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. The name was changed to Seagate Technology to avoid a lawsuit from Xerox's subsidiary Shugart Associates (also founded by Shugart). The company came into being when Conner approached Shugart with the idea of starting a new company to develop 5.25-inch HDDs which Conner predicted would be a coming economic boom in the disk drive market. Seagate Technology (then called Shugart Technology) was incorporated on November 1, 1978, and commenced operations with co-founders Al Shugart, Tom Mitchell, Doug Mahon, Finis Conner and Syed Iftikar in October 1979.
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