Wednesday, December 20, 2006

Seagate to Acquire EVault for Online Backup Service

Seagate Technology agreed to acquire privately-held EVault, which provides online backup services, as part of its effort to extend the company's storage solutions and strengthen its Seagate Services group. The all-cash deal was valued at approximately $185 million.

EVault was founded in 1997 and is based in Emeryville, California. The company has over 250 employees and claims more than 8,500 customers, including hundreds of financial, health care and legal organizations.

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, which developed a networked digital content protection server for the home and small business markets; and Action Front, a professional in-lab data recovery company.

Seagate said that with its Services group it is interested in pursuing underserved markets where it can leverage leading technology and market expertise, and provide unique value propositions to address growing customer needs.


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