SanDisk Corporation Acquires SMART Storage Systems For $307 Million
SanDisk Corporation has acquired SMART Storage Systems for $307 million. Smart Storage Systems is known for being a leader in designing current and next-generation sold-state storage products. Smart Storage Systems also has expertise in flash and enterprise storage technology.
SanDisk is paying $307 million in cash and equity-based incentive awards to buy SMART Storage Systems. SMART Storage Systems is a part of the SMART Worldwide Holdings. SMART Worldwide Holdings was purchased by tow investment funds of private equity firm Silver Lake Partners. The transaction was approved by the board of directors at SMART Worldwide and SanDisk.
The deal is expected to close in August 2013. Around 250 employees of SMART Storage will be joining SanDisk. SMART Storage Systems saw around $25 million in revenues for the latest quarter ended May 31, 2013.
“SanDisk is excited to build upon its leadership position with its fourth acquisition in the enterprise storage market,” stated SanDisk EVP and chief strategy officer Sumit Sadana. “This acquisition enables SanDisk to address a $1.6 billion market opportunity in enterprise SATA products, and complements our strong enterprise SAS product portfolio. With this combination, SanDisk will have products qualified with six of the top seven storage OEMs worldwide.”