All-flash memory storage supplier Violin Memory Inc. has finally emerged from bankruptcy after selling itself to Quantum Partners LP, a private investment fund managed by Soros Fund Management LLC.

Violin’s assets were acquired in a bankruptcy auction that saw it exchange $26 million in unsecured debt for $15 million in equity in the reorganized company. The deal was announced after Violin filed an affidavit with the U.S. Securities and Exchange Commission on Friday that revealed it had emerged from the bankruptcy it entered into in December.

On Monday Violin confirmed it had sold itself to Soros’ fund in a deal that will see it retain its intellectual property, customer base and professional team. Soros Fund Management will take care of the company’s finances from here on in.

Violin’s troubled financial history came about despite a promising start. The company burst onto the scene back in 2005 when it came out with a unique flash memory storage technology for enterprises that worked particularly well with network-attached storage. Its NAND flash and dynamic RAM-based storage arrays were designed to work in environments that demand fast processing and analysis of large data sets, and quickly became tremendously popular. Indeed, the company was such a trailblazer that it become one of the first to offer NAND flash arrays as Tier 1 storage, which is still largely the domain of spinning disk drives.

Unfortunately for Violin its rivals in the storage world quickly caught up, building their own competing flash storage products. This happened around the same time as Violin went public, hurting its sales and eventually sending it into financial meltdown.

Violin went public in September 2013, but despite raising $162 million, its stock almost totally collapsed in the ensuing months. Having started out at $9 a share, Violin was trading at just 75 cents come January 2016, causing desperate shareholders to try to force a sale to rescue their investment in the company.

Companies including Samsung Electronics Co. Ltd., EMC Corp., IBM Corp. and Seagate Technology Corp., were all mentioned as possible buyers for Violin at one stage, but no deal ever emerged. As a result, Violin was finally forced to file for bankruptcy last year.

Violin’s new Chief Executive Officer Ebrahim Abbasi stated that he had high hopes for the company now the sale has been done. He said the acquisition recognizes “Violin’s world-class customers which include Fortune 500 companies, as well as the tradition of innovation and dedication demonstrated by its team.”

“I am honored to lead the new Company into the future and focus on product innovation and customer excellence,” Abbasi added.

Image: Violin Memory