on 7 July, starting 1 October, the same day Bell begins.

What the market paid for

Date

Event

Close (EUR)

Move

Volume

15 Jan

Two New Partnerships with COMIT Corporation in Vietnam and ChyunYao in Taiwan. 

3.47

+24.4%

607,544

17 Feb

FY2025 results

2.41

−6.9%

176,389

2 Apr

Alahuhta appointed CFO

2.19

−2.2%

33,058

12 Jun

Alahuhta withdraws

2.10

+0.5%

40,611

7 Jul

Arias appointed CFO

1.98

−0.5%

38,468

17 Jul

CEO retirement + Q2

2.035

−8.7%

39,444

3 Sep

Bell appointed CEO

2.11

+11.1%

98,535

7 Sep

Bank selects PrivX for Zero Trust


2.67

+18.7%

209,389

Three CFO events: −2.2%, +0.5%, −0.5%. None traded an average day's volume for the year (55,597 shares). On the day SSH disclosed that an incoming CFO would not take up the role, the share rose half a per cent on 40,611 shares.

The disclosures that did move it were the outlook cut on 2 January (−7.9%), the full-year results on 17 February (−6.9%), and the CEO seat. The 17 July release, which carried the retirement of Rami Raulas alongside the Q2 figures, took the share down 8.7% that day, and 18.2% from the 16 July close to the 23 July close.

The largest single day of the September run came two sessions after the appointment was public, on 7 September, +18.7%, as one of the world's largest banks selected SSH Communications Security's PrivX solution to implement Zero Trust with Zero Standing Access. 

Same buyer, different product

Bell comes from Omada A/S, where he was Chief Customer Officer and, from November 2025 to April 2026, interim chief executive. Before that: chief executive of Pedab Denmark, and long tenures at Microsoft, HP and IBM: more than twenty-five years in enterprise software.

His discipline is Identity Governance and Administration. SSH sells Zero Trust privileged access and quantum-safe network encryption. The two compete for the same security budget and often reach the same buyer, but they are not the same product. 

What to watch

Bell and Arias both start on 1 October, which makes SSH's Q3 report the first disclosure a rebuilt executive team owns rather than inherits. It is also the first test of whether the Q2 revenue recovery survives these changes.

Columnists

The Next Nordic advantage‌ - What if talent, capital and innovation start flowing north?‌

Sep 8, 2026

Geopolitical discussions have been framed through the lens of the Global West, Global East and Global South. Recently, a fourth concept has started to emerge in strategic discussions: the Global North.

The term is usually used more broadly to describe the developed world as a whole. In this column, I deliberately narrow it to the Nordic region because it represents a distinctive institutional model.

I first encountered the idea when Finland's President Alexander Stubb discussed the possibility of the Global North as an emerging geopolitical force during an interview on Ykkösaamu, one of Finland's leading current affairs programmes, in February 2026.
Strong Nordic cooperation is one dimension of this thinking.

Are we moving towards a new geopolitical geometry? The significance of the North has grown in recent years through developments such as NATO's enlargement and the increasing strategic importance of the Arctic region. The Arctic has received unprecedented international attention, not only because of security concerns, but also because of its growing relevance for energy, infrastructure, logistics and critical resources. 

The growing strategic importance of the Nordic region is reflected for instance in NATO's decision to establish its Forward Land Forces Multinational Staff Element in Rovaniemi, creating a permanent NATO presence in Northern Finland.

In 2026, the U.S. Coast Guard moved forward with plans to procure 11 new icebreakers from Finland, relying heavily on Finnish icebreaker expertise and shipbuilding capabilities.

The Nordic Effect

For decades, the United States has been the world's dominant magnet for talent, capital and innovation. Yet recent policy shifts and a growing emphasis on "America First" raise a strategic question worth putting to a board: What if America First ultimately makes America less attractive to global talent, capital and ideas? It is a possibility worth exploring. What if a more fragmented geopolitical environment gradually disperses global flows of talent, investment and innovation? What if some of these flows begin seeking more predictable destinations? This is where the Global North starts to matter commercially.

