SanDisk
Corporation (NASDAQ: SNDK),
a global leader in flash storage solutions, today announced it is
helping improve the mobile video storytelling experience by investing in
Magisto, creator of the popular video editing app with more than 13
million users on iOS and Android platforms.
While pervasive use of mobile devices is enabling the recording of
billions of videos annually, most user-generated content is not very
engaging. This is largely due to today’s lengthy and manual video
editing process. Magisto’s mobile app solves this problem by enabling
amateur videographers to create captivating professional quality movies
in just a few clicks, converting average videos into memorable content.
“We believe user-friendly video editing solutions that can create
captivating videos represents a major, yet mostly untapped, market
opportunity,” said Sumit Sadana, executive vice president and chief
strategy officer at SanDisk. “With Magisto, video captured on a
smartphone of a family’s first ski trip can have professional-looking
music and graphics automatically added in just a few clicks. This
greatly enhances the video’s value and viewability, which is why Magisto
has become so popular with consumers worldwide. We see video continuing
to be a growth driver for flash storage in mobile devices, and SanDisk
is pleased to be able to play a role in Magisto’s next-stage of growth
and evolution.”
“As the world’s most recognized brand in professional photography,
SanDisk’s partnership with Magisto will further accelerate our growth
trajectory,” said Oren Boiman, CEO and co-founder, Magisto. “We look
forward to leveraging SanDisk’s tremendous expertise in mobile imaging,
and we are very excited about having SanDisk as a strategic partner for
our company.”
About SanDisk Ventures
SanDisk
Ventures is an initiative launched by SanDisk in 2012 to invest $75
million over a three-year period in companies with promising
technologies that extend the value proposition of flash-based solutions.
By collaborating with SanDisk, these companies gain access to a broad
product portfolio from a recognized leader in flash, world-class
technical expertise, customer introductions and an expanded channel for
their products and services.
SanDisk Ventures targets investments across the spectrum of flash
storage – from companies with solutions that enhance enterprise storage
applications to companies that develop consumer products.
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.
© 2013 SanDisk Corporation. All rights reserved. SanDisk and the SanDisk
logo are trademarks of SanDisk Corporation, registered in the United
States and other countries. Other brand names mentioned herein are for
identification purposes only and may be the trademarks of their
respective holder(s).
This press release contains certain forward-looking statements,
including expectations for markets and investments, which 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 risk that the companies and technologies in
which we invest may not perform in accordance with our expectations.
Other risks may be 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.
Copyright Business Wire 2013