San Jose-based Nimble Storage Inc (NYSE:NMBL) shares recorded a 46% increase in Tuesday trading after the company was acquired by Hewlett Packard Enterprise Co (NYSE:HPE) for $12.50 per share or a total of $1.09 billion. Nimble Storage Inc closed at an impressive $12.58 up from $8.61 on Monday.

Nimble Storage Inc manufactures predictive flash storage technology that combines flash-based data storage and analytics. This allows companies to compare their storage performance in comparison to their peers. Started in 2007, Nimble Storage managed to raise $98.7 million in venture capital for the company offered to go public in 2013. The company has a workforce of 1,300 people spread out throughout the world. Nimble Storage reported $402 million in revenue in the most recent financial year representing a 25% from the previous year. The company’s entry in the flash storage business is backed by a predictive, intelligent analytics engine that can offer a simplified customer experience.

The company’s shares rose sharply after its IPo trading above $52 per share. For two years before this all-time high, Nimble’s share dropped by over 80% at one point hitting the all-time lowest of $6 per share.

The company which announced its quarterly earnings recently, said it recorded $117 million in sales during the last quarter an increase from the $90.1 million recorded the same time the previous year.   The company reported a loss of $36.4 million in the last quarter or approximately 41% per share. The company made approximately an equal loss for the whole year.

In a statement, Meg Whitman, the CEO of Hewlett Packard Enterprise said Nimble Storage’s portfolio strengthens and complements Hewlett’s 3PAR products. He adds that Nimble will be especially important in the growth of flash storage market and will be fruitful in implementing Hewlett’s vision of simplifying hybrid IT for its customers. “And, this acquisition is exactly aligned with the strategy and capital allocation approach we’ve laid out. We remain focused on high-growth and higher-margin segments of the market,” he adds.

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