Anobit nears Apple takeover for $300-400m

The acquisition of Anobit will help Apple in the flash memory storage market for mobile devices and PCs.

Flash memory storage developer Anobit Ltd. is expected to announce soon that Apple Inc. (Nasdaq: AAPL) will acquire it for $300-400 million. "Globes" named Anobit one of Israel's most promising start-ups for 2011.

The acquisition of Anobit will help Apple in the market for flash memory for PCs and mobile devices. For example, the MacBook Air, which uses processor-based memory, could use Anobit's technology. The acquisition might also help Apple in an intellectual property lawsuit over mobile phones against Samsung Electronics Co. Ltd. (KSX: 5830), the world's largest manufacturer of PCs.

Anobit has two product lines: NAND-based embedded flash controllers for smartphones, music players, tablets, and other products; and flash memory Genesis Solid State Drives (SSD), which are designed to replace computers' magnetic hard drives that are the current memory mainstay of PCs and storage systems.

The company has raised $77 million to date. Anobit's investors include Pitango Venture Capital, Battery Ventures, Micron Ventures, Intel Capital, and strategic investors. The company reported had $30 million in sales this year, and itt needs additional capital to boost production of its products. Its executives originally planned an IPO in 2013.

Anobit chairman Ehud Weinstein, and president Ariel Maislos co-founded the company. Maislos was co-founder and president of Passave, which was acquired by PMC Sierra Inc. (Nasdaq: PMCS) for $300 million in 2006, and Weinstein and Ofir Shalvi co-founded Libit, which was acquired by Texas Instruments Inc. (NYSE: TSX) for $365 million in 1999.

Published by Globes [online], Israel business news - www.globes-online.com - on December 20, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018