SSH Communications Security Corp. have entered into a joint venture (JV) with State Security Networks Group to fortify their standing as a provider of cybersecurity products in Finland. As per the agreement, State Security Networks will become a minority shareholder in SSH’s SBU Kyberleijona Oy (Joint Venture Company) to help SSH to push their firewall products.
According to SSH, cybersecurity is an important element when it comes to safeguarding business’ internet presence. They say that organizations belonging to small, large and government segments are looking to protect their hosting environments on-premise as well as on the cloud.
By entering into a joint-venture deal with SSH, State Security Networks say that they will be consolidating cybersecurity for European clients that mainly include telecommunication companies, government bodies and Finnish businesses. They claim that State Security Networks have made an investment of USD 1.5 million in the JV and acquired the license to promote SSH’s firewall products.
According to the terms of the JV, SSH say that they will be holding 65%, whereas State Security Networks will own 35% of Kyberleijona Oy (Joint Venture Company). They also say that the as per the agreement, State Security Networks will have an option to purchase SSH’s share of the JV.
Speaking about the deal, SSH CEO Kaisa Olkkonen, commented:
This transaction furthers two objectives important to us: improving the national information security of Finland and increasing our shareholder value.
The transaction combines the securing of domestic ownership of strategic cybersecurity technology and the enabling of sound and profitable business logic for SSH shareholders.