Hewlett-Packard (ticker: HPQ, exchange: New York Stock Exchange (.N))
News Release -
HP to Acquire Fortify Software, Helping Clients Proactively Reduce Business Risks of Insecure SoftwareCombination Strengthens HP Leadership in Application Security
PALO ALTO, Calif. & SAN MATEO, Calif., Aug 17, 2010 (BUSINESS WIRE) -- HP (NYSE:HPQ) and Fortify Software today announced they have entered into a definitive agreement under which HP will acquire Fortify Software, a privately held software security assurance company based in San Mateo, Calif.
Terms of the deal were not disclosed.
With the acquisition of Fortify Software, HP will offer a complete, market-leading solution that helps organizations reduce business risk, meet compliance regulations and protect against malicious application attacks by integrating security assurance seamlessly across the application life cycle.
"Businesses operate in a world of increasing security and compliance challenges, and the applications and services that they rely on are core to the problem and the solution," said Bill Veghte, executive vice president, Software and Solutions, HP. "With Fortify's leadership in static application security analysis combined with HP's expertise in dynamic application security analysis, organizations will have a best-in-class solution to improve the security of their applications and services."
"Fortify has always been committed to helping chief information security officers and application teams find, fix and prevent security vulnerabilities before they can be exploited by attackers," said John M. Jack, chief executive officer, Fortify Software. "Joining HP will allow us to further integrate our proven technology and security expertise with HP's solutions, letting our joint clients shrink the time-to-security for their new and existing production applications."
HP and Fortify's history of collaboration includes the introduction in February of "Hybrid 2.0," an advanced security analysis technology that strengthened an earlier integration announced in June 2009. With the acquisition of Fortify, HP will be able to accelerate development of this technology to give clients the accuracy and prioritization they need around security vulnerabilities to build scalable enterprise application security programs.
Upon close, HP will run Fortify initially as a standalone entity to ensure continuity while targeting the security market. Fortify will be integrated over time into the HP Software and Solutions business. Fortify's products will become part of the Business Technology Optimization application portfolio, available through HP's sales and service channels.
Fortify's Software Security Assurance products and services protect companies from the threats posed by security flaws in business-critical software applications. Its software security suite - Fortify 360 - drives down costs and security risks by automating key processes of developing and deploying secure applications. Fortify Software's customers include government agencies and FORTUNE 500 companies in a wide variety of industries, such as financial services, healthcare, e-commerce, telecommunications, publishing, insurance, systems integration and information management. The company is backed by world-class teams of software security experts and partners. More information is available at http://www.fortify.com or blog.fortify.com. Find Fortify on Twitter: @Fortify.
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world's largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP is available at http://www.hp.com.
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including the expected benefits and costs of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; risks related to the timing or ultimate completion of the transaction; and other risks that are described in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2010 and HP's other filings with the Securities and Exchange Commission, including but not limited to HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2009. HP assumes no obligation and does not intend to update these forward-looking statements.
© 2010 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice.
HP shall not be liable for technical or editorial errors or omissions contained herein.
Celeste Malia, +1-925-708-5636
Burson-Marsteller for HP
Julie Metting, +1-312-596-3611
HP Media Hotline