Is WithSecure still a publicly traded company in 2026?

No. WithSecure was taken private by CVC Capital Partners via Diana BidCo Oy, which reached 93.8% ownership by 3 November 2025, initiated compulsory minority redemption, and delisted the shares from Nasdaq Helsinki on 26 March 2026.

Who owns WithSecure now?

CVC Capital Partners owns WithSecure through its acquisition vehicle Diana BidCo Oy. The combination agreement was signed 8 August 2025, a tender offer valued the deal at roughly 299 million euros, and full ownership was secured by early 2026, with delisting completed 26 March 2026.

Is WithSecure growing or shrinking financially?

Growth is slowing sharply. FY2024 continuing-operations revenue was 116.0 million euros, up 6%, but WithSecure cut its 2025 ARR growth guidance from 10-20% to 3-10% on 7 October 2025, citing large-customer churn in its Managed Services segment.

Could AI replace WithSecure's managed security services?

It is already happening: WithSecure's Managed Services revenue fell 22% year over year in Q2 2025 as AI-native rivals CrowdStrike (Charlotte AI), SentinelOne (Purple AI) and Microsoft Security Copilot ship automated triage that competes directly with WithSecure's human-led detection service.

Who is WithSecure's biggest competitor?

In core endpoint/EDR security, WithSecure's largest threats are CrowdStrike and Microsoft Defender for Endpoint (bundled free into Microsoft 365 E5), plus SentinelOne; WithSecure is a smaller Europe-centric challenger competing against these dominant US-based platforms.

What is WithSecure's fastest-growing product?

Cloud Protection for Salesforce (CPSF), a SaaS-security add-on for the Salesforce ecosystem, grew ARR 44% year over year to 14.7 million euros in Q3 2025, with 2025 guidance maintained at 20-35% ARR growth, far outpacing the core Elements Cloud business.

Cybersecurity companies · subsidiary of CVC Capital Partners (via Diana BidCo Oy) · Finland

WithSecure

withsecure.com ↗

Finnish cybersecurity vendor selling endpoint protection and Salesforce cloud security, now owned by CVC Capital Partners.

Protection under test

Assessed 21 July 2026 · Evidence as of 21 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 21 July 2026 · Checkable from Q1 2026 · Every call on the record Checkpoint: FY2025 full-year results and first update on CPSF share of revenue under new private ownership

The call

WithSecure survives on a small, fast-growing Salesforce security niche while its core endpoint business bleeds share to AI-native rivals and Microsoft's free bundle, now under a private equity owner focused on cost cuts rather than a shipped AI answer.

WithSecure sells threat detection and response software, mostly to mid-market companies in Europe. It is getting harder to compete because CrowdStrike and Microsoft have shipped AI tools that find and stop attacks automatically, taking customers away from WithSecure (down 22 percent last quarter). The one bright spot is cloud protection for Salesforce, which is growing fast, but it is still a small part of the business. Since the company went private in 2026, the new owner will probably cut costs and take cash out rather than spend money to build competitive AI tools, which means the core business will keep shrinking.

Why

AI pressure: CrowdStrike Charlotte AI, Microsoft Security Copilot, SentinelOne Purple AI. Rivals ship AI agents that automate the alert triage work WithSecure sells as paid Managed Services, and Managed Services revenue fell 22% in Q2 2025. Could AI do the core job? Yes, likely.

Bigger players: Microsoft. Defender for Endpoint bundled free into M365 E5 keeps pulling mid-market customers away at zero marginal cost. Could a giant copy it? Yes, easily.

What protects it. Cloud Protection for Salesforce is a niche product growing 44% ARR that big rivals have not targeted yet.

What would change this call

WithSecure Elements Cloud ARR growth rate in 2026 reports (guidance already cut to 3-10% in Oct 2025). Further cuts would confirm continued mid-market EDR share loss to AI-native rivals.
Whether CVC funds and ships a competitive agentic-AI detection feature for Elements within 12 months. No shipped product would confirm cost-extraction over competitive catch-up.
Cloud Protection for Salesforce share of total revenue in future filings (currently ~13-16%). Reaching 30-40% would show a genuine pivot away from the eroding EDR core.

