MILPITAS, Calif., October 29, 2013 -- 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.”
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.
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.
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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.