While public and policy discussions around defence often focus on conventional weapons, many of today’s most active and frequent battles are unfolding in cyberspace. Finnish cybersecurity firm SSH Communications Security – one of the several holdings of activist hedge fund Accendo Capital – has announced a strategic partnership with the Italian aerospace, defence, and security giant Leonardo S.p.A., marking a significant move to capture opportunities in the rapidly expanding cyber defence market.
“As the main owner, we have been focused on finding a path for SSH to achieve meaningful growth in expanding market areas – and the defence sector is one of the most compelling right now,” says Henri Österlund, Chairman of the board of SSH and Founding Partner of Accendo Capital. “We are extremely happy to welcome Leonardo as a strategic partner for SSH, and we see strong potential for both companies through this partnership.”
“As the main owner, we have been focused on finding a path for SSH to achieve meaningful growth in expanding market areas – and the defence sector is one of the most compelling right now.”
Henri Österlund, Founding Partner of Accendo Capital.
As part of this partnership, Leonardo will invest approximately €20 million in SSH through a directed share issue, acquiring 13.3 million new shares at €1.50 per share – representing a 49.6 percent premium to recent trading levels. The transaction will make Leonardo the largest shareholder of SSH with a 24.55 percent stake. Accendo Capital, currently the largest shareholder with 27.66 percent of the shares, will become the second-largest owner with 20.87 percent after the completion of the share issue.
SSH will work closely with Leonardo on new business initiatives aimed at enhancing the protection of critical infrastructure, an increasingly important area in today’s security landscape. As part of their planned strategic partnership, SSH will become a key technology partner for Leonardo in cybersecurity. The agreement grants Leonardo exclusive rights outside the Nordic region to incorporate SSH’s advanced security solutions into its offerings for government and defence clients, including NATO, EU institutions, and national agencies. This collaboration will allow Leonardo to enhance its cybersecurity services, while giving SSH broader global reach and access to new high-growth markets.
“This is great development and a major milestone for SSH. Through the strategic partnership with Leonardo and the related share issue, SSH is getting a solid industrial major shareholder whose own key market area is increasingly requiring more cyber security solutions,” adds Österlund. “The partnership makes it possible for SSH to address and penetrate the fast-growing cyber security market within the defence sector in a totally different way compared to before.”
