Netox: Ensuring business continuity – Cybersecure IT for demanding customers

Netox is a growth company based in Oulu, Finland, that secures the basic structures of society and helps ambitious companies grow by combining IT services and cybersecurity into a unique package. The company offers its customers comprehensive IT services, in-depth expertise in Microsoft and cloud services, and state-of-the-art cybersecurity solutions. Over the years, Netox has grown from a local player into a nationally significant technology company.

Netox’s story began in Oulu in 2004, when Mikko Luhtaniemi founded the company with the aim of building a partner that would secure critical infrastructure and its customers’ business continuity with its services. From the outset, the core of the business has been based on the idea that IT is not just a background support service, but the lifeblood of the entire organization. Netox’s role is to ensure that this foundation is in place every day so that customers can focus on their own business and leverage technology as a competitive advantage.

Over the past two decades, Netox has grown organically every fiscal year. The secret to its success is its ability to combine agility and high quality in a way that sets it apart from its competitors. The company builds modern and secure overall architecture for its customers, implements solutions quickly without disrupting business operations, and provides continuous support. – Netox’s experts are available around the clock, ensuring that customers’ business operations remain secure and uninterrupted. Netox’s commitment to high quality is also reflected in the fact that it has obtained several international ISO quality certificates, which require commitment and continuous development to obtain and maintain.

Netox’s customers mainly consist of medium-sized organizations in the private and public sectors. A significant part of the customer base consists of critical infrastructure operators, such as defense, energy, transportation, and public sector organizations. In these organizations, systems must operate without disruption around the clock, as even a minor interruption can have a widespread impact on basic societal functions. Netox has the expertise and readiness to ensure that such customers can rely on the continuity of their technology. This role brings the company not only responsibility, but also meaning to its work.

Professional growth with the support of a partner

For a long time, Netox operated very much like a family business, but when its turnover exceeded five million euros, the company began to consider new conditions for growth. It needed clearer structures, more professional management, and a partner who could bring expertise to the next stage of development. First, in 2018, a private equity investor joined the company with a minority stake, and in 2022, it was decided that a buyout investment would be the most suitable solution at this point, and CapMan was selected as the owner.

“The CapMan Buyout team impressed us with their expertise and understanding of our business. We were confident that they were the right partner to take Netox to the next stage of growth,” says founder Mikko Luhtaniemi.

Since CapMan’s involvement, Netox has taken significant steps forward. The company developed its first clear five-year strategy, which set the direction for growth and competition in the market, and regular strategy work has continued since then. Board work has been developed, professional processes have been created for corporate acquisitions, and CapMan’s case team provides ongoing support for everything from business development to management team recruitment.

“Our collaboration with Netox is very close and hands-on – we spar with the company’s management at least once a week. It has been really great to work with the Netox team and see how their combination of ambition, agility, and quality is reflected in their daily work and drives the company forward,” says Antti Karppinen from CapMan.

At the same time, CapMan introduced an ownership model that commits key personnel through shareholdings, which has increased staff dedication and strengthened the entrepreneurial culture within Netox.

With CapMan’s support, Netox’s organic growth has been extremely strong despite challenging market conditions. Turnover has risen from just under €20 million to around €35 million, and the number of employees has grown from 120 to around 150. Growth has been seen both in financial results and in the strengthening of the operating culture – the company is now better prepared for the next growth spurts in the future.

“In hindsight, a lot would have been left undone without CapMan – for example, clarifying our strategy and professionally processing acquisitions would not have been possible on our own,” Luhtaniemi notes.

Towards the leading position in the Nordic countries

Responsibility is at the heart of Netox’s operations. The company takes the environment, people, and good governance into account in everything it does. Services and processes are designed to be as efficient as possible in terms of energy and natural resource use, and the life cycle of equipment is managed responsibly in cooperation with partners committed to the principles of sustainable development. Netox’s goal is to achieve carbon neutrality by 2035. Responsibility is also reflected in the continuous development of employee well-being, equality, and competence.

Netox has its sights firmly set on the future. Having established a strong domestic position, the company is now aiming for the next stage of growth: internationalization. The goal is to become the leading IT and cybersecurity services provider in the Nordic countries by 2029. The first step is the Swedish market, where there is significant potential in both private and public sector customers. Internationalization is based on the same principles that have carried the company this far: customer focus, high quality, and the ability to ensure business continuity around the clock.

Netox’s story is proof of how long-term work and the right partners can help a local player grow into a leading player in its field. The journey now continues towards international markets and new growth targets. However, one thing remains unchanged: Netox wants to continue to ensure the continuity of its customers’ business and build solutions that can be relied on in the future.

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This article is part of the Finnish Venture Capital Association’s and PwC’s Building Growth Competition 2025 blog series, where we present the stories of the competition finalists. You can find more information about the competition on our website. The final will be held at FVCA’s main event of the year, the Finnish PE-VC Summit, on October 9, 2025.