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Mehrotra said Fusion-io's operations would remain in Utah.
Founded in 2005, Fusion-io has about 300 employees in the state, 938 globally. It reported revenues of $432 million in the fiscal year that ended June 30, 2013.
The maker of flash storage products from thumb drives to data center technology said it will make a tender offer for all outstanding shares of publicly traded Fusion-io for $11.25 a share.
Fusion-io's shares closed Monday at $11.36 a share, up 2.08 points, or 22.4 percent, after the sale was announced.
Approved by directors of both companies, the deal is subject to approval by regulators. It is expected to close in the third quarter.
"Fusion-io's innovative hardware and software solutions will be augmented by SanDisk's worldwide scale and vertical integration, enabling a combined company that can offer an even more compelling value proposition for customers and partners," Robison said.
Three of Fusion-io's biggest customers are Facebook, Apple and Hewlett-Packard. But company shares have been on a downward trajectory, even as revenues grew from $192 million in fiscal 2011 to $359.3 million in 2012 and then $432.4 million last year.
Since 2009, it has suffered net losses every year except 2011. In its 2013 fiscal year, the company had a net loss of $38.2 million, according to regulatory filings.
Fusion-io's shares traded at a height of $39.60 in November of 2011, about five months after going public. They have declined steadily ever since.
SanDisk reported $6.1 billion in revenue last year, with $1 billion in net income. It had 5,459 full-time employees at the end of last year.
On Monday, SanDisk executives praised their company's vertical integration as part of the reason they expect Fusion-io to expand in its market after SanDisk completes the purchase. That integration includes getting into flash chip manufacturing. Fusion-io traditionally bought many of its chips from IM Flash Technologies of Lehi.
By using Fusion-io products, large data centers can greatly accelerate their computing operations. Flash memory can be many times faster than the spinning disks that have been the mainstay of data storage for years.