The defining characteristics of the Nordic region include stable societies, low levels of corruption, strong educational systems, safety and security, a strong rule of law, well-functioning institutions, advanced innovation ecosystems and a long tradition of diplomacy and cooperation. These are often described as social strengths. In an increasingly fragmented world, they may also become strategic economic assets.
For instance The World Justice Project's Rule of Law Index 2025 ranked Denmark 1st, with Norway and Finland immediately behind among the strongest rule-of-law countries in the world. Nordic countries also perform exceptionally well in innovation: in the Global Innovation Index 2024

When political risk increases elsewhere, predictability itself may become a competitive advantage and characteristics of an attractive investment environment. 

How could your company benefit if the Nordic region became an increasingly attractive destination for talent, investment and innovation?

No Nordic country can compete with the United States or China on scale alone. Together, however, the region represents a globally relevant platform for innovation, technology, research and investment. The four Nordic exchanges — Helsinki, Stockholm, Copenhagen and Oslo — are already a single functioning market.

Another signal of deeper Nordic integration can be seen in capital markets. In August 2026, Bloomberg reported that the Nordic Compass initiative was exploring a common Nordic stock exchange bringing together the markets of Sweden, Denmark, Norway and Finland. The initiative includes major Nordic actors such as Wallenberg Investments, EQT, Nordea, Nokia, Kone, Nasdaq and the Novo Nordisk Foundation. Its stated ambition is to strengthen the region's ability to compete for capital and support growth companies at a scale that individual Nordic markets struggle to achieve alone. Such discussions suggest that the idea of the Nordics acting as a more integrated economic platform is already moving from geopolitical speculation into practical business strategy.

If the twentieth century rewarded scale and the early twenty-first century rewarded speed, the next decade may reward trusted collaboration.

What's Next?

Whether the Global North emerges as a recognised centre of power remains uncertain. But uncertainty is precisely why boards should explore the possibility.

One of the core purposes of strategic foresight is not to predict what will happen, but to expand the range of possibilities organisations are prepared for. The most valuable strategic question is rarely "What will happen?" It is "What becomes possible if this happens?"

For boards, a practical starting point is visioning.

Imagine it is 2035 and the Global North has become one of the world's most attractive destinations for talent, investment and innovation.

  • What would be the desired role that your company wants to play in that future? 

  • What capabilities would that require?

  • Which partnerships should be built today?

  • What opportunities might competitors overlook?

The companies that benefit most from emerging shifts are rarely those that predict the future correctly. They are those that recognise new possibilities early and position themselves accordingly. 

The future is built, not forecast.

Minna Koskelo

Founder and CEO, 11Helsinki

She is also Founder and Chair of the Board of Futures Finland, a founding organisation of the Nordic Foresight Network. Her work focuses on strategic foresight, helping organisations turn foresight into action.

Nordic Foresight

Minna Koskelo

The Nordic Foresight Network is a network of foresight professionals advancing futures thinking across the Nordic region.

Nordic Foresight Network

The Nordic Foresight Column is a monthly series by Nordic Foresight Network in which foresight professionals from the five Nordic countries examine the shifts shaping the region.

Latest on Listeds

Leadership Moves

Lars Bell arrives at the end of SSH's rebuild. The share is up 49.5% in five days.

Sep 9, 2026

Since January, SSH Communications Security has lowered its sales outlook, watched an incoming chief financial officer withdraw before her start date, and completed a tender offer on its convertible capital securities. Lars Bell's appointment as chief executive, announced 3 September and effective 1 October, is the most visible event in that sequence. It is not the first.

Read on its own, a planned CEO succession looks orderly. Read against the year behind it, it is the last announced piece of a rebuild that began eight months earlier.

