Mergers and Acquistions News
Categories: Software
May 17th 2011, 15:26PM
Flash memory provider Sandisk Corp has announced this week that it will be acquiring Pliant Technology Inc in a deal worth $327 million (£201 million).
The takeover will help the company to speed up its entry into the business of providing low-power, faster storage for companies, as Pliant has a high-level of expertise in flash drives and a large client roster.
It will also help Sandisk to expand its business into the market of solid-state data for large companies.
Shares for the buying company rose by seven per cent in morning trade following the deal, signalling that investors approve of the multi-million dollar deal.
Analyst Tristan Gerra told the news provider that he thought the market for flash memory would grow by around 30 per cent annually, as companies shift to the less power-consuming storage method.
He added: "It's clearly a fast-growing marketing. They are just starting to get traction."
Pliant Technology recently appointed a new chief executive officer, who will now become part of the acquired business.
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