Who Owns Smart Modular Technologies Company?

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Who Owns Penguin Solutions?

Understanding a company's ownership is key to grasping its strategic direction and market influence. Penguin Solutions, formerly SMART Global Holdings, has a dynamic ownership history.

The journey of Penguin Solutions, from its inception as SMART Modular Technologies, Inc. in 1988, has seen significant shifts in its ownership structure. These changes have shaped its growth and market position.

As of July 30, 2025, Penguin Solutions, Inc. had a market capitalization of $1,092.89 million. The company offers a wide range of products, including DRAM modules and embedded computing systems, which are crucial for various high-performance applications. For instance, their Smart Modular Technologies BCG Matrix analysis would highlight the strategic positioning of these offerings.

SMART Modular Technologies, Inc. was established in 1988 and began its operations the following year. The company was co-founded by Ajay Shah, Lata Krishnan, and Mukesh Patel, laying the groundwork for its future in memory solutions.

Founding Visionaries

Ajay Shah, Lata Krishnan, and Mukesh Patel are the co-founders of SMART Modular Technologies. Their collective expertise and vision were instrumental in the company's inception.

Ajay Shah's Background

Ajay Shah, born in Uganda, pursued higher education at Stanford University, earning a master's degree in engineering management. His prior experience included roles at Advanced Micro Devices Inc. (AMD) and managing Samsung Electronics Co. Ltd.'s computer memory products.

Lata Krishnan's Expertise

Lata Krishnan, wife of Ajay Shah, also of East African Indian descent, studied at the London School of Economics. She began her career with Arthur Anderson & Co., contributing her financial acumen to the venture.

Mukesh Patel's Role

Mukesh Patel, a former colleague of Ajay Shah at AMD, led the engineering efforts for the newly formed company. His technical leadership was crucial for product development.

Initial Operations

The company commenced operations with approximately 30 employees in Fremont, California, utilizing a 28,000-square-foot facility. The initial capital investment was a modest $80,000.

Early Business Strategy

SMART Modular Technologies focused on serving Original Equipment Manufacturers (OEMs) rather than engaging in direct consumer sales. This B2B approach proved highly effective from the outset.

The company's strategic focus on OEMs quickly yielded significant results, with Apple Computer becoming its first major client. This was swiftly followed by partnerships with other prominent OEMs like Samsung. The business model's success was evident as the startup achieved profitability within its first two months of operation. By 1992, strong customer relationships, including a purchase guarantee from IBM, helped propel SMART Modular Technologies' revenues to $80 million, demonstrating rapid growth and market penetration. Understanding the Marketing Strategy of Smart Modular Technologies further illuminates their early success.

Key Early Milestones

The early years of SMART Modular Technologies were marked by strategic partnerships and rapid financial growth. The company's focus on OEM clients and efficient operations led to swift profitability and substantial revenue increases.

• Founded in 1988, operations began in 1989.
• Co-founded by Ajay Shah, Lata Krishnan, and Mukesh Patel.
• Initial capital: $80,000 with 30 employees.
• First major OEM customer: Apple Computer.
• Achieved profitability within two months of operation.
• Reached $80 million in revenue by 1992, supported by IBM guarantees.

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The ownership journey of Smart Modular Technologies has seen significant shifts, including its initial public offering in 1995 and a major acquisition by Solectron Corp. in 1999. A subsequent reacquisition by its co-founder and a return to public markets in 2006 marked pivotal moments in its corporate history.

Currently, the entity formerly known as SMART Global Holdings, Inc. operates under the name Penguin Solutions, Inc., with its shares listed on the Nasdaq Global Select Market under the ticker symbol 'PENG'. This transition signifies a new chapter for the company's identity and market presence.

Major Stakeholders in Penguin Solutions, Inc.

As of May 23, 2025, a substantial number of institutional investors hold shares in Penguin Solutions, Inc. These entities play a crucial role in the company's financial structure and governance.

