Steek S.A. raises $8 Million in Second Round of Financing

Steek S.A. (ex Agematis S.A.) the worldwide leading provider of online storage platforms to Telco operators, Raises $8 Million in Second Round of Financing.
Round led by AGF Private Equity along with historical investor Innovacom.

BORDEAUX - BRUGES, France - July 1st, 2008 - To finance its further development, Steek S.A. the specialist in online storage softwares has just raised $8 Million in a second round of financing with AGF Private Equity and Innovacom, its original investor.

This second round of financing follows a $4Million “A round” realized mid-2006 which enabled the Company to develop its technology and expand in Europe. In total, Steek has 1.5 million users of its online backup and storage services with more than 15 ISP and OEM partnerships.

“User Generated Content (UGC) is growing exponentially and this content needs to be saved and shared. We empower ISP to offer UGC-based services to their customers.”

But increasingly users do not want to be tied to a their PCs or a fixed broadband connection.

“Steek will use the new investment along with its experience and expertise to deliver innovative new UGC-based services in a converged mobile/fixed environment. We also want to reinforce our presence in North America” explains Christophe Camborde, Steek CEO.

The Steek roadmap is full. The renewed confidence of our existing investor and the support from our new shareholder will support our ambitious plans for growth. We may also consider appropriate acquisitions.”

For Guillaume Lautour, Partner of AGF Private Equity: “The management team of Steek showed us the relevance of its business model, its strong experience, its ability to execute and its ongoing commitment to innovation. We are happy to provide additional means to quickly capitalize on the exponential development of the online storage market”.

Jacques Meheut, Innovacom VC General Manager and Partner commented : “We renew our confidence in the management of Steek whose vision of the online storage market has now been confirmed. We have the firm conviction that the strong position that Steek now holds will continue to develop over the time thanks to their drive towards multi-device convergence.”

About AGF Private Equity
With €2,5 billion under management, AGF Private Equity, a member of the Allianz Group, specializes in non-listed investments and stands among the leading fund of fund and venture capital players based in Paris, France. With €400 million invested up to now in more than 60 high-tech companies, AGF Private Equity is also one of the main investors in Internet startups in Europe, i.e. Meetic, Viadeo, Dailymotion, Telemarket, Curse, Questico, Yoono, eRepublik, Criteo and others.
For more details, visit www.agfpe.com

About Innovacom
For over eighteen years, Innovacom has helped launch innovative telecommunication and information technology startups such as Business Objects, Gemplus, Infovista, Intershop, Kelkoo, Soitec, Tumbleweed, Inventel and Astellia.. With over 400 million euros under management, Innovacom is an active early stage investor in Europe and North America, working with some of the brightest minds in the business, focused on the components, hardware, software and content that improve the ability of carriers to deliver services and enable corporations to work more efficiently. Innovacom is the venture subsidiary of France Telecom and has offices in has offices in Paris, Stockholm, and San Francisco.
For more details visit www.innovacom.com

Steek
Provider of the “Steek” software solutions and leader in the online data storage supply for the residential market via Internet Service Providers, portals, security software editors and storage hardware manufacturers. Steek solutions allow Telco operators to increase their revenues, improve their customer loyalty (retention rate), to offer alternative solutions to web competitors and to monetize their audience.

More info about Steek: Steek mission (PDF) and the images gallery.

The Company is headquartered in Bordeaux Bruges, France. The Sales Office and the permanent show room are located in Paris. The Company also has sales representation offices in London and Toronto. Steek already operates service plateforms in Bordeaux, Paris, Washington DC and Singapore.

For more details visit www.steek.com

Note to Editors: Steek and the Steek logo are the trademarks of Steek SA.

CONTACT: Steek SA, +33 (0)1 42 93 30 62 or xmazingue@steek.com

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Source: Steek

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