8-KOther EventsExhibits & Filings

Seagate Technology Holdings plc 8-K Report, Corporate Update (Dec 21, 2006)

Filed December 21, 2006For Securities:STX

Summary

Seagate Technology Holdings plc announced on December 21, 2006, its definitive agreement to acquire Evault, Inc., a privately-held provider of online backup and data protection solutions for small-to-medium businesses and remote enterprise computing. This strategic move aims to expand Seagate's presence in the growing data protection market, particularly for SMBs and remote environments. The acquisition is a cash transaction valued at approximately $185 million and is expected to close in the third quarter of Seagate's fiscal year 2007, pending regulatory approvals and other standard closing conditions. Evault, founded in 1997 and based in Emeryville, California, with over 250 employees, is described as one of the largest and most profitable suppliers in its niche.

Key Highlights

  • 1Seagate Technology to acquire Evault, Inc. in a cash transaction valued at approximately $185 million.
  • 2Evault is a leading provider of online backup, recovery, and data protection solutions for SMBs and remote enterprise computing.
  • 3The acquisition is expected to strengthen Seagate's position in the data protection and backup services market.
  • 4The deal is subject to customary closing conditions, including regulatory approvals.
  • 5The transaction is anticipated to close in the third quarter of Seagate's fiscal year 2007.
  • 6Evault has over 250 employees and was founded in 1997.

Frequently Asked Questions

The acquisition of Evault is intended to expand Seagate's offerings in the data protection and online backup market, specifically targeting small-to-medium businesses and remote enterprise computing needs. This move diversifies Seagate's business beyond traditional hardware storage.

Seagate will pay approximately $185 million in cash for Evault. While the filing doesn't detail the specific financial projections, Evault is described as profitable, suggesting potential future revenue and profit contributions to Seagate.

The acquisition is subject to various closing conditions, including regulatory approvals, and is expected to be completed in the third quarter of Seagate's fiscal year 2007.

Evault, Inc. is a privately-held company founded in 1997, specializing in online backup, recovery, and data protection solutions. It serves small-to-medium businesses and remote enterprise computing environments and has over 250 employees.