Wasabi's Two-Year Pursuit of Seagate's Cloud Business Pays Off

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Wasabi Technologies absorbs Seagate's Lyve Cloud and consolidates its position as an independent alternative to hyperscalers in the corporate object storage market. The transaction, whose financial terms remain confidential, is distinguished by Seagate's entry to Wasabi's capital, an industrial rapprochement that binds both players beyond a simple asset transaction. [...] The Post Object Storage: Wasabi acquires Seagate's Lyve Cloud and unifies …

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Factuality

Ownership

The cloud storage provider Wasabi Technologies will take over the enterprise cloud business from hard drive manufacturer Seagate. Seagate will receive a stake in Wasabi in return for Seagate's participation in Wasabi. Concrete figures did not refer to buyers or sellers. Lyve Cloud is focused on corporate customers with high security and compliance requirements. Wasabi wants to take over the existing customer base and continue to supply it on its…