WithSecure announced a total of 120 employees from their company which means around 9% of the workforce from their total headcount.
WithSecure CEO says, “One of our key medium-term goals is to reach profitability by the end of 2023. We have seen some slowness in decision-making in the market lately, which impacts our industry in general. We need to adjust our cost structure in accordance with our outlook for 2023 and ensure we stay on track with our goal to reach profitability. Transforming into a profitable company is imperative for us to stay competitive”
According to its strategy, WithSecure is targeting high growth of revenue, especially in cloud-based cyber security products. An important part of the strategy is to achieve profitability by the end of 2023 and to ensure competitiveness. Through the planned changes, as well as other cost-saving measures, the company estimates it can reach annual cost savings of approximately EUR 14 million. The cost savings are expected to be achieved gradually, starting in the second quarter of 2023.