PALO ALTO, Calif.--Sept. 24, 2001-- Hewlett-Packard Company today announced the completion of its acquisition of StorageApps, Inc., Bridgewater, N.J., in a stock-for-stock transaction. StorageApps is now a wholly owned subsidiary of HP. HP's storage portfolio is strengthened by the addition of StorageApps virtualization technology, which allows customers to pool storage devices from different vendors, easily add storage capacity and readily move data among the devices independent of server operating systems or network infrastructure. This technology accelerates HP's Federated Storage Area Management (FSAM) strategy, which is to enable customers to scale their storage by a factor of ten without additional people. "Part of the appeal of acquiring a company like StorageApps was our ability to seamlessly add open, heterogeneous solutions to HP's storage portfolio. Our customers can now more quickly benefit from virtualization and remote mirroring solutions, which are key elements of an always-on Internet infrastructure,'' said Nora Denzel, vice president and general manager, HP Network Storage Solutions Organization. "We know that in terms of new solutions and talent, this acquisition is a win for both parties.''