Amazon logistics center
Amazon logistics centeriStock

American tech giant Amazon has purchased the Israeli startup company E8 Storage in a deal worth $50-60 million, Globes reported.

E8 Storage was founded in 2014 by CEO Zivan Ori and VP R&D Alex Friedman. The company has raised $18.3 million since its founding.

All 25 employees at E8 Storage will be transferred Amazon Web Services (AWS) development center in Tel Aviv.

E8 Storage develops software based flash storage alternatives to the usual hardware based storage methods such as hard drives and SD cards, and have been used by cloud storage suppliers. According to the company, its solutions are up to ten times faster than hardware based storage methods.