Hewlett-Packard acquires LeftHand Networks
Apr 18, 2012 (Datamonitor Financial Deals Tracker via COMTEX) --
Hewlett-Packard Company (HP) completed the acquisition of Lefthand Networks, Inc., a provider of storage virtualization and solutions, for approximately $347 million.
HP is a provider of personal computing devices, imaging and printing-related products and services, enterprise information technology infrastructure, and multi-vendor customer services. Both the companies are based in the US.
Announcement (October 1, 2008):
HP has signed a definitive agreement to acquire Lefthand Networks for $360 million in cash.
JPMorgan Chase & Co. and a consortium of venture capital firms, including Valhalla Partners, Sprout Group, Boulder Ventures Limited, Garage Technology Ventures, LLC, Ironside Ventures, LLC, New World Ventures, Portage Venture Partners, Sequel Venture Partners, Vista Ventures, and EPIC Ventures own a stake in LeftHand Networks.
Upon completion of the acquisition, LeftHand Networks will be integrated into the HP StorageWorks division within the Technology Solutions Group at HP.
LeftHand Networks has 215 employees.
The transaction is expected to close in HP's first fiscal quarter of 2009.
Deal Value (US$ Million) 347
Deal Type Acquisition
Sub-Category Majority Acquisition
Deal Status Completed: 2008-11-13
Target (Company) LeftHand Networks, Inc.
Acquirer (Company) Hewlett-Packard Company
Vendor (Company) JPMorgan Chase & Co.
With the addition of LeftHand Networks, HP will add midrange offerings to its suite of iSCSI solutions. The acquisition would allow Hewlett-Packard to expand its storage portfolio, enabling HP to deliver customers an expanded suite of storage functionality, scalable capacity, and interconnect options.
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