F-Secure as an investment

F-Secure as an investment

F-Secure is a globally operating Finnish cyber security company that offers award-winning security and privacy products and services, helping tens of millions of consumers to protect themselves against online threats.

F-Secure’s key strengths

A strong position in the large and growing consumer security market

F-Secure's long experience, the company's good brand image and global partner network create a strong position in the large and growing consumer security market. It is reinforced by a comprehensive offering that meets consumers’ key cyber security and privacy needs. Our market has grown steadily as digitalization progresses and with the COVID-19 pandemic there are more users of various online services than ever before. Research also shows that consumers’ willingness to pay for cyber security is increasing, while security concerns have grown.

High customer retention creates predictability

Our business is based on long-term partnerships and high customer retention. Our primary sales channel’s, i.e., our channel partners' end customer retention in the financial year 2022, was over 97 percent. Long-term partnerships are based on a partnership model where F-Secure's success is based on the success of our partners. To support this, our sales and marketing organizations support partners in launching, selling and marketing our products.

In addition, we have built our cybersecurity solutions to meet the business needs of our channel partners and are fully integrated with their business processes, such as invoicing.

Strong track-record of profitable growth

Our revenue and profitability have been growing from 2019 to 2021 thanks to successful implementation of our growth strategy, developing our scalable cloud-based SaaS business model and strong focus on developing partnerships in the segment of communication service providers.

The average annual organic growth rate (CAGR) of our revenue (calculated on carve-out basis) was 6% in 2019-2021. Throughout the period, we were also very profitable: carve-out EBIT grew from EUR 37.0 million in 2019 to EUR 43.5 million in 2021. Our steadily growing consumer security business has also generated good cash flow.

Revenue and EBIT development 2019–2022

(EUR million)

*The financial information presented in the table has been prepared on a carve-out basis from WithSecure’s consolidated financial statements using the historical book values for income and expenses, assets and liabilities and cash flows attributable to the consumer security business.

Leading position in the communication service providers segment is scalable to other segments

We have a long track-record of cooperation with various communication service providers. We believe we are a global market leader in providing consumer security and privacy services through communication service providers.

Our tested business model that has been proven successful with communication service providers has been found to be reproducible in other industries as well. In recent years, sales in our partner channel have expanded from telecom operators to, e.g., insurance companies and other financial sector players whose offering is well complemented with our cyber security products.

Significant technological expertise and strong track-record in product development

F-Secure has extensive know-how in the different areas of cyber security and telecommunications, as well as a strong track-record of the ability to generate value through R&D investments.

As far as cyber security expertise is concerned, we have been recognized by leading journals and independent testing organizations and our products have won multiple awards. We cooperate with selected, industry-leading third-party technology and data providers to ensure that our products offer the best possible protection.


Read about our strategy

Key figures

See our financial development