HP Extends Reach in High-Growth Network-Attached Storage Market with PolyServe Acquisition
PALO ALTO, Calif.--(BUSINESS WIRE)--HP (NYSE:HPQ) today announced that it has signed a definitive agreement to acquire PolyServe, Inc., a leading provider of storage software for application and file serving utilities.
“Working with HP has proven how simple, powerful solutions create tremendous customer value and we’re excited to be joining the HP organization. We believe that together, we can drive even more growth.”
The acquisition provides a strong entry point for HP into the high-growth enterprise network-attached storage (NAS) market and allows the company to extend NAS technology to blades, the fastest growing segment of the storage market. The acquisition will also allow HP to offer customers a powerful consolidation platform for databases that require high performance and resilience.
Founded in 1999, PolyServe is headquartered in Beaverton, Ore., has 117 employees and serves more than 500 customers in a variety of industries including finance, energy and technology. Financial terms of the transaction were not disclosed.
PolyServe software works with industry-standard hardware such as HP ProLiant servers and HP’s portfolio of storage arrays to consolidate and virtualize NAS in Linux or Windows® environments. With the software, information from file or database servers can be consolidated into a single, shared pool of storage that is highly available and can scale to match business demands.
“Our two-year relationship with PolyServe has convinced us that its technology will help accelerate HP’s growth and complement our HP StorageWorks, ProLiant and BladeSystem businesses,” said Bob Schultz, senior vice president and general manager, StorageWorks Division, HP. “The combination of PolyServe software and industry-standard HP hardware can help customers consolidate individual silos of storage, reduce complexity in their IT infrastructures, increase agility and lower IT costs.”
“PolyServe has grown tremendously in the past year,” said Michael Stankey, chairman and chief executive officer, PolyServe. “Working with HP has proven how simple, powerful solutions create tremendous customer value and we’re excited to be joining the HP organization. We believe that together, we can drive even more growth.”
The transaction is subject to certain closing conditions and is expected to be completed within approximately 60 days. Following completion, the business will be integrated into the StorageWorks division in HP’s Technology Solutions Group.
More information about HP StorageWorks is available at www.hp.com/go/storage.
About PolyServe, Inc.
PolyServe, Inc. is a leading provider of software for enabling utility computing in enterprise data centers. PolyServe software consolidates Linux and Microsoft Windows servers and storage into manageable, available and scalable utilities for databases and file serving. In addition to its headquarters in Beaverton, Ore., PolyServe has a Microsoft development center in Bellevue, Wash. It also has sales and support offices in Atlanta, Boston, Chicago, Houston, London, Minneapolis, New York, San Francisco and Washington, D.C. For more information about PolyServe, visit www.polyserve.com.
HP focuses on simplifying technology experiences for all of its customers – from individual consumers to the largest businesses. With a portfolio that spans printing, personal computing, software, services and IT infrastructure, HP is among the world’s largest IT companies, with revenue totaling $91.7 billion for the four fiscal quarters ended Oct. 31, 2006. More information about HP is available at www.hp.com.
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This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the expected benefits and costs of the transaction; management plans relating to the transaction and integration of the organizations; statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; risks related to the integration and other risks that are described from time to time in HP’s Securities and Exchange Commission reports, including but not limited to the risks described in HP’s Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2006 and other reports filed after that Form 10-K. HP assumes no obligation and does not intend to update these forward-looking statements.
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