Wasabi is acquiring Seagate’s Lyve Cloud business. In return, Seagate will receive an equity stake in Wasabi.
Lyve Cloud is an S3-compatible object storage platform that Seagate positioned as an enterprise solution offering predictable pricing, scalability, and robust security and compliance capabilities. With the acquisition, Wasabi takes over the existing enterprise customer base. “This acquisition strengthens our position as the world’s leading pure-play cloud storage vendor,” says David Friend, CEO of Wasabi.
Seagate CFO Gianluca Romano states that the acquisition aligns with the company’s strategic focus on its core mass-capacity storage business, as global demand for data storage is growing rapidly.
Wasabi highlights its global network of data centers, AI-ready capabilities, and security features, including Covert Copy.
Veeam, Rubrik, and Commvault as a common foundation
Both parties have integrations with the well-known data protection and backup providers Veeam, Rubrik, and Commvault. Thanks to the merger, customers and channel partners will only need to work with a single S3-compatible storage provider rather than multiple providers. Wasabi emphasizes that this further strengthens its enterprise backup and recovery workloads, while maintaining a cost-efficient, predictable pricing structure outside of the hyperscalers.
Lyve Cloud customers are welcome to Wasabi and will be supported through the existing network of data centers and technical support. Seagate remains a shareholder in the company.
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