SSH Communications Security Plc | Press Release | 06.06.2025 at 11:30:00 EEST
SSH Communications Security (SSH) has joined the Beyond the Limits of Post-Quantum Cryptography (BlimPQC) project, which brings together industry players, academic research organizations, and key stakeholders of the Finnish government. The project aims to solve cybersecurity challenges posed by quantum computers to ensure quantum-safe connections, key management interoperability, and data security. SSH leads Work Package 5 concerning PQC implementations.
SSH’s role in the project is to provide turnkey, easily deployable PQC solutions for critical infrastructure, businesses, and organizations. This enables organizations to protect their current data transmissions and data against quantum threats and seamlessly transition to more widespread quantum-safe communication. SSH focuses on developing an encryption and authentication system, key management, and a quantum-safe Certificate Authority that issues PQC digital certificates for connection authentication.
SSH Communications Security Plc | Press Release | June 27, 2025 at 10:00:00 EEST
SSH Communications Security’s (SSH) Just-in-Time Privileged Access Management (PAM) solution, PrivX, is one of the first PAM solutions to receive FIPS 140-3 certification (SSH Communications Security Cryptographic Module #5020) through the Cryptographic Module Validation Program (CMVP). The goal of CMVP is to ensure that validated cryptographic modules compliant with the FIPS standard are secure and reliable, so that they can be used to enhance the information security of government and subcontractor software. Compliance with the FIPS 140-3 standard is often a stated requirement and a U.S. federal procurement criterion when using SSH-based solutions or cryptographic libraries that are standardized and intended for government use.
The CMVP program is a joint initiative of the U.S. National Institute of Standards and Technology (NIST) and the Canadian Centre for Cyber Security. The recently released PrivX Release 40 includes FIPS 140-3 support, with benefits including:
- Compliance: Entities such as government, defense, finance, and healthcare are required by law or regulation to use FIPS-approved encryption.
- Tested: FIPS is an independent, U.S. government-recognized, and highly respected security validation.
- Global Standard: FIPS 140-3 is consistent with international standards (ISO/IEC 19790) and recognized outside North America.
- Future-proofing: FIPS 140-3 replaces the earlier FIPS 140-2, and only FIPS 140-3 will soon be accepted for U.S. federal procurements or projects. FIPS 140-3 also has stricter requirements than before for module integrity, authentication, and protection against physical and environmental attacks.
“As more organizations seek to modernize their IT software, they are looking for solutions built with modern technology that meet the latest requirements, such as FIPS 140-3. PrivX is based on a scalable microservices architecture, is highly automated, integrates readily with other security systems, and provides just-in-time, passwordless access to targets, helping organizations stay secure and people productive. We have long operated in the U.S. federal government market, and PrivX’s FIPS 140-3 certification enables us to win new customers in the North American market and beyond,” states Rami Raulas, CEO of SSH.
SSH Communications Security Oyj | Insider Information | 01.07.2025 at 08:30:00 EEST
SSH Communications Security Oyj (“SSH”), a leading defensive cybersecurity company for people, systems, and networks, announces its intention to enter into a strategic cooperation with Leonardo S.p.A. (“Leonardo”), a key global player in the aerospace, defense, and security sector. The cooperation is supported by an investment agreement (“Investment Agreement”), according to which SSH would issue a total of 13,333,333 new shares to Leonardo in a directed share issue at a subscription price of 1.50 euros per share (“Leonardo Share Issue”), raising approximately 20,000,000 euros.
Leonardo Share Issue
The subscription price for the Leonardo Share Issue would be 1.50 euros per share, which corresponds to a premium of 49.6 percent to the volume-weighted average price of SSH’s share on Nasdaq Helsinki for the five trading days ending June 30, 2025. The Leonardo Share Issue would comprise a total of 13,333,333 new shares of the company to Leonardo. Upon completion of the Leonardo Share Issue, the total number of SSH shares would be 54,301,364, with Leonardo’s ownership stake being 24.55%. Following the completion of the Leonardo Share Issue, Leonardo will become SSH’s largest shareholder. The current largest owner, Accendo Capital, which currently owns 27.66% of the shares, will be the second largest owner with a 20.87% stake after the completion of the Leonardo Share Issue.
The premium is quite nice considering the current price, but not when looking at history. It’s interesting in itself what this giant’s involvement means for SSH. I believe the stock will get a bit more premium boost just from this giant’s involvement. They probably wouldn’t just join for no reason, but rather intend to use SSH solutions more widely.
