F-Secure buys Steek to bulk up online storage

F-Secure, maker of anti-virus and anti-spyware software for internet security, has acquired Steek,
a provider of online storage and data management applications for
mobile operators. The deal will expand F-Secure’s portfolio of software
offerings, making it a more versatile choice for its customerbase, made
up mostly of mobile operators — it will also bring new operators into
its fold.

San Jose, Calif.-based F-Secure paid $38.4 million for France-based Steek
– but it may have to kick in $3.5 million more in 2010 if the acquired
business performs well for the company. F-Secure says the deal should
bump its revenue from $2.8 million to $4.2 million in the latter half
of the year.

Steek raised $8 million in a second round of funding last year from Innovacom and AGF Private Equity. Before that, it had raised about $4 million in 2006.

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