F-Secure grabs online storage firm in cloud security push

Net security firm F-Secure has bought privately-held online storage and data management firm Steek in a deal designed to improve its sales to telcos.

The agreement, announced Friday, is valued at € 27.5m ($38.4m), with the possibility of a further performance-based payment of up to €2.5m next year.

Steek's technology is designed to allow users to upload data from either PCs or mobile phones. Bordeaux-based Steek already partners with mobile telcos (including Virgin Media, SFR in France and SingTel), a factor which F-Secure hopes will increase its ability to sell Software as a Service (SaaS) technology packages through operators.

F-Secure reckons the acquisition will bring in between €2-3m during the remainder of 2009.

Steek, which was founded in 2002 and employs 50, will be consolidated into F-Secure during the remainder of July. It made losses of €700K on quadrupled sales of €2.5m during 2008. ®