Strategic View: A consortium led by CVC Capital Partners, together with WithSecure founder and Chairman Risto Siilasmaa, announced a recommended cash tender offer valuing WithSecure at approximately €299 million at €1.70 per share. The cybersecurity company, listed on Nasdaq Helsinki, will transition to private ownership to pursue long-term investments in becoming Europe’s leading cyber defense vendor without public market constraints. Expected completion Q4 2025 subject to regulatory approvals.
Full story: WithSecure’s privatization through a CVC-founder consortium illustrates how European cybersecurity assets are attracting strategic private capital as enterprises fortify digital defenses. CVC identified WithSecure’s trusted reputation, European focus, and comprehensive threat detection capabilities as foundational assets requiring patient investment to compete against U.S.-headquartered incumbents.
Risto Siilasmaa’s participation—holding approximately 34% of shares—provides operational continuity and founder credibility that reduces execution risk inherent in technology carve-outs. The consortium’s strategic rationale centers on WithSecure’s potential to consolidate fragmented European cybersecurity markets. CVC funds bring deep technology sector expertise, including prior investments in software infrastructure and digital security. Their operational approach emphasizes organic growth acceleration, strategic M&A, and geographic expansion—initiatives difficult to execute under quarterly earnings pressure.
Siilasmaa’s joint bidding agreement commits his entire stake, aligning founder and financial sponsor incentives around multi-year value creation. WithSecure’s board unanimously recommended acceptance after evaluating strategic alternatives, including potential divestitures of business units like Cloud Protection for Salesforce. The tender offer structure—common in Nordic markets—provides shareholders a clean exit at modest premiums while enabling the consortium to achieve control without prolonged proxy contests.
The €1.70 per share offer reflects conservative valuation but promises delisting and long-term operational focus. CVC’s commitment to maintaining WithSecure’s European identity addresses data sovereignty concerns that increasingly influence enterprise cybersecurity purchasing decisions. The combination agreement includes customary provisions allowing WithSecure’s board to consider competing offers, though none materialized during the offer period (August 20 – October 15, 2025). Regulatory approvals focus on competition law and foreign direct investment screening, standard for technology infrastructure assets.
Upon completion, WithSecure exits public markets to pursue aggressive R&D investment, international expansion, and potential bolt-on acquisitions that position it as a pan-European alternative to U.S. cyber platforms. For CVC, this represents a thesis that data residency requirements and regulatory fragmentation create tailwinds for regionally-focused cybersecurity providers.
Summary: CVC and Risto Siilasmaa’s consortium acquisition of WithSecure demonstrates how founder-aligned club deals can unlock value in European cybersecurity. The privatization removes public market constraints, enabling long-term investment in R&D and geographic expansion. This matters because cyber threats are intensifying while European data sovereignty requirements create structural advantages for locally-focused platforms, positioning WithSecure for accelerated growth under private ownership.
Source: WithSecure Official Announcement, Investegate, Roschier
