M-Systems Ltd., (sometimes spelled msystems) was a Nasdaq-listed Israeli producer of Flash memory storage products founded in 1989 by Dov Moran and based in Kfar Sava, Israel. They were best known for developing and patenting the first flash drive, marketed in 1995 as DiskOnChip, and the first USB flash drive, marketed in 1999 as DiskOnKey. They also created the patented True Flash Filing System (TrueFFS) which presented the flash memory as a disk drive to the computer. After 17 years of business, they were acquired by their prior competitor, SanDisk, in 2006. The DiskOnChip was developed at the R&D Center established by M-Systems called EUROM. Rick Iorillo, Rony Levy and David Deitcher were the individuals that worked on the development and marketing of the first 2MB DOC. This product went on to receive the Most Innovative Award from EDN in 1995 and later went on to become the Flash Drive and DiskOnKey.

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M-Systems - Corporate Relationships - SanDisk
... M-systems was competing in the flash market with SanDisk, but the introduction of the USB drive made a cooperative environment more financially advantageous ... Ultimately M-Systems was acquired by SanDisk for an all stock transaction worth $1.55 billion ... on July 30, 2006, for SanDisk to acquire M-Systems, and on November 19, 2006, the acquisition was complete ...