Wasabi Technologies, a prominent player in the hot cloud storage sector, has announced the acquisition of the Lyve Cloud business from Seagate Technology. As part of the definitive agreement, Seagate has received equity in Wasabi, officially becoming a shareholder in the company. While the specific financial details of the transaction remain undisclosed, this strategic move consolidates two major independent storage platforms to better compete in a market dominated by large-scale hyperscalers.
Wasabi Technologies has officially acquired the Lyve Cloud business unit from Seagate.
Seagate Technology now holds an equity stake as a shareholder in Wasabi.
The acquisition aims to solidify Wasabi’s status as a top-tier "pure-play" cloud storage vendor.
Wasabi will integrate Lyve Cloud’s enterprise customer base into its global data center network.
Customers gain access to advanced features like Covert Copy and AI-ready storage capabilities.
The deal streamlines S3-compatible storage options for major backup partners like Veeam and Rubrik.
The acquisition comes at a time when enterprise storage demand is surging, driven by AI initiatives, advanced analytics, and intensive video workloads. As organizations scale their data volumes into petabytes, many are re-evaluating cloud economics to avoid vendor lock-in and unpredictable fee structures. By absorbing Lyve Cloud, Wasabi enhances its ability to provide the predictable pricing and high security that enterprise clients require for long-term data retention.
“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.”
For Seagate, the transaction represents a narrowing of focus toward its core mass-capacity storage business. By transitioning Lyve Cloud customers to Wasabi, Seagate ensures that its users continue to receive support from a dedicated, independent cloud provider while Seagate optimizes its internal operations to meet the increasing demand for hardware-based mass storage solutions.
“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.
A significant benefit of this acquisition is the simplification of the vendor landscape for channel partners. Both Wasabi and Lyve Cloud maintain deep integration partnerships with industry-leading data protection providers such as Veeam, Rubrik, and Commvault. This consolidation reduces the complexity for organizations managing multiple S3-compatible storage vendors and strengthens Wasabi’s capacity to handle massive enterprise backup and recovery workloads with a straightforward, cost-effective pricing model.
The combined ecosystem provides a robust alternative to hyperscale providers, offering the flexibility to build best-of-breed solutions without the friction of egress fees or complex management interfaces.
About Wasabi Technologies:
Recognized as one of the technology industry’s fastest growing companies, Wasabi is on a mission to store the world's data by making cloud storage affordable, predictable and secure. With Wasabi, visionary companies gain the freedom to use their data whenever they like without being hit with unpredictable fees or vendor lock-in. Instead, they’re free to build best-of-breed solutions with the industry’s fastest-growing ecosystem of independent cloud application partners. Customers and partners all over the world trust Wasabi to help them put their data to work so they can unlock their full potential.
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