Seagate Sells Lyve Cloud Storage Business to Wasabi, Focuses on Mass-Capacity Storage

Wasabi announced the acquisition of Lyve Cloud, the cloud storage business of Seagate. Under the terms of the agreement, Seagate has also become a shareholder in Wasabi, while additional financial terms were not disclosed. Seagate CCFO, Gianluca Romano, stated that 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.