Hard drive maker Seagate Technology will buy EVault for $185 million in an acquisition designed to bolster Seagate's managed services business, the company said today.
EVault, based in Emeryville, California, provides online network backup, recovery, and data protection products for small-to-medium size businesses. Seagate said the market segment comprises 74 million businesses and represents a multi-billion dollar growth area.
EVault is a privately held company founded in 1997 and has 250 employees and 8500 customers in financial, heath care, and legal organizations.
The company specializes in on-site and in-lab data recovery for corrupted or inaccessible storage devices and often serves businesses with limited infrastructure.
Seagate Moving Into Managed Services
Seagate has sought over the last three years to expand its customer base from its core disc-drive business into managed services. Seagate Services focuses on backup, recovery, and archiving for small-to-medium size businesses.
EVault is Seagate's third acquisition in the managed services field. Last year, Seagate bought Mirra, a maker of hardware and software that lets PC users back up their data and access it from any PC connected to the Internet.
Also in 2005, Seagate scooped up ActionFront Data Recovery Labs, an in-lab data recovery company.
Seagate said it expects the EVault deal to close by April, its third fiscal quarter for 2007.
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