F-Secure Corporation, Stock Exchange Release, 7 October 2019, at 10.00 EEST
F-Secure Corporation restructures operations for further growth and initiates co-operation negotiations
F-Secure restructures operations in alignment with the strategy to grow in corporate cyber security. The company aims at better serving different corporate customer segments and improving its competitiveness.
The restructuring enables F-Secure to capture synergies from acquisition of MWR InfoSecurity, reallocate resources for further growth and streamline common functions. The restructuring is estimated to result in annual cost savings of more than EUR 5 million to be achieved by the end of 2020. The planned personnel reductions are estimated to be maximum 90 employees globally, out of 1,700 in total. The co-operation negotiations may lead to reduction of up to 50 employees in Finland. Research and development personnel, cyber security consultants and consumer business unit remain unaffected by the planned personnel reductions.
F-Secure continues to execute its strategy striving for growth across all its business areas, while highest growth is expected in corporate security products and cyber security consulting. Recent acquisitions combined with organic growth has evolved our customer base during the past years, thus, changes in sales and marketing operations will be made to best serve different customer segments and their requirements.
In July 2018 F-Secure acquired MWR InfoSecurity. As the earn-out period comes to an end at the end of 2019 F-Secure can now finalize integration and capture synergies in common functions.
“We are in transformation from an endpoint protection focused company into a cyber security player with broader portfolio including industry-leading detection and response capabilities and strong foothold in cyber security consulting market. Cyber security is a growth market in which we will continue growth investments while ensuring healthy profitability”, said Samu Konttinen, President and CEO.
Contact information
Eriikka Söderström, CFO, F-Secure
+358 44 373 4693
Henri Kiili, Investor Relations Manager, F-Secure
+358 40 840 5450
investor-relations@f-secure.com