Hewlett-Packard to buy LeftHand Networks for $360M

Computer maker Hewlett-Packard Co. said Wednesday it has agreed to buy LeftHand Networks Inc., a provider of storage virtualization, for $360 million in cash.

The privately held, Boulder, Colo., company has 215 employees and more than 500 resellers and distributors worldwide. LeftHand helps midsize companies and remote offices or branches of large corporations to protect critical business data.

LeftHand's portfolio of products will expand HP's reach in the virtualization market with software that runs on both existing storage and industry-standard server hardware, HP said.

The deal is expected to close in HP's fiscal first quarter of 2009.

HP shares added 20 cents to $46.44 in morning trading.

Source: Business Week

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