The share price read it the other way round. Most of that sequence passed with barely a mark: the three CFO events moved the share −2.2%, +0.5% and −0.5%. Then, in the five sessions to 7 September, SSH's share (SSH1V, Nasdaq Helsinki) rose from EUR 1.786 to EUR 2.67, up 49.5%, on 569,004 shares against August's 403,172 across 21 sessions.

Three CFO plans, and a quarter with EBITDA negative

SSH lowered its 2025 net sales outlook on 2 January. Full-year 2025 net sales came in down 2.4%; Q1 2026 turned EBITDA negative; Q2 revenue recovered to EUR 5.7 million, up 6.8% year on year, while EBITDA was down 40.7%.

The finance seat moved three times in three months. Maria Alahuhta was appointed CFO on 2 April, her start date was brought forward to 1 October, and on 12 June SSH disclosed she would not take up the role. Cristian Arias was appointed on 7 July, starting 1 October, the same day Bell begins.

What the market paid for

Date

Event

Close (EUR)

Move

Volume

15 Jan

Two New Partnerships with COMIT Corporation in Vietnam and ChyunYao in Taiwan. 

3.47

+24.4%

607,544

17 Feb

FY2025 results

2.41

−6.9%

176,389

2 Apr

Alahuhta appointed CFO

2.19

−2.2%

33,058

12 Jun

Alahuhta withdraws

2.10

+0.5%

40,611

7 Jul

Arias appointed CFO

1.98

−0.5%

38,468

17 Jul

CEO retirement + Q2

2.035

−8.7%

39,444

3 Sep

Bell appointed CEO

2.11

+11.1%

98,535

7 Sep

Bank selects PrivX for Zero Trust


2.67

+18.7%

209,389

Three CFO events: −2.2%, +0.5%, −0.5%. None traded an average day's volume for the year (55,597 shares). On the day SSH disclosed that an incoming CFO would not take up the role, the share rose half a per cent on 40,611 shares.

The disclosures that did move it were the outlook cut on 2 January (−7.9%), the full-year results on 17 February (−6.9%), and the CEO seat. The 17 July release, which carried the retirement of Rami Raulas alongside the Q2 figures, took the share down 8.7% that day, and 18.2% from the 16 July close to the 23 July close.

The largest single day of the September run came two sessions after the appointment was public, on 7 September, +18.7%, as one of the world's largest banks selected SSH Communications Security's PrivX solution to implement Zero Trust with Zero Standing Access. 

Same buyer, different product

Bell comes from Omada A/S, where he was Chief Customer Officer and, from November 2025 to April 2026, interim chief executive. Before that: chief executive of Pedab Denmark, and long tenures at Microsoft, HP and IBM: more than twenty-five years in enterprise software.

His discipline is Identity Governance and Administration. SSH sells Zero Trust privileged access and quantum-safe network encryption. The two compete for the same security budget and often reach the same buyer, but they are not the same product. 

What to watch

Bell and Arias both start on 1 October, which makes SSH's Q3 report the first disclosure a rebuilt executive team owns rather than inherits. It is also the first test of whether the Q2 revenue recovery survives these changes.

Columnists

The Next Nordic advantage‌ - What if talent, capital and innovation start flowing north?‌

Sep 8, 2026

Geopolitical discussions have been framed through the lens of the Global West, Global East and Global South. Recently, a fourth concept has started to emerge in strategic discussions: the Global North.

The term is usually used more broadly to describe the developed world as a whole. In this column, I deliberately narrow it to the Nordic region because it represents a distinctive institutional model.

I first encountered the idea when Finland's President Alexander Stubb discussed the possibility of the Global North as an emerging geopolitical force during an interview on Ykkösaamu, one of Finland's leading current affairs programmes, in February 2026.
Strong Nordic cooperation is one dimension of this thinking.

Are we moving towards a new geopolitical geometry? The significance of the North has grown in recent years through developments such as NATO's enlargement and the increasing strategic importance of the Arctic region. The Arctic has received unprecedented international attention, not only because of security concerns, but also because of its growing relevance for energy, infrastructure, logistics and critical resources. 