• 465 institutional owners and shareholders.
• Total shares held by institutions: 72,012,235.
• Key institutional shareholders include BlackRock, Inc., Fmr Llc, Vanguard Group Inc, Crosslink Capital Inc, and State Street Corp.
• As of June 27, 2024, there were 52,914,787 ordinary shares outstanding.
• The company's market capitalization reached $1.092.89 million as of July 30, 2025.

Understanding the ownership evolution and current major stakeholders is key to grasping the financial landscape of the company. The history of acquisitions and re-acquisitions, coupled with the significant presence of institutional investors, shapes its strategic direction and market valuation. For a deeper understanding of the company's foundational principles, one can explore its Mission, Vision & Core Values of Smart Modular Technologies.

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As of July 17, 2024, the beneficial ownership details for SMART Global Holdings, Inc. (now Penguin Solutions, Inc.), including its directors and executive officers, are determined by SEC rules. These details are publicly available through the company's filings, offering insight into who holds significant stakes and influences the company's direction.

Penguin Solutions, Inc. is preparing for its 2025 annual general meeting, anticipated around February 7, 2025. For shareholders wishing to nominate a director, notice must be provided by October 13, 2024, adhering to the company's Articles of Association. A significant corporate action, the board unanimously approved a name change to Penguin Solutions, Inc. on June 25, 2024, which requires shareholder approval.

Understanding Voting Power and Structure

The voting power within Penguin Solutions, Inc. is primarily governed by its Articles of Association. This document outlines the fundamental principles of shareholder voting, typically adhering to a one-share-one-vote system.

• Shareholder voting rights are detailed in the Articles of Association.
• The standard voting principle is one share, one vote.
• Specific share classes may have different voting rights.
• Recent filings confirm the redomiciliation to Delaware.
• This move impacts the adoption of legacy registration statements for equity awards.

Recent SEC filings, including the Post-Effective Amendment No. 1 to existing Form S-8 registration statements filed on June 30, 2025, highlight the company's redomiciliation from the Cayman Islands to Delaware. This transition involved the Delaware entity assuming outstanding equity awards under various stock incentive plans, reflecting a significant step in the company's corporate structure evolution. Understanding the Brief History of Smart Modular Technologies provides context for these ownership and structural changes, shedding light on the journey that led to its current status as part of Penguin Solutions, Inc. The company's ownership structure, including its key stakeholders and investors, is crucial for understanding its strategic direction and operational control.

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Over the past few years, the company formerly known as SMART Global Holdings has undergone a significant transformation, culminating in its rebranding to Penguin Solutions, Inc. This strategic shift, effective October 15, 2024, reflects a new chapter for the organization, impacting its ownership profile and operational direction.

The company's financial performance and strategic maneuvers indicate a focus on growth and capital management. With revenues for the last twelve months ending Q3 2024 at $1.18 billion and a market capitalization of $1.06 billion, the company demonstrates substantial market presence. The first quarter of fiscal year 2025 saw Penguin Solutions report total revenue of $341 million, with product revenues reaching $270 million, marking a significant 31% year-over-year increase. Analysts attribute this positive trajectory to the company's strategic initiatives, particularly in the artificial intelligence sector.

Financial Restructuring and Capital Infusion

In July 2024, the company initiated a private offering for $150.0 million in convertible senior notes due 2030. This was followed by an additional $25 million sale, securing approximately $193 million in net proceeds to bolster its capital structure.

Insider Ownership Adjustments

Insider trading activity, such as the transactions by Jack A. Pacheco on September 20, 2024, provides a snapshot of executive stake adjustments. These movements offer insights into the confidence and strategic positioning of key personnel within the company.

Strategic Growth and Market Performance

The company's revenue for the last twelve months as of Q3 2024 stood at $1.18 billion. For Q1 FY2025, total revenue was $341 million, with product revenues up 31% year-over-year, highlighting strong performance driven by strategic focus areas.

Rebranding and Future Outlook

The rebranding to Penguin Solutions, Inc. in October 2024 signifies a renewed strategic direction. This, coupled with positive analyst ratings, suggests a focus on artificial intelligence and continued growth initiatives, influencing its Target Market of Smart Modular Technologies.

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