This is really big for SSH.. 
I really had to rub my eyes, a couple of times, to see if I read that right. This is absolutely brilliant news after an incredibly long wait (still have IPO shares in my portfolio). Leonardo is one of Europe’s leading defense giants and has now deemed SSH so competent that it wants to own the largest slice of it.
Good premium, with the main ownership still remaining in Finland, and I guess the hybrid will now be paid out. Now we are demonstrably and strongly involved in the defense industry 
Leonardo would gain exclusive rights globally, excluding the Nordic countries, to offer solutions to the defense sector and public administration, including NATO, European Union institutions, agencies and bodies, police & intelligence authorities, and critical infrastructure, where SSH’s modern and innovative PrivX and NQX solutions would be integrated into Leonardo’s comprehensive Zero Trust project and security service offering.
“Through the strategic cooperation with Leonardo and the related share issue, SSH gains a strong industrial main owner, in whose key market area the need for cybersecurity solutions is constantly growing. The cooperation enables SSH a completely new way to approach and enter the rapidly growing cybersecurity markets in the defense sector. As the main owner, we have focused on finding ways for SSH to pursue significant growth from new growing market areas, of which the defense sector is currently one of the most interesting,” says Henri Österlund, Chairman of the Board of SSH and founding partner of Accendo Capital, in a statement.
It’s strange that this doesn’t generate more discussion even in SSH’s own thread.
Waiting for FOMO, once those who want to have sold their shares.
SSH has not been involved in the rise of the defense industry; one would think alarm bells would start ringing in the coming days as the directed issue begins to be digested.
Leonardo only makes about 18 billion in revenue nowadays. One would think that becoming a strategic partner would mean a significant leap in size and sales growth for SSH..
The market doesn’t immediately believe this would be a big deal for SSH. I believe so👍
https://www.slideshare.net/slideshow/leonardo-industrial-plan-2025-update-2025-2029/276562656
Interesting slides about Leonardo.. Point 5 is cybersecurity.. Great growth forecasts..
SSH already has NATO supplier status, which has certainly facilitated the deal. Cooperation with Leonardo, which is one of NATO’s most significant suppliers, opens new doors and increases SSH’s potential and advancement in the NATO and defense markets.
Here is now a shareholder’s dream situation.
Plowing deep for over 20 years, the problem has not been in the company’s products but, simply put, in non-existent muscles. Now, a collaboration with a company that has an 18 billion turnover and a 27 billion market capitalization in a hype industry.
Let’s also remember that the fear has been a completely different financing round that would dilute shareholder value.
Leonardo wanted to ensure that the company wouldn’t slip away and made a pre-emption agreement with the current (soon-to-be former) largest shareholder and also with the company’s founding shareholder.
For some reason, they apparently did not want to sell the company, but the management/owners saw a directed issue as a better alternative, meaning that €1.50 was not a sufficient price for them. I base this on the fact that SSH as a whole would have been just a mouthful for Leonardo.
A well-managed agreement, if someone is to grow shareholder value. The downside risk is negligible, but the upside can be very high, and many will now want to hold onto their shares.
There are exceptions, of course - such as an estate high on the ownership list.
The year is now halfway through - I wouldn’t be surprised if SSH is HEX’s “climber of the year” by the end of the year.
I even dare to throw an old saying about SSH
FROM ZERO TO HERO
Another thought on my mind:
Will a pariah company become a hype company?
P.S. Let’s wait for the announcement regarding the repayment of the hybrid loan. Leonardo, as the upcoming new main shareholder, is unlikely to want to participate in such unnecessary expenses, and who knows, it might have already been agreed upon.
I have rarely been as bullish about any company as I am right now with SSH. We are now involved with a turnaround company at the right time.
SSH’s Q2 interim report is likely on July 17th? It will be interesting to see the achieved H1 result and the outlook for orders, if they can comment on it any more than before.
Interesting in itself, but I’m interested in what potential can be achieved from the collaboration with Leonardo. I personally believe that this collaboration will multiply the turnover.
Behind a paywall..
Summary:
Leonardo Invests 20 Million in Finnish SSH – Aiming for Cybersecurity Cooperation and Strategic Partnership
Italian aerospace and defense giant Leonardo announced on Tuesday that it is making a 20 million euro investment in Finnish SSH Communications Security, a company specializing in cybersecurity solutions. The investment will be made through a directed share issue, after which Leonardo will become the company’s largest owner with a 24.55 percent stake.
