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October 2, 2008
Fresh off the announcement that it’ll lay off nearly 25,000 employees tanks to the EDS acquisition, Hewlett-Packard(HPQ) said this week it now is buying LeftHand Networks, a storage virtualization provider.
HP will pay $360 million in cash and the deal should close in 2009’s first quarter.
It’s an interesting move in this economy. Several analysts are saying that as the credit crunch tightens and enterprises and SMBs pare back spending, they’ll turn less and less to services such as storage. Companies don’t need storage if their businesses aren’t growing, Steve Hilton, Yankee Group analyst told xchange this week. End users also aren’t going to buy as much new software in a weak economy, Hilton said.
“Oftentimes, when things are tight ... companies cut back on things that are marketing-related,” like new CRM platforms, he said.
So that all begs the question: How many more people will lose their jobs because of HP’s new deal?
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