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Seagate Technology

Seagate Technology PLC
TypePublic
Traded asNASDAQ: STX
IndustryComputer storage
Predecessor(s)Shugart Technology
Founded1979 (as Shugart Technology)
Founder(s)Alan Shugart
Tom Mitchell
Doug Mahon
Finis Conner
Syed Iftikar
HeadquartersCupertino, CA, USA
Area servedWorldwide
Key peopleStephen J. Luczo (Chairman, CEO & President)
ProductsHard disk drives
RevenueIncrease US$ 14.93 billion (2012)[1]
Operating incomeIncrease US$ 03.10 billion (2012)[1]
Net incomeIncrease US$ 02.86 billion (2012)[1]
Total assetsIncrease US$ 10.10 billion (2012)[1]
Total equityIncrease US$ 03.49 billion (2012)[1]
Employees57,900 (2012)[1]
SubsidiariesMaxtor
Websitewww.seagate.com

Seagate Technology PLC is an American data storage company, and is one of the world's largest manufacturers of hard disk drives.[2] Incorporated in 1978 as Shugart Technology, Seagate is currently incorporated in Dublin, Ireland and has its principal executive office in Cupertino, California.[3]

Seagate has been a leader in the development of the hard disk drives since releasing the 5 MB ST-506 drive in 1980, the first 5.25-inch hard drive. They were a major supplier in the microcomputer market during the 1980s, especially after the introduction of the IBM XT in 1983. In 1989, they finalized the purchase of Control Data Corporation's Imprimis division, makers of the well-regarded Wren product line. This gave Seagate access to the Wren's voicecoil-based technology. In 1991, they introduced the 7,200 RPM Barracuda line, which remains their high-end offering to this day. They purchased Maxtor in 2006 and Samsung HDD business in 2011.

On March 12, 2013 Seagate Technology plc announced that the company is the first hard disk manufacturer to ship 2 billion hard disk drive which the first billionth shipped done in 2008 after 29 years produced but doubling only in 4 years inline with demands of streaming video, online shopping and other heavy-lifting data services for the uptick.[4]

Contents

History

1970s

On November 1, 1979, Seagate Technology (then called Shugart Technology) was incorporated by co-founders Al Shugart, Tom Mitchell, Doug Mahon, Finis Conner and Syed Iftikar.[5] The name was changed to Seagate Technology to avoid a lawsuit from Xerox's subsidiary Shugart Associates (also founded by Shugart).[6]

1980s

Seagate ST-225, cover removed.

Their first product (released in 1980) was the 5-megabyte ST-506, the first hard disk to fit the 5.25-inch form factor of the Shugart "mini-floppy" drive. The hard disk, which used a Modified Frequency Modulation (MFM) interface, was a hit, and was later released in a 10-megabyte version, the ST-412 with which Seagate secured a contract as a major OEM supplier for the IBM XT, IBM's first personal computer to contain a hard disk. The large volumes of units sold to IBM, the then-dominant supplier of PCs, fueled Seagate's early growth.

In 1983, Al Shugart was replaced as president by then chief operating officer, Tom Mitchell. Shugart continued to oversee corporate planning.

Finis Conner left Seagate in early 1985 and founded Conner Peripherals, which originally specialized in small-form-factor drives for portable computers. Conner Peripherals also entered the tape drive business with its purchase of Archive Corporation. After ten years as an independent company, Conner Peripherals was acquired by Seagate in a 1996 merger.

In 1989 Seagate acquired Control Data's (CDC) Imprimis Technology, CDC's disk storage division, resulting in a combined market share of 43 percent.[7] The acquisition was synergistic with little overlap in products or markets;[8] Seagate benefited from Imprimis' head technology and quality reputation while Imprimis gained access to Seagate's lower component and manufacturing costs.[7]

