Seagate Technology PLC is an American data storage company, and is one of the world's largest manufacturers of hard disk drives.Incorporated in 1978 as Shugart Technology, Seagate is currently incorporated in Dublin, Ireland and has its principal executive office in Cupertino, California.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.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.The name was soon changed to Seagate Technology to avoid confusion with Xerox's subsidiary Shugart Associates(also founded by Shugart).The name Seagate was chosen because of the company's location between Silicon Valley and Santa Cruz - off Highway 17 in Scott's Valley, the gateway to the sea.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 Technolocy, CDC's disk storage division, resulting in a combined market share of 43 percent.The acquisition was synergistic with little overlap in products or markets;[7] Seagate benefited from Imprimis' head technology and quality reputation while Imprimis gained access to Seagate's lower component and manufacturing costs.
Net income $ 2.86 billion (2012)
Total assets $ 10.10 billion (2012)