An investment fund controlled by billionaire George Soros has acquired a once high-flying enterprise technology company.
Violin Memory, which sells data storage hardware for corporate data centers, said this week that it sold itself to Quantum Partners, a private investment fund that’s operated by Soros Fund Management.
Terms of the deal were not disclosed.
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Violin Memory’s sale to Quantum Partners ends a turbulent few years for the company, which held an initial public offering in 2013 but struggled to make money. In December, the company filed for Chapter 11 bankruptcy, which allowed it to stay in business while it looked for a buyer.
Violin Memory was among the first business technology companies to sell flash storage, which is faster and more efficient than traditional spinning disc storage. However, several big rivals like Hewlett Packard Enterprise (HPE) and EMC, which is owned by Dell Technologies, later moved into the market and made it difficult for Violin Memory to compete.
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Additionally, many businesses are foregoing buying data center hardware entirely as they increasingly rent their computing resources on demand from big tech companies like Amazon (AMZN) and Microsoft (MSFT).