BOSTON -- Wasabi Technologies, the hot cloud storage company, announced it will acquire the Lyve Cloud business from Seagate Technology LLC (NASDAQ: STX), a leading innovator of mass-capacity data storage. Under the terms of the agreement, Seagate will receive equity in Wasabi and become a shareholder of the company. Additional financial terms were not disclosed.

“This acquisition strengthens our position as the world’s leading pure-play cloud storage vendor,” said David Friend, co-founder and CEO of Wasabi Technologies. “Seagate has built a loyal enterprise customer base for Lyve Cloud storage, and we welcome those customers to Wasabi. We are focused on supporting their growth with our global network of data centers, innovative security features such as Covert Copy, AI-ready capabilities, partner integration tools, and technical support.”

“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,” said Gianluca Romano, chief financial officer of Seagate Technology.

Strengthening Enterprise-Grade Cloud Storage

AI initiatives, analytics, video workloads, and longer data retention requirements are driving rapid growth in enterprise storage demand. As data volumes scale into the petabytes, organizations are re-evaluating cloud economics and seeking to reduce vendor complexity. Increasingly, they are choosing providers that deliver predictable pricing, strong security, and global performance at scale.

Lyve Cloud has long been positioned as an enterprise-ready storage platform with strong security and compliance capabilities. Combined with Wasabi’s focused execution, channel reach, and straightforward pricing model, the acquisition creates a powerful independent option for enterprise customers seeking predictable, cost-efficient storage deployments.

Expanded Ecosystem and Simplified Backup Integrations

Wasabi and Lyve Cloud share strong integration partnerships with leading data protection and backup providers, including Veeam, Rubrik, and Commvault. The combination simplifies the landscape for customers and channel partners by reducing the need to manage multiple S3-compatible storage vendors. The transaction strengthens Wasabi’s ability to serve enterprise backup and recovery workloads while maintaining cost-effective, predictable pricing outside the hyperscalers.