Apple Finalizes Deal to Purchase Israeli Startup Anobit
Flash memory on iMacAnobit's executive management gathered the startup company's employees at a Herzliya hotel on Tuesday morning to inform them that they are now working for Apple.
The global technology leviathan is performing its first acquisition in Israel and will open its first overseas development center in the Holy Land.
The talks between Anobit and Apple over an estimated $400-$500 million deal were revealed by Calcalist last week.
Anobit develops a chip which enhances the performance of flash memories using unique data signal processing (DSP) technology.
The chip is already incorporated into Apple's flagship products such as the iPhone, iPad and MacBook Air. The chip may as much as double the memory volume in the new iPads and MacBooks.
Apple's designs for Anobit, which currently has 200 employees, are still unknown. Estimates are that Apple will hold on to the Israeli employees and possibly even open a local R&D center that will recruit more employees.
Benefiting from the deal with Apple are founders Professor Ehud Weinstein, Ariel Maislos and Ofir Shalvi.
The company's investors, whose investments in the company over the past four years amount to $76 million, will also cut a coupon off the deal – Israeli fund Pitango, American Battery Ventures and Intel's and Micron Technologies' VC funds.
This article first appeared on Calcalist.
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