1990s

  • September 1991 - Tom Mitchell resigned under pressure from the board of directors. Al Shugart reassumed presidency of the company.
  • November 1991 - Seagate introduced the Barracuda hard drives, the industry's first hard disk with a 7200 RPM spindle speed.
  • May 1993 - Seagate was the first to ship 50 million hard drives.
  • December 1994 Seagate Technology Inc moves from Nasdaq to New York Stock Exchange and begins trading under ticker symbol SEG.
  • February 1996 - Merges with Conner Peripherals to form world's largest independent hard-drive manufacturer.
  • October 1996 - Seagate introduced the industry's first hard disk with a 10,000-RPM spindle speed.
  • May 1997 - The High Court of Justice in England awarded Amstrad PLC $93 million in a lawsuit over reportedly faulty disk drives Seagate sold to Amstrad, a British manufacturer and marketer of personal computers.[9]
  • October 1997 - Seagate introduced the first Fibre Channel interface hard drive.
  • March 1998 - Seagate produced its 1 billionth magnetic recording head.
  • July 1998 - Shugart resigned his positions with Seagate.[10]
  • August 1998 - Seagate Research is established in Pittsburgh.
  • April 1999 - Seagate ships its 250 millionth hard drive.

2000s

  • 2000 - Seagate incorporated in Grand Cayman.
  • February 2000 - Seagate introduced the first 15,000-RPM hard drive.
  • October 2001 - Microsoft Xbox game console shipped with Seagate hard drives.
  • December 2002 - Seagate re-entered the public market (NYSE: STX).
  • June 2003 - Seagate re-entered the hard drive market for notebook computers.
  • March 2005 - Seagate shipped its 10 millionth 15,000-RPM hard drive.
  • September 2005 - Seagate acquired Mirra, Inc.
  • November 2005 - Seagate acquired ActionFront Data Recovery Labs.
  • January 2006 - Seagate named 2006 "Company of the Year" by Forbes Magazine.
  • April 2006 - Seagate announced the first professional Direct-To-Disc digital cinema professional video camera aimed at the independent filmmaking market (using their disc drives).[11]
  • May 2006 - Seagate acquired Maxtor in an all-stock deal worth $1.9 billion. Seagate continued to market the separate Maxtor brand.
  • October 2006 - Seagate shipped the first hybrid drive.
  • 2007 - Seagate acquired EVault and MetaLINCS, later rebranded i365.[12] MetaLINCS was a leader in the Discovery space.
  • April 2008 - Seagate was the first to ship 1 billion hard drives.
  • January 2009 - Bill Watkins was released from employment as CEO.[13]
  • December 2009 - Seagate announce their first solid-state drive, the Seagate Pulsar.[14]

2010s

  • January 2010 - Seagate's Board of Directors approved changing the company's incorporation Seagate from the Cayman Islands to Ireland. The change was approved at a shareholders meeting on April 14, 2010 and the change of incorporation took effect on July 3, 2011.[15][16]
  • June 2010 - Seagate released the world's first 3TB hard drive, in the form of an external hard drive as part of their Seagate FreeAgent line of external Hard Drives.[17]
  • June 24, 2010 - Seagate announced they were moving their headquarters and most of their staff from Scott's Valley to Cupertino, California.[18]
  • September 2010 - Seagate released the world's first portable 1.5TB hard drive.[19]
  • March 2011 - Seagate announced the first standalone version of its 3TB hard drive that can be used with their desktop computers.[20]
  • September 2011 - Seagate launched the world's first 4TB single hard disk external drive.[21]
  • December 2011 - Seagate acquired Samsung's HDD business.[22]
  • March 2012 - Seagate demonstrates the first 1TB/square inch density hard drive, with the possibility of scaling up to 60TB by 2030.[23]
  • March 2013 - Seagate shipping eight drives per second.[24]

Corporate affairs

Seagate Technology US office in Scotts Valley

Seagate was traded for most of its life as a public company under the symbol "SGAT" on the NASDAQ system, then moved to the NYSE system under the symbol "SEG" in the 1990s. In 2000, Seagate incorporated in the Cayman Islands in order to reduce income taxes. In 2000, the company was taken private by an investment group composed of Seagate management, Silver Lake Partners, Texas Pacific Group and others in a three-way merger-spinoff with Veritas Software; Veritas merged with Seagate, which was bought by the investment group. Veritas was then immediately spun off to shareholders, gaining rights to Seagate Software Network and Storage Management Group (with products such as Backup Exec), as well as Seagate's shares in SanDisk and Dragon Systems. Seagate Software Information Management Group was renamed Crystal Decisions in May 2001. Seagate re-entered the public market in December 2002 on the NASDAQ as "STX."

