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Apple Pays Between $300 to $500 Million to Acquire Anobit

Apple has reportedly acquired Anobit for upwards of $500 million, making its entry into the flash based storage market.

According to an article on Globes, the deal has been valued between $300 million to $400 million, but one Israeli newspaper claims the amount is closer to $500 million.

Anobit is a Flash-based storage solutions maker which would help Apple not only advance in the flash storage market, but also provide new storage solutions for the iPhone, iPad and the iPod. Apple currently uses Anobit's solutions in its iPad, iPhone and MacBook Air devices.

The Israeli company has two major product lines, a NAND embedded flash technology used in smartphones and music players and a line of flash-based Solid State Drives which may eventually replace magnetic drives as an industry standard in PC and laptops.

Globes revealed that Anobit received around $77 million in funding since its inception from companies like Pitango Venture Capital, Battery Ventures, Micron Ventures and Intel Capital.

Apple, which is poised to surpass HP as the largest PC maker, might give some sleepless nights to some people at SanDisk, the market leader in the flash-based storage market.