 "Seagate To Acquire EVault, Diversifies Storage Solutions Offerings")
Seagate recently announced the signing of a definitive agreement to acquire privately-held, EVault, a provider of online backup services, as part of its effort to extend the company’s storage solutions offerings and strengthen the Seagate Services group.
The acquisition is part of the company’s strategy for Seagate Services, which includes offering services in the areas of data recovery, online backup/recovery and archiving for Small-Medium Businesses (SMB).
“Today’s announcement highlights a strategic next step into services, which is a natural extension of Seagate’s core business. We intend to deliver solutions to the SMB market,” said Bill Watkins, CEO, Seagate.
With the acquisition of EVault, Seagate Services hopes to provide services such as data recovery through in-lab and on-site retrieval of content for corrupted or inaccessible storage devices, online backup, archival, and recovery services for designated user and application data (These services are targeted at the underserved SMB market, and will focus on customers with limited IT infrastructure or appropriate resources).
EVault is the most recent acquisition in the broader storage solutions area and the third for Seagate in the area of services. In 2005, Seagate purchased Mirra, a networked digital content protection product provider for the home and small business markets; and Action Front, an in-lab data recovery company. Seagate claims that these acquisitions provide it with growing opportunities in the storage solutions market and are highly scalable with Seagate’s technology portfolio.
EVault, founded in 1997, is a privately held company, based in Emeryville, CA. Seagate will acquire EVault in a cash transaction valued at approximately $185 million. The acquisition is subject to various standard-closing conditions, including applicable regulatory approvals, and is expected to close in the third quarter of Seagate’s fiscal year 2007.
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