Long and Thorough Selection Process Behind the Investment
Andrea Campora, head of Leonardo’s Cyber and Security Division, states that SSH was selected as an investment target after a thorough evaluation process. Leonardo initially examined approximately one hundred companies and conducted more detailed investigations into dozens before SSH was chosen. The final due diligence process with SSH lasted 45 days and included in-depth technical, commercial, and strategic discussions.
According to Campora, SSH’s technology is of a very high standard and highly specialized, and it is seen as having a genuine impact on Leonardo’s business and value proposition.
Investment as Part of Leonardo’s Strategy
Cybersecurity is a key part of Leonardo’s strategic development, especially in the company’s industrial plan published in spring 2025. Leonardo manufactures, among other things, helicopters, fighter jets, and warships, which are now practically networked systems and require top-level protection. SSH’s main products are specifically related to controlled access management and secure network connections.
Cooperation Extends to Technology and Markets
In addition to the investment, Leonardo and SSH have signed a strategic cooperation agreement covering, among other things, joint product development and a commercial roadmap. According to Campora, the cooperation aims to create long-term added value for both companies. However, SSH will retain its own sales network and independence, which still allows for cooperation with Leonardo’s competitors.
The companies have also tentatively discussed the possibility of establishing a Zero Trust-based cybersecurity competence center in the Nordic countries.
Possibility of Increasing Ownership in the Future
Although Leonardo does not intend to acquire SSH entirely at this stage, Campora does not rule out the possibility of increasing its ownership stake in the future. According to him, Leonardo is interested in SSH for the long term, but the company primarily wants to focus on making the current partnership work.
The final realization of the investment requires approval from SSH’s extraordinary general meeting (August 7) and necessary regulatory approvals. The strategic cooperation agreement has already been signed, but its entry into force requires the completion of the share issue.
I initially thought that the required official approval conditions in the Leonardo cooperation/anti-statement were just basic fluff. But then, something reminded me of SSH’s Cyber Lion / Critical Communications Agency scenarios, and I dug up their original statement. I cannot assess the probabilities of whether or not the authorities will grant approval, but surely there is a real risk that the authorities could throw a wrench in the works? Critical state infrastructure is at stake, and such a condition was made at the time:
If the authorities did not grant approval, it could be devastating for the investment case in the short term. At the current share price, there would immediately be almost a -50% downside if we returned to the levels of a few days ago before the Leonardo announcement. But in addition, a potential blocking by the authorities would quite unfortunately undermine future prospects, both for similar potential arrangements and certainly for the entire SSH sale option.
I don’t know if the State, in this situation, is generally assessing its desire to prevent these from falling into foreign hands, or if the assessment also focuses on individual-level details. Even though Leonardo is a large player, the details brought up by Yle are unlikely to appear in a positive light when evaluating the matter:
EDIT. I received a comment on my writing and corrected the erroneous part “If the authorities did not grant approval, it would naturally be devastating for the investment case” to its current form “If the authorities did not grant approval, it could be devastating for the investment case in the short term.”
Of course, it would not necessarily be devastating, and Leonardo’s interest in SSH can be considered a positive thing in any case.
Well, since then, a lot has happened in the European defense industry, and NOW, the increased defense budgets required by NATO are precisely calling for European strength in cooperation to achieve something. On the contrary, that precisely underlines that the SSH product is a gem, meeting NATO standards, and Leonardo sees a great need for the product in the entire European defense demand. But even if it were to fall through, at least the barrier to the customer base was broken, revealing where products are needed.
I’m such a skeptic that I don’t really believe anyone does business in India and Indonesia without some degree of bribery.
It’s just part of the deal in a large part of the world when money and goods are moving – or else no deals get made.
Of course, you shouldn’t get caught doing it.
Wasn’t our domestic Patria also accused of this, albeit within Europe?
That was, as I understand it, a minor part of your writing – I don’t have the capacity to take a strong stance on the main part of your writing any more than the previous writer presented.
Something strong must be in SSH, however, as it was chosen as a target from among a hundred companies.
Of course, a skeptic might suspect that SSH was chosen because it was the cheapest to acquire – I’m not that skeptical, however, and it would be strange if Leonardo chose a strategic partner based solely on the cheapness of the investment.
It’s clear that if your idea starts spreading in the media – fear will spread, and many will want to at least lighten their holdings.