Following transaction completion, OuterBay will be substantially integrated into the StorageWorks division of HP's Technology Solutions Group.

HP recently announced that it has signed a definitive agreement to acquire OuterBay, a provider of archiving software for enterprise applications and databases.

With OuterBay's technology, HP can help organizations to more effectively manage database growth and improve database performance by up to 80 %. The transaction also creates opportunity for HP's enterprise business in the database archiving market, which is currently growing at a 50 % compound annual growth rate. It also complements the company's data protection, email archiving and file movement technologies.

"OuterBay builds on HP's enterprise portfolio to help companies get more from their mission-critical database environments," said Bob Schultz, Senior VP and General Manager, StorageWorks division, HP. "Sixty percent of our HP Integrity server customers are running Oracle applications and databases today, making this a key capability for our existing customers."

"HP and OuterBay share a common vision for delivering comprehensive database and ILM solutions," said Michael Howard, Chairman and CEO, OuterBay. "As part of HP's family of solutions, OuterBay will help customers address the dual challenge of data retention and growth with a complete systems approach."

Financial terms of the transaction were not disclosed. The transaction is subject to certain closing conditions and is expected to be completed within the next two weeks. Following completion, OuterBay will be substantially integrated into the StorageWorks division of HP's Technology Solutions Group.