Seagate To Acquire EVault For 185 mn Dollar

Seagate Technology declared the signing of a definitive pact to buy privately-held EVault Inc in a cash transaction accounted at 185 million dollar (around Rs 840 crore). EVault, a leading provider of online backup services, is hoped to beef up the Seagate Services group. Over the past three years, Seagate has been executing a strategy designed to broaden its customer base and increase growth opportunities by expanding beyond its core hard disc drive business into the broader storage solutions category. With the acquisition of EVault, Seagate Services will give data recovery via professional in-lab and on-site retrieval of content for corrupted or inaccessible storage devices all media formats and all brands. EVault is one of the industrys largest suppliers of online network backup, recovery and data protection solutions for SMEs and remote enterprise computing.

EVault is the Seagates most recent acquisition in the broader storage solutions area and third in the area of services. In 2005, Seagate acquired Mirra Inc, a leading provider of networked digital content protection products for the home and small business markets and Action Front, a professional in-lab data recovery company.