HP TO ACQUIRE STORAGEAPPS.Hewlett-Packard Company (NYSE NYSE See: New York Stock Exchange :HWP HWP Height (and) Weight Proportionate HWP Half-Wave Plate HWP Highway Patrol HWP Height Weight Proportional HWP Hewlett-Packard Corporation (stock symbol) HWP Hydrolyzed Whey Peptides ) and StorageApps recently announced the companies have reached a definitive agreement under which HP will acquire StorageApps, a leading provider of storage virtualization Treating storage as a single logical entity without regard to the hierarchy of physical media that may be involved or that may change. It enables the applications to read from and write to a single pool of storage rather then individual disks, tapes and optical devices. solutions, in a stock-for-stock transaction. Under the terms of the agreement, HP will acquire all of the capital stock of StorageApps for HP common stock with a value of $350 million. Completion of the transaction is subject to customary closing conditions and regulatory review. The transaction is intended to be structured as a tax-free reorganization and accounted for as a purchase. Upon completion of the transaction StorageApps will become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of HP. The addition of StorageApps virtualization technology See VT. See also virtualization. is intended to allow customers to easily implement and manage storage networks. This technology also enables customers to pool storage devices from different vendors, easily add capacity and readily move data among the devices independent of server operating systems or network infrastructure. As a result, customers can choose the best storage technology for their needs and more flexibly scale their networks to meet the unpredictable storage demands of their businesses. This acquisition strengthens HP's storage offering by adding virtualization An umbrella term for enhancing a computer's ability to do work. Following are the ways virtualization is used. Hardware Virtualization Partitioning the computer's memory into separate and isolated "virtual machines" simulates multiple machines within one physical computer. as a key component to HP's Federated Connected and treated as one. See federated database and federated directories. Storage Area Management (FSAM FSAM Federated Storage Area Management FSAM Financial Social Accounting Matrix FSAM Full Service Access Method ) strategy. FSAM is designed to enable customers to meet the challenge of managing ever growing and disparate storage systems by growing their storage by a factor of ten without additional people. "The addition of StorageApps' technology extends our leadership position as a complete networked storage solutions provider," said Nora Denzel, vice president and general manager, HP Network Storage Solutions Organization. "StorageApps virtualization accelerates our FSAM momentum and allows customers to more quickly and efficiently take advantage of new technology while protecting their legacy investments. This gives customers freedom of choice to mix and match storage technologies from many vendors, allow storage devices to be connected to the network as they are needed and move data between different vendors' storage devices." "We were among the first companies to deliver this type of virtualization technology to customers more than a year ago and we've seen exceptional success gaining market acceptance. Essential to that success is our ability to help customers address the needs of unpredictable demands of data growth," said Daniel Gittleman, chairman and chief executive officer, StorageApps. "HP is able to rapidly roll out our virtualization software on a global level to help customers facing challenges in managing their networked storage." |
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