Wasabi Technologies announced it will acquire the Lyve Cloud business from Seagate (STX) Technology, 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 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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