F-Secure, founded in the 1980’s by Nokia’s current chairman Risto Siilasmaa, faces tough competition from larger companies such as Britain’s Sophos and Russia’s Kaspersky, as well as US market leaders Symantec and Intel Security Group.
Speaking at the company’s headquarters in Helsinki, chief executive Christian Fredrikson said he saw plenty of demand.
“We see huge demand for corporate cybersecurity in markets like Germany and the UK… We have public sector clients in Europe and we look for growth in services for defence and police forces,” he said.
Gartner sees the corporate and public sector security market growing by 8% annually in the coming years from about $18 billion currently.
Fredrikson added that F-Secure was eyeing possible acquisition targets from companies with reselling channels or technologies that would strengthen its protection tools. “We are actively looking for (M&A) opportunities to support our growth… We have a lot of talks, but we are looking for deals with the right valuation.”
Last year, F-Secure acquired n-Sense, a Danish cybersecurity provider for 15 million euros.
Most of F-Secure’s 2015 sales of 148 million euros ($161 million) still came from anti-virus software sales for consumers.
“Majority of F-Secure’s business is in a very mature market,” said Ruggero Contu, research director at Gartner.