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F-Secure Pays €27.5 Million For French Storage Startup Steek

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Finnish computer security provider F-Secure has acquired venture-backed French startup Steek for €27.5M in cash with the possibility of a further performance-based payment of up to €2.5M next year.

Steek was backed by Innovacom, which financed the startup’s $4 million Series A round mid-2006 (currently converts to €2.8 million) and later joined AGF Private Equity in a $8 million Series B round (now approx. €5.7 million).

Steek offers integrated online multimedia data storage, file sharing, and automated backup solutions to individuals and SMEs. More interesting for F-Secure however is that fact that the startup boasts a strong white label operator partner network that includes major corporations like SFR (France), Virgin Media (UK), Singtel (Singapore) and Terra (Spain).

In a press release, Steek claims more than 2.2 million current active users for its services in total. The company added that it employs 50 people and saw 2008 revenues of €2.5 million with a net loss of €700,000.

Sleek will be consolidated to the F-Secure Group from the beginning of July 2009. The Group noted that it expects revenues to improve by an estimated €2-3 million and be slightly EPS dilutive. Long term, its management believes the acquisition will improve its revenues more significantly and estimates it to be EPS accretive next year already.

  • http://www.adexcel.com Darren

    Looks like a great deal. Congratulations to Steek and F Secure. Let’s see more good news soon. ;)

  • Julian Evans

    Interesting just on the grounds that they made a net loss of 700k Euros and still managed to negotiate a company sale. :)

  • kunal

    Publish the twitter docs!! I m waiting…

  • http://www.elagaan.com financemaster

    Congratulations to Steek and F Secure… hope it ll prove to b a good deal

  • http://www.exsafe.net tony prylowski

    Good to see decent valuations again, especially in the European Market, all our hard work here at ExSafe.net is not in vein.

  • http://www.facebook.com/people/Eric_Edelstein/729595295 Eric Edelstein

    good return in a short space of time

  • http://curiouscapitalist.blogs.time.com/2009/07/15/finlands-15-minute-billionaire-is-still-prospering/ Risto Siilasmaa is no longer a billionaire, but his F-Secure is a success - The Curious Capitalist - TIME.com

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  • Heldon

    Wondering for how much Wuala was sold to LaCie? Any whistle blowers?

    Considering that Wuala wasn’t profitable either, I’d assume they got between 5-10 million US$.

    (I also wonder how a company selling online storage can employ 50 people like Steek. That’s measly 50’000 Euro revenue per head.)

  • Jacques

    It is also clear that going whitelabeling after ISP and telco could be a good strategy!

  • Heldon

    LaCie probably made the better deal. Remember that Steek is a french company, like LaCie. It’s safe to assume that LaCie knows Steek’s story better than F-Secure does. If Steek were worth that much money, LaCie wouldn’t have bought Wuala instead.

  • http://www.binfire.com David Robins

    Good news for Steek. The numbers don’t add up though. They have more than 2 million users and their revenue is only $2M! Also their web traffic is very low.

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  • http://www.articleplayground.com/signup.php Article Playground

    I guess we can look forward to more soon :-)

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