The growing strategic importance of the Nordic region is reflected for instance in NATO's decision to establish its Forward Land Forces Multinational Staff Element in Rovaniemi, creating a permanent NATO presence in Northern Finland.

In 2026, the U.S. Coast Guard moved forward with plans to procure 11 new icebreakers from Finland, relying heavily on Finnish icebreaker expertise and shipbuilding capabilities.

The Nordic Effect

For decades, the United States has been the world's dominant magnet for talent, capital and innovation. Yet recent policy shifts and a growing emphasis on "America First" raise a strategic question worth putting to a board: What if America First ultimately makes America less attractive to global talent, capital and ideas? It is a possibility worth exploring. What if a more fragmented geopolitical environment gradually disperses global flows of talent, investment and innovation? What if some of these flows begin seeking more predictable destinations? This is where the Global North starts to matter commercially.

The defining characteristics of the Nordic region include stable societies, low levels of corruption, strong educational systems, safety and security, a strong rule of law, well-functioning institutions, advanced innovation ecosystems and a long tradition of diplomacy and cooperation. These are often described as social strengths. In an increasingly fragmented world, they may also become strategic economic assets.
For instance The World Justice Project's Rule of Law Index 2025 ranked Denmark 1st, with Norway and Finland immediately behind among the strongest rule-of-law countries in the world. Nordic countries also perform exceptionally well in innovation: in the Global Innovation Index 2024

When political risk increases elsewhere, predictability itself may become a competitive advantage and characteristics of an attractive investment environment. 

How could your company benefit if the Nordic region became an increasingly attractive destination for talent, investment and innovation?

No Nordic country can compete with the United States or China on scale alone. Together, however, the region represents a globally relevant platform for innovation, technology, research and investment. The four Nordic exchanges — Helsinki, Stockholm, Copenhagen and Oslo — are already a single functioning market.

Another signal of deeper Nordic integration can be seen in capital markets. In August 2026, Bloomberg reported that the Nordic Compass initiative was exploring a common Nordic stock exchange bringing together the markets of Sweden, Denmark, Norway and Finland. The initiative includes major Nordic actors such as Wallenberg Investments, EQT, Nordea, Nokia, Kone, Nasdaq and the Novo Nordisk Foundation. Its stated ambition is to strengthen the region's ability to compete for capital and support growth companies at a scale that individual Nordic markets struggle to achieve alone. Such discussions suggest that the idea of the Nordics acting as a more integrated economic platform is already moving from geopolitical speculation into practical business strategy.

If the twentieth century rewarded scale and the early twenty-first century rewarded speed, the next decade may reward trusted collaboration.

What's Next?

Whether the Global North emerges as a recognised centre of power remains uncertain. But uncertainty is precisely why boards should explore the possibility.

One of the core purposes of strategic foresight is not to predict what will happen, but to expand the range of possibilities organisations are prepared for. The most valuable strategic question is rarely "What will happen?" It is "What becomes possible if this happens?"

For boards, a practical starting point is visioning.

Imagine it is 2035 and the Global North has become one of the world's most attractive destinations for talent, investment and innovation.

  • What would be the desired role that your company wants to play in that future? 

  • What capabilities would that require?

  • Which partnerships should be built today?

  • What opportunities might competitors overlook?

The companies that benefit most from emerging shifts are rarely those that predict the future correctly. They are those that recognise new possibilities early and position themselves accordingly. 

The future is built, not forecast.

Minna Koskelo

Founder and CEO, 11Helsinki

She is also Founder and Chair of the Board of Futures Finland, a founding organisation of the Nordic Foresight Network. Her work focuses on strategic foresight, helping organisations turn foresight into action.

Nordic Foresight

Minna Koskelo

The Nordic Foresight Network is a network of foresight professionals advancing futures thinking across the Nordic region.

Nordic Foresight Network

The Nordic Foresight Column is a monthly series by Nordic Foresight Network in which foresight professionals from the five Nordic countries examine the shifts shaping the region.

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