By this point, the company had a 45% market share of the single-user hard drive market, with IBM purchasing 60% of the total business Seagate was doing at the time. Shugart continued to oversee corporate planning.
In 1983, Al Shugart was replaced as president by then chief operating officer, Tom Mitchell, in order to move forward with corporate restructuring in the face of a changing market. By 1983, the company shipped over 200,000 units for revenues of $110 million.
In their first year, Seagate shipped $10 million worth of units to consumers. The large volumes of units sold to IBM fueled Seagate's early growth. With this Seagate secured a contract as a major OEM supplier for the IBM XT, IBM's first personal computer to contain a hard disk. It used a Modified Frequency Modulation (MFM) encoding and was later released in a 10-megabyte version, the ST-412. It was the first hard disk to fit the 5.25-inch form factor of the Shugart "mini-floppy" drive. The company's first product, the 5- megabyte ST-506, was released in 1980. Seagate acquired Conner Peripherals in 1996, Maxtor in 2006 and Samsung's HDD business in 2011. In 1989, Seagate acquired Control Data Corporation's Imprimis division, the makers of CDC's HDD products. Much of their growth has come through their acquisition of competitors. Today Seagate, along with its competitor Western Digital, dominates the HDD market.
They were a major supplier in the microcomputer market during the 1980s, especially after the introduction of the IBM XT in 1983. Seagate developed the first 5.25-inch hard disk drive (HDD), the 5-megabyte ST-506, in 1980. Since 2010, the company has been incorporated in Dublin, Ireland, with operational headquarters in Fremont, California, United States. It was incorporated in 1978 as Shugart Technology and commenced business in 1979. Seagate Technology Holdings plc is an American data storage company.
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