Apple has finalised their purchase of Israeli flash memory company Anobit, Hebrew-language newspaper Calcalist reports. The deal is reportedly worth between $400-$500 million, and represents Tim Cook’s first acquisition as Apple CEO.
Apple’s reported goal is to increase the amount of memory in its devices, such as the iPad, iPhone and Macbook Air. They are now also expected to build a development center in Haifa where other large tech companies, such as Microsoft and Yahoo, already have facilities.
Anobit has about 100 patents and was founded in 2006 with investments totalling $80 million. Therefore a price of $500 million paid by Apple would mean the company has septupled in just under five years.