HP Expands Storage Portfolio with Acquisition of AppIQ
PALO ALTO, Calif., Sept. 19, 2005 -- HP today announced that it has signed a definitive agreement to acquire AppIQ, a leading provider of open storage area network management and storage resource management technologies that help enterprise customers manage servers and storage. Headquartered in Burlington, Mass., AppIQ has 135 employees, approximately 250 customers and offices in the U.K., Hong Kong, Singapore and India. Financial terms of the transaction were not disclosed.
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"Acquiring AppIQ strengthens our ability to give customers a single integrated console that controls and better exploits their storage and server infrastructure," said Ann Livermore, executive vice president, Technology Solutions Group, HP. "When combined, HP and AppIQ's technology can simplify the IT environment, lower technology costs and let customers put their information to work while integrating with HP's entire software business, including server and HP OpenView management software."
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"The combination of HP and AppIQ is great news for our company, customers and partners," said Ash Ashutosh, executive vice president, chief technology officer and co-founder, AppIQ. "We share a common vision for storage area management, a commitment to open standards and a belief in the role that multi-vendor storage management software plays in creating an Adaptive Enterprise. With HP, AppIQ now has the resources it needs to realize the full potential of its technology and bring a broader set of products to market."
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The transaction is subject to certain closing conditions and is expected to be completed within approximately 45 days. Following completion, the business will be fully integrated into the StorageWorks division of HP's Technology Solutions Group.
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About AppIQ
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AppIQ, Inc. is a leading provider of open storage area network (SAN) management and storage resource management (SRM) solutions. Customers worldwide in almost every industry rely on AppIQ software to simplify the management of storage infrastructure, reduce operational costs and synchronize IT resources with business needs. AppIQ StorageAuthority Suite and "Powered by AppIQ" solutions are "Enabling the storage utility" for today's data-intensive enterprise by seamlessly integrating storage resource visualization, provisioning, monitoring, reporting and policy-based automation, and by correlating the availability of business-critical applications with SAN configuration, capacity and performance. AppIQ products are sold across all continents through strategic OEM partners Engenio, HP, Hitachi Data Systems, SGI, Sun Microsystems, and a global network of resellers. AppIQ is based in Burlington, Mass., USA. For more information, visit http://www.appiq.com.
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About HP
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HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended July 31, 2005, HP revenue totaled $85.2 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.
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This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they ever 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 and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including expected benefits of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; 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 timing or ultimate completion of the transaction; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to HP's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2005, and other reports filed after HP's Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2004. HP assumes no obligation and does not intend to update these forward-looking statements.
