Finnish cybersecurity company WithSecure (formerly F-Secure for Business) is accelerating its shift away from public-market routines with a refreshed board, following a tender offer by Diana BidCo that paves the way for a delisting. 

A quieter 2026 ahead

From January 2026, WithSecure will no longer publish interim reports or provide an outlook. Instead, it will issue only a half-year report and a financial statement release. The change comes as Diana BidCo lifts its ownership to 93.8 percent, setting up a delisting and compulsory redemption process.

Financial momentum softens

WithSecure's third quarter showed slowing growth but stronger profitability. Adjusted EBITDA for the Elements Company, WithSecure’s core SaaS business unit, rose to EUR 4.0 million from EUR 1.6 million. 

Elements Cloud ARR increased 3 percent year-on-year to EUR 84.1 million, although it dipped 1 percent from Q2. Large customer churn forced the company to cut its 2025 ARR outlook to 3–10 percent.

As CEO Antti Koskela noted, “the gap that these large customer churns cause is not recoverable during the remainder of the year.”

Four C-level appointments reshape leadership

This year has also brought four CxO appointments, including new chief product and chief revenue officers, based on Listeds data.

Lasse Gerdt, chief revenue officer, shifted from his earlier chief customer officer role. Nina Laaksonen, chief product officer, was made official in the role after an interim period. Charlotte Guillou, chief culture and performance officer, saw her remit expand from her previous position as chief people officer.

Board realignment under new ownership

The recent EGM installed a five-member board: Risto Siilasmaa, Daniel Williamson, Daniel Pindur, Tuomas Syrjänen, and Artturi Lehtiö. Based on Listeds data, Williamson, Pindur, and Lehtiö are new board members appointed in 2025, while Siilasmaa and Syrjänen continue their longer involvement.

In line with Diana BidCo’s proposal, “no remuneration is paid to the new members of the Board of Directors” for this term.

The bigger picture

WithSecure increasingly resembles a privately steered software company: fewer disclosures, concentrated ownership, and a leadership team oriented toward execution rather than quarterly scrutiny. Yet its strategic ambition remains intact.

As Koskela put it, the aim is to be “the flagship of European cyber security for mid-market enterprises.”