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Steinberg postpones IPO
Hamburg, Steinberg Media Technologies AG, world market leader in the development and distribution of professional music software, has postponed its flotation on the New Market, which was planned for the end of October 2000. In view of the continued unfavourable market environment, the company also made this decision in the interests of its future shareholders. In the company´s opinion, the development will have a lasting effect on the segments particularly relevant for Steinberg, such as technology, software as well as media & entertainment.
Steinberg will pay close attention to the further development in the market and will continue with its plans to go public as soon as conditions in the capital market have improved.
Steinberg intends to consistently hold on to its already initiated expansion strategy. The focal points are in particular the expansion into new areas of digital media, the continued opening of the fast growing international consumer market as well as the consistent expansion of the technological lead. According to information from Chairman of the Board of Directors Manfred Rürup, there will be no gap in financing due to the postpone-ment.
Steinberg has been developing, producing and distributing software prod-ucts for professional musicians and producers of the music, video and film industry since 1984. Among their most prominent customers are pop stars such as Phil Collins, Stevie Wonder and Kraftwerk, as well as producers of film music such as Hans Zimmer (e.g. "Lion King"). Steinberg products are also successful in the fast-growing consumer market and with Internet applications. Today, Steinberg is one of the world´s biggest software companies in the music industry. The company employs 180 people. In the financial year 1999 Steinberg made a turnover of appoxi-mately 25 million DM.
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