Wasabi announced on April 9, 2026, that it had acquired Seagate Technology’s Lyve Cloud business. Seagate received equity in Wasabi and became a Wasabi shareholder; the companies did not disclose additional financial terms or a purchase price. Wasabi and Seagate said Lyve Cloud customers would continue receiving support through Wasabi, but the announcement does not explain how individual contracts, prices, billing, or service arrangements will change.
What Wasabi acquired—and what it did not
The transaction covers Seagate’s Lyve Cloud business, not Seagate Technology as a whole or every product and service associated with Lyve. Seagate’s customer agreement distinguishes Lyve Cloud Object Storage from Lyve Mobile data-transfer services and Seagate Systems Leasing. The acquisition announcement identifies Lyve Cloud, so it is not evidence that those other offerings were acquired.
Wasabi described the deal as a strategic fit. It pointed to its cloud storage business, global data-center network, security features such as Covert Copy, AI-ready capabilities, partner integration tools, and technical support. Seagate CFO Gianluca Romano said the sale aligned with Seagate’s focus on its core mass-capacity storage business. These are the companies’ stated rationales, not independent assessments of product performance or market position.
What the companies disclosed about the deal
Seagate received equity in Wasabi and became a shareholder. Wasabi’s announcement says other financial terms were not disclosed. It provides no purchase price, valuation, customer count, or acquisition-specific market statistic.
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- Easily store and access 2TB to content on the go with the Seagate Portable Drive, a USB external hard drive
- Designed to work with Windows or Mac computers, this external hard drive makes backup a snap just drag and drop
- To get set up, connect the portable hard drive to a computer for automatic recognition no software required
- This USB drive provides plug and play simplicity with the included 18 inch USB 3.0 cable
- The available storage capacity may vary.
Wasabi co-founder and CEO David Friend characterized the deal by saying, “This acquisition strengthens our position as the world’s leading pure-play cloud storage vendor.” That is Friend’s executive claim; the announcement does not provide independent market-share evidence to substantiate the “world’s leading” description.
What Lyve Cloud customers know—and what remains unclear
Wasabi said it welcomed Lyve Cloud customers and would support their growth. Seagate said customers would continue receiving support through Wasabi. Those statements communicate the companies’ support intention, but they do not lay out an account-by-account transition plan.
Rank #2
- Easily store and access 1TB to content on the go with the Seagate Portable Drive, a USB external hard drive.Specific uses: Personal
- Designed to work with Windows or Mac computers, this external hard drive makes backup a snap just drag and drop. Reformatting may be required for Mac
- To get set up, connect the portable hard drive to a computer for automatic recognition no software required
- This USB drive provides plug and play simplicity with the included 18 inch USB 3.0 cable
- The available storage capacity may vary.
The announcement does not specify how existing contracts, renewal dates, prices, service-level commitments, data locations, billing, account access, or migration schedules will be handled. It therefore does not establish that a customer’s terms will remain unchanged, or that customers must migrate by a particular date. Seagate’s service terms describe the service but do not resolve how a particular customer’s post-acquisition contract is treated.
- Review your current contract, renewal date, service-level commitments, pricing, and data-location requirements.
- Ask your account representative or support contact for written confirmation of any changes to billing, account access, support, or service terms.
- If you are evaluating a move, compare migration effort and transfer costs, storage and retrieval or egress charges, compliance needs, and integration requirements before setting a timeline.
What Wasabi and Seagate executives said
Friend described the acquisition as strengthening Wasabi’s position in cloud storage. Romano said the transaction fit Seagate’s strategy to focus on its core mass-capacity storage business while ensuring Lyve Cloud customers continued to receive support through Wasabi. These statements explain the companies’ public framing; they do not provide quantified customer-migration outcomes or detailed transition commitments.
Rank #3
- Easy-to-use desktop hard drive—simply plug in the power adapter and USB cable
- Fast file transfers with USB 3.3
- Drag-and-drop file saving right out of the box
- Automatic recognition of Windows and Mac computers for simple setup (Reformatting required for use with Time Machine)
- Enjoy peace of mind with the included limited warranty and Rescue Data Recovery Services
A past Seagate migration promotion is not an acquisition benefit
Seagate’s surfaced cloud migration promotion required at least 25 TB of contractual monthly minimum capacity and a minimum 12-month contract, and its offer period ran through June 30, 2026. That period had ended by October 8, 2026; the promotion’s terms are not acquisition figures and do not establish an available offer.
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