Seagate to Acquire EVault, Inc. – Enhances Strategy for Seagate Services

Seagate to Acquire EVault, Inc. – Enhances Strategy for Seagate Services

Seagate Technology (NYSE:STX) today announced the signing of a definitive agreement to acquire privately-held EVault, Inc., a leading 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 company’s strategy for Seagate Services includes offering market-leading 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 and will leverage our brand leadership and channel expertise to deliver solutions to the SMB market,” said Bill Watkins, Seagate CEO. “Over the past three years, Seagate has been executing a strategy designed to broaden its customer base and increase growth opportunities by expanding beyond its core hard disc drive business into the broader storage solutions category. Our objective for Seagate Services is to become a leading provider of services to manage and protect our customers’ digital content throughout its lifecycle.”

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, Inc., a leading provider of networked digital content protection products for the home and small business markets; and Action Front, a professional in-lab data recovery company. These acquisitions provide Seagate with growing opportunities in the storage solutions market and are highly scalable with Seagate’s technology portfolio and market expertise.

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