Hot cloud storage company Wasabi Technologies is set to acquire Lyve Cloud from Seagate Technology LLC.

As part of the acquisition, Seagate will receive equity in Wasabi and become a shareholder. Further financial terms have not been shared.

Seagate is a storage hardware provider, and Lyve Cloud is the company's Edge-to-cloud storage platform that is S3-compatible.

Through the acquisition, Wasabi aims to combine its own hot cloud storage offering with Lyve's enterprise-ready platform to meet growing enterprise storage demand, driven in part by AI initiatives, analytics, video workloads, and longer data retention requirements.

“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.”

“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,” added Gianluca Romano, chief financial officer of Seagate.

At the start of this year, Wasabi raised $70 million in an equity funding round that valued the company at $1.8 billion. The round was led by L2 Point Management with participation from Everpure (previously Pure Storage) and existing investors, including Fidelity Management & Research Company.

At the time, Wasabi said the funding would be used to support its expansion into AI infrastructure, broaden its global footprint, and develop its product portfolio. In November 2025, Wasabi added a new storage class specifically for AI workloads, and also launched a new region in San Jose, California.