– Steek SA provides software for online storage and data management solutions to fixed line and mobile operators enabling consumers to store, share and manage personal digital content with PCs and mobile phones
– Founded in 2002 in Bordeaux, France, Steek services over 2.7 million active users through operator customers like SFR (France), Virgin Media (UK), TDC (Denmark), Singtel (Singapore) and Terra (Spain)
– Steek employs 50 staff
– With more than 180 Internet Service Provider (ISP) and mobile operator partners globally,
F-Secure Corporation (HLSE: FSC1V) has been a pioneer of the ‘Security-as-a-Service’ business model in the industry
– F-Secure is the largest and fastest growing European publicly-listed security software company
– F-Secure employs over 700 staff across 16 offices globally
– F-Secure has been committed to the ISP business line and has been rapidly expanding its Software-as-a-Service business model, having publicly announced its intentions to augment its existing security products with value-added services to end-consumers through the ISP channel
– F-Secure already had an existing partnership with Steek for the online back-up product; the acquisition of Steek allows F-Secure to bring this product in-house, continue sustained product investments and innovation as well as acquire some of Steek’s valuable customer relationships
– Steek’s leadership in online back-up complements F-Secure’s expertise in security products and can create a well-rounded and compelling offering for ISP customers and meaningfully enhance the scale of F-Secure’s ISP business line
– Arma Partners has a long-standing relationship with
F-Secure and was retained on this buy-side engagement after consistent positive contributions during strategic target search activities
– Arma negotiated upfront a detailed term sheet for the acquisition of Steek by F-Secure, upon which F-Secure was granted exclusivity to pursue a transaction on the agreed terms
– Arma participated actively in the process from coordinating due diligence to assisting in the negotiation of the deal documentation
– This deal represents a key landmark in F-Secure’s transition from a security software vendor into a broader value-added Software-as-a-Service provider to global ISPs spanning security and storage