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.