SanDisk Buying Smart Storage Systems for $307 MillionLisa Rapaport
SanDisk Corp., a maker of flash memory for mobile devices, agreed to acquire Smart Storage Systems for about $307 million, gaining technology that improves the performance of chips.
The transaction has been approved by the boards of both companies and is expected to close in August, Milpitas, California-based SanDisk said today in a statement. About 250 employees from Smart Storage will join SanDisk.
SanDisk Chief Executive Officer Sanjay Mehrotra has been using acquisitions -- including the purchases of FlashSoft and Pliant Technology Inc. -- to add technology that makes the chips that store data in phones, tablets and some computers faster and more energy-efficient. Smart Storage generated sales of about $25 million in the fiscal quarter ended in May.
“SanDisk is excited to build upon its leadership position with its fourth acquisition in the enterprise storage market,” Sumit Sadana, executive vice president and chief strategy officer at SanDisk, said in the statement.