October 1, 2008 - HP signed a definitive agreement to acquire LeftHand Networks Inc., a leading provider of storage virtualization and iSCSI storage area network (SAN) solutions.
LeftHand Networks solutions enable midsized companies and remote offices or branches of large corporations to protect critical business data. HP has agreed to purchase LeftHand Networks for $360 million in cash, subject to certain purchase price adjustments.
Founded in 1999, LeftHand Networks is privately held and headquartered in Boulder, CO. It has 215 employees and more than 500 resellers and distributors worldwide. The company has more than 11,000 installations across 3,000 different customers.
LeftHand Networks delivers scalable storage software on industry-standard hardware that supports existing technology environments. Its portfolio extends HP virtualization solutions to the midmarket with software that runs on both existing storage and industry-standard server hardware, reducing training time and overall complexity.
Joining with HP is a natural fit for our customers and channel partners, giving them an expanded portfolio of server, storage and networking products and services that are already supported by LeftHand Networks solutions, said Bill Chambers, CEO, LeftHand Networks. The combination of LeftHand Networks virtualization technologies with HPs has the power to significantly accelerate server consolidation projects by making the deployment of shared storage much easier and more cost-effective.
The transaction is subject to certain closing conditions and is expected to be completed in HPs first fiscal quarter of 2009. Following completion, the business will be integrated into the HP StorageWorks division within the Technology Solutions Group at HP.
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