Key numbers

Managed Services revenue down 22% YoY (Q2 2025)
CPSF ARR up 44% YoY to €14.7 million (Q3 2025)
Headcount fell to ~702 from 1,289 in 2023 (Dec 2025)

Named risks

AI-native rivals (Charlotte AI, Purple AI, Security Copilot) automating tier-1 SOC work WithSecure sells as Managed Services. Severity: high
Repeated downward guidance revisions (Oct 2024 profit warning, Oct 2025 ARR guidance cut). Severity: high
Leadership churn during PE transition: CRO departure Oct 2025, new CFO appointed Jan 2026. Severity: medium
Reduced public financial transparency now that the company is delisted and privately held by CVC. Severity: medium
Headcount nearly halved from 1,087 (2023) to 612 (Sep 2025) amid cost extraction under new PE owner. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
CrowdStrike	gaining on	Charlotte AI already winning mid-market deals as WithSecure Managed Services fell 22% YoY, Q2 2025
Microsoft	gaining on	Defender for Endpoint bundled free into Microsoft 365 E5, undercutting WithSecure on price, 2025-2026
SentinelOne	gaining on	Shipped Purple AI agentic detection feature, marketed through 2025-2026
Sophos, Trend Micro, ESET	contesting	Direct mid-market EDR/endpoint peers competing for same European enterprise base, 2026

Questions people ask

Is WithSecure still a publicly traded company in 2026?: No. WithSecure was taken private by CVC Capital Partners via Diana BidCo Oy, which reached 93.8% ownership by 3 November 2025, initiated compulsory minority redemption, and delisted the shares from Nasdaq Helsinki on 26 March 2026.
Who owns WithSecure now?: CVC Capital Partners owns WithSecure through its acquisition vehicle Diana BidCo Oy. The combination agreement was signed 8 August 2025, a tender offer valued the deal at roughly 299 million euros, and full ownership was secured by early 2026, with delisting completed 26 March 2026.
Is WithSecure growing or shrinking financially?: Growth is slowing sharply. FY2024 continuing-operations revenue was 116.0 million euros, up 6%, but WithSecure cut its 2025 ARR growth guidance from 10-20% to 3-10% on 7 October 2025, citing large-customer churn in its Managed Services segment.
Could AI replace WithSecure's managed security services?: It is already happening: WithSecure's Managed Services revenue fell 22% year over year in Q2 2025 as AI-native rivals CrowdStrike (Charlotte AI), SentinelOne (Purple AI) and Microsoft Security Copilot ship automated triage that competes directly with WithSecure's human-led detection service.
Who is WithSecure's biggest competitor?: In core endpoint/EDR security, WithSecure's largest threats are CrowdStrike and Microsoft Defender for Endpoint (bundled free into Microsoft 365 E5), plus SentinelOne; WithSecure is a smaller Europe-centric challenger competing against these dominant US-based platforms.
What is WithSecure's fastest-growing product?: Cloud Protection for Salesforce (CPSF), a SaaS-security add-on for the Salesforce ecosystem, grew ARR 44% year over year to 14.7 million euros in Q3 2025, with 2025 guidance maintained at 20-35% ARR growth, far outpacing the core Elements Cloud business.

Timeline

2026-03-26WithSecure shares formally delisted from Nasdaq Helsinki
2026-01-14Arbitral tribunal appointed for minority-share redemption arbitration
2026-01Xavier Carpentier appointed as new CFO
2025-11-17Diana BidCo files compulsory minority-share redemption application
2025-11-03Diana BidCo reaches 93.8% ownership of WithSecure
2025-10-072025 ARR growth guidance cut from 10-20% to 3-10%
2025-10Chief Revenue Officer Lasse Gerdt departs with no immediate successor
2025-08-08Combination agreement signed with CVC's Diana BidCo, ~299 million euro tender offer
2025-05-31Cybersecurity consulting business divestment to Neqst completed
2024-10-11WithSecure lowers its 2024 financial outlook (profit warning)

Revision history

21 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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