- POSTED: 17 Jun 2014 02:10
US computer storage company SanDisk said it was buying flash memory firm Fusion-io for US$1.6 billion.
NEW YORK: US computer storage company SanDisk said on Monday it was buying flash memory firm Fusion-io for US$1.6 billion.
The deal will help SanDisk, a maker of memory cards used for computers, smartphones and other devices, to boost its flash memory capacity with the acquisition of Fusion-io, which provides a wide array of products and services for businesses.
Fusion-io was founded in 2006, by Apple co-founder Steve Wozniak and others, to help provide solutions for the growing amounts of data that was overloading storage systems.
"Fusion-io will accelerate our efforts to enable the flash-transformed data centre, helping companies better manage increasingly heavy data workloads at a lower total cost of ownership," said Sanjay Mehrotra, SanDisk president and chief executive
The deal was approved by the boards of both companies, and is expected to close later this year, a joint statement said.
SanDisk said the deal should provide a positive impact for its results immediately following the acquisition.
SanDisk had first quarter revenues of US$1.51 billion, while Fusion-io recorded US$100 million in the latest fiscal quarter.