HP Completes Acquisition of StorageApps
PALO ALTO, Calif., Sept. 24, 2001
Hewlett-Packard Company (NYSE:HWP) today announced the completion of its acquisition of StorageApps, Inc., Bridgewater, N.J., in a stock-for-stock transaction. StorageApps is now a wholly owned subsidiary of HP.
HP's storage portfolio is strengthened by the addition of StorageApps virtualization technology, which allows customers to pool storage devices from different vendors, easily add storage capacity and readily move data among the devices independent of server operating systems or network infrastructure.
This technology accelerates HP's Federated Storage Area Management (FSAM) strategy, which is to enable customers to scale their storage by a factor of ten without additional people.
"Part of the appeal of acquiring a company like StorageApps was our ability to seamlessly add open, heterogeneous solutions to HP's storage portfolio. Our customers can now more quickly benefit from virtualization and remote mirroring solutions, which are key elements of an always-on Internet infrastructure," said Nora Denzel, vice president and general manager, HP Network Storage Solutions Organization. "We know that in terms of new solutions and talent, this acquisition is a win for both parties."
Hewlett-Packard Company -- a leading global provider of computing and imaging solutions and services -- is focused
on making technology and its benefits accessible to all. HP had total revenue from
continuing operations of $48.8 billion in its 2000 fiscal year. Information about HP
and its products can be found on the World Wide Web at http://www.hp.com.
This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include employee management issues; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to the annual report on Form 10-K for the year ended Oct. 31, 2000, and subsequently filed reports. HP assumes no obligation and does not intend to update these forward-looking statements.