HP makes a $360 million acquisition in storage

Storage. Everyone always wants more of it, and going forward that demand will only increase. Likely knowing that, today, computer maker Hewlett-Packard made a purchase to bolster its storage offerings: A $360 million cash deal to buy LeftHand Networks.

LeftHand Networks is a company that allows businesses to cost-effectively manage their data remotely. Using a technology known as iSCSI SAN, LeftHand offers scalable storage on existing hardware. iSCSI is able to send SCSI (Small Computer System Interface) data over IP networks.

The company also uses virtual environments to reduce disk space used for storage by up to 97 percent, it claims. This also helps it reduce power consumption.

This deal is similar to a $1.4 billion dollar one Dell made last year to buy EqualLogic, GigaOM points out. That purchase was the biggest cash purchase of a private tech company. This one is significantly smaller, but perhaps that has something to do with the current economic climate.