Chinese flash memory company Longsys has acquired Lexar from Micron technology, the company has announced.
Longsys now owns the Lexar trademark and branding rights and has promised that it will provide all of the same support and solutions to Lexar-branded products.
Earlier this summer Micron announced on its website that it would be shutting down the Lexar business, and the fate of the brand remained unknown, though it was thought that another firm would snap it up.
“We are very honored to acquire the Lexar brand,” said Huabo Cai, CEO of Longsys Electronics Limited. “Lexar has built a great brand name and our vision is to make it even greater. Existing customers can rest assured that the innovative solutions and excellent support that they have experienced from Lexar will continue.
“The mission to make Lexar the go-to brand for high-performance removable storage continues, and we will expand upon it to offer even more compelling solutions as the age of wireless and big-data impact the consumer storage markets.”
Neither party has revealed financial details of the deal, but the acquisition seems to make sense on paper for both parties.
Longsys has been developing flash storage for the past 18 years and sells more than 100 million products a year.
In a statement, Longsys said it believes the rise of virtual reality, 8K video, auto infotainment, drones and more will drive demand for bigger consumer storage solutions.