Wasabi Technologies to Acquire Seagate's Lyve Cloud Business
Wasabi
Technologies, the hot cloud storage company,
announced it will acquire the Lyve Cloud business from Seagate Technology LLC , a leading innovator of mass-capacity data storage. Under the
terms of the agreement, Seagate will receive equity in Wasabi and become a
shareholder of the company. Additional financial terms were not disclosed.
“This acquisition
strengthens our position as the world’s leading pure-play cloud storage
vendor,” said David Friend, co-founder and CEO of Wasabi Technologies. “Seagate
has built a loyal enterprise customer base for Lyve Cloud storage, and we
welcome those customers to Wasabi. We are focused on supporting their growth
with our global network of data centres, innovative security features such as
Covert Copy, AI-ready capabilities, partner integration tools, and technical support.”
“This transaction is
aligned with Seagate’s strategic focus on its core mass-capacity storage
business to meet the surging demand for data storage, while ensuring Lyve Cloud
customers continue receiving exceptional support through Wasabi, a dedicated,
independent cloud storage provider,” said Gianluca Romano, chief financial
officer of Seagate Technology.
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