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.
Copyright Business Wire 2015