F-Secure completes acquisition of Steek

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F-Secure has completed its acquisition of Steek.

The purchase of the European software provider for online storage and data management solutions strengthens F-Secure's position in the Software-as-a-Service (SaaS) sector.

Under the terms of the agreement, the cash and debt free purchase price is €27.5 million ($A49.1m). In addition, F-Secure may pay an additional purchase price of a maximum of €2.5m based on the performance of the acquired business in 2010.

The transaction price will be paid in cash and financed with the company's liquid assets. The deal has been signed and closed and Steek is now officially part of F-Secure.

Kimmo Alkio, president and CEO of F-Secure, said: “By bringing the Steek technology and operator partnerships into F-Secure, we are further strengthening our competitive position in SaaS markets.

“This acquisition is a natural step in F-Secure's strategy to broaden our Value Added Service offerings to consumers. The rapidly developing online storage market gives us a great opportunity to accelerate our operator revenue growth.”

See original article on scmagazineuk.com

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