Wasabi Technologies to Acquire Seagate’s Lyve Cloud Business
Seagate Technology Holdings PLC - Ordinary Shares (Ireland) (STX)
Last seagate technology holdings plc - ordinary shares (ireland) earnings: 4/22 04:05 pm
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Source: Business Wire
BOSTON--(BUSINESS WIRE)--Wasabi Technologies, the hot cloud storage company, today announced it will acquire the Lyve Cloud business from Seagate Technology LLC (NASDAQ: STX), 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 centers, 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 d
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