Apple in talks to buy Israeli company

Talks currently underway for Apple to acquire first Israeli company, flash-storage solutions provider Anobit Ltd.

iphones R 311 (photo credit: REUTERS)
iphones R 311
(photo credit: REUTERS)
Apple Inc. is in talks to acquire its first Israeli company, Herzliya-based flash-storage solutions provider Anobit Ltd., for $400 million to $500m. Anobit provides flash-memory solutions for smartphones, tablets and music players.
Anobit chairman and CEO Ehud Weinstein and president Ariel Maislos founded the company in 2007. Its solutions can store large quantities of data, even in the event of a power outage, for enterprise and mobile customers.
Apple reportedly wants to increase the data storage capacity of its iPads and iPhones and will probably keep most of Anobit’s staff in Israel.
In August, Anobit said it had sold 20 million NANDbased embedded flash controllers to computing giants for their smartphones, music players, tablets and other products.
Market sources estimate that the company’s revenue this year will be $30m.- $40m., partly from its second target market: cloud-computing storage solutions for enterprises.
The company has raised $77m. to date. Anobit’s investors include Pitango Venture Capital, Battery Ventures and Intel Capital.
Six months ago, Anobit launched its flash-memory Genesis Solid State Drives (SSD), which are designed to replace computers’ magnetic hard drives, the current memory mainstay of PCs and storage systems.
Gartner Group says the SSD market is the fastest growing computing market.