Seagate Technology to buy EVault for $185 mn

New Delhi, Dec 22: Seagate Technology, maker of computer disk drives, today said it will acquire privately held EVault Inc, a leading provider of online backup services, as part of its effort to extend its storage solutions offerings for 185 million dollars in cash.

The company's strategy for Seagate Services includes offering market-leading services in the areas of data recovery, online backup/recovery and archiving for small-medium businesses (SMBs).

''Today's announcement highlights a strategic next step into services, which is a natural extension of Seagate's core business and will leverage company's brand leadership and channel expertise to deliver solutions to the SMB market,'' said Seagate CEO Bill Watkins.

EVault is the most recent acquisition in the broader storage solutions area and the third for Seagate in the area of services.

In 2005, Seagate purchased 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.

UNI