SanDisk Completes Spin-Out of the Company’s ioControl Solutions Business
January 08 2015 - 9:00AM
Business Wire
SanDisk Corporation (NASDAQ:SNDK), a global leader in flash
storage solutions, today announced that it has completed the
spin-out of the company’s ioControl™ solutions business. The
ioControl solutions business, which was acquired by SanDisk as part
of the acquisition of Fusion-io earlier this year, develops hybrid
storage appliances that combine PCIe flash storage with traditional
hard disk drives. The new entity will be known as NexGen Storage,
Inc. (“NexGen”), taking on the name it originally held before the
entity was acquired by Fusion-io.
“Hybrid systems incorporating hard-disk drives are not part of
SanDisk’s strategic focus,” said Sumit Sadana, executive vice
president and chief strategy officer, SanDisk Corporation.
“Spinning out the ioControl business allows us to focus our
resources on our core business, while positioning the independent
company to address the significant opportunities in the dynamic
enterprise storage market.”
SanDisk has agreed to be a supplier of PCIe flash storage
technology to NexGen, but will not maintain an ownership interest.
John Spiers, co-founder and chief executive officer of the original
NexGen, will lead the new company.
“NexGen was founded to address the performance and management
challenges associated with solutions that use multiple types of
storage like NVDIMM, flash, hard disk drives, cloud as a
tier, and others yet to be commercialized,” said Spiers. “Operating
as a stand-alone company enables NexGen to retain our technology
vision and best serve our customers.”
Terms of the transaction have not been disclosed.
About SanDisk
SanDisk Corporation (NASDAQ: SNDK), a Fortune 500 and S&P
500 company, is a global leader in flash storage solutions. For
more than 25 years, SanDisk has expanded the possibilities of
storage, providing trusted and innovative products that have
transformed the electronics industry. Today, SanDisk’s quality,
state-of-the-art solutions are at the heart of many of the world's
largest data centers, and embedded in advanced smart phones,
tablets and PCs. SanDisk’s consumer products are available at
hundreds of thousands of retail stores worldwide. For more
information, visit www.sandisk.com.
© 2015 SanDisk Corporation. All rights reserved. SanDisk is a
trademark of SanDisk Corporation, registered in the United States
and other countries. Fusion-io, ioControl and others are trademarks
of SanDisk Enterprise IP LLC. NexGen is a trademark of NexGen
Storage, Inc.
This news release contains certain forward-looking statements,
including our anticipated strategic focus, that are based on our
current expectations and involve numerous risks and uncertainties
that may cause these forward-looking statements to be inaccurate.
Risks that may cause these forward-looking statements to be
inaccurate include among others: the market demand for our core
business products may grow more slowly than our expectations, or
the other risks detailed from time-to-time in our Securities and
Exchange Commission filings and reports, including, but not limited
to, our most recent quarterly report on Form 10-Q and our annual
report on Form 10-K. We do not intend to update the information
contained in this news release.
SanDisk CorporationLaura Bakken,
408-801-7653laura.bakken@sandisk.com
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