Hynix and SanDisk have reached an agreement on cross-licensing patents as well as setting up a joint venture to manufacture NAND flash memory and develop four-bit-per-cell x4 flash technology. As part of the joint venture, both companies will inject equal capital investments in increasing Hynix's manufacturing capacity, the output of which will be shared with SanDisk. Hynix jointly developed four-bit-per-cell x4 flash technology with M-Systems Flash Disk Pioneers, before the latter was acquired by SanDisk in November 2006.