Acquisitions

References

  1. ^ a b c d e f Financial statements for Seagate Technologies
  2. ^ "Western Digital Corp. preserving its leadership position in shipments (in 2010) for what will be the third consecutive quarter."[1]
  3. ^ "Working for Seagate in Cupertino, CA". Seagate Technology. http://www.seagate.com/ww/v/index.jsp ?locale=en-US&name=Cupertino,_CA& amp;vgnextoid=d91d5ab5ed344310VgnVCM1 000001a48090aRCRD. Retrieved 2012-04-19.
  4. ^ "Seagate ships two billion hard drives, sold half of them in the last four years". March 12, 2013. http://www.engadget.com/2013/03/12/se agate-ships-two-billion-hard-drives/# continued.
  5. ^ Seagate Technology Prospectus, September 24, 1981
  6. ^ "Oral History of Syed Iftikar". Computer History Museum. 2006. p. 17. http://archive.computerhistory.org/re sources/text/Oral_History/Iftikar_Sye d/Iftikar_Syed_all.oral_history.2007. 102658066.pdf. Retrieved March 9, 2013.
  7. ^ a b Deacon, Brian (August 21, 1989). "Seagate/Imprimis Deal Forces Industry Shift". Electronic News: 1, 19. 
  8. ^ "Manufacturer Profiles - Seagate Technology". 1989 Disk/Trend Report - Rigid Disk Drives: MFGR–16,17. October 1989. 
  9. ^ "Seagate to pay $93 Million in Amstrad suit". The New York Times. 1997-05-10. Retrieved 2010-01-30. 
  10. ^ "Separation agreement and release, Exh 10.14 to Seagate 10K for fiscal year ending July 3, 1998". United States Securities and Exchange Commission. 20 August 1998. http://www.sec.gov/Archives/edgar/dat a/354952/0001012870-98-002215.txt. Retrieved 2006-12-14.
  11. ^ "Seagate Hard Drives Enable World's First Digital Cinema Camera With Direct-To-Disc. Recording" (Press release). Seagate. March 2005. http://www.seagate.com/cda/newsinfo/n ewsroom/releases/article/0,1121,3148, 00.html. Retrieved 2006-11-22.
  12. ^ I365.com
  13. ^ Ousted Seagate CEO to get $5M; company won’t contest any unemployment claim | SiliconBeat
  14. ^ "Seagate Introduces Its First Solid State Drive: Pulsar". seagate.com. http://www.seagate.com/ww/v/index.jsp ?locale=en-US&name=null&vgnex toid=69bc5f9d6da55210VgnVCM1000001a48 090aRCRD. Retrieved 3 January 2011.
  15. ^ Seagate 10Q, May 5, 2010
  16. ^ Seagate Incorporation In Ireland To Be Effective July 3, 2010
  17. ^ Seagate introduces world’s first 3TB hard drive - Storage - News - HEXUS.net
  18. ^ Seagate plans to move Scotts Valley employees to Cupertino
  19. ^ Perenson, Melissa J. (2010-09-27). "Seagate's 1.5TB GoFlex Portable Drive Packs Monster Storage Into a Small Space". The Washington Post. 
  20. ^ Seagate ships Window XP-friendly 3TB hard drive | Crave - CNET
  21. ^ AnandTech - Seagate Ships World's First 4TB External HDD
  22. ^ Seagate Completes Acquisition of Samsung’s Hard Disk Drive Business – Media Center
  23. ^ Seagate creates 1TB/square inch hard drives | News | PC Pro
  24. ^ "Every SECOND there are EIGHT more Seagate drives in the world."
  25. ^ "Seagate to acquire Mac storage provider LaCie for $186 million". AppleInsidier. http://www.appleinsider.com/articles/ 12/05/23/seagate_to_acquire_mac_stora ge_provider_lacie_for_186_million.htm l. Retrieved 23 May 2012.
  26. ^ "Seagate acquired Samsung’s HDD business for US $1.4 biliion". TechIt.in. http://www.techit.in/2011/12/seagate- acquired-samsungs-hdd-business-for-us -1-4-biliion/. Retrieved 20 December 2011. The transactions and agreements together was approximately USD 1.4 billion which includes 45,239,490 Seagate Ordinary Shares and the remaining was said to be closed in cash.

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