HP is to step up its efforts to meet the needs of financial services firms with the launch of a new banking and brokerage business unit, following the completion of its merger transaction with Compaq at the end of last week.
HP's new Enterprise Systems Group will include a business unit focused solely on developing solutions that tailor business applications, computing infrastructure and services to retail and wholesale banks, card services firms, securities exchanges, settlement houses, investment banks, brokerages and insurance companies.
In the months prior to the HP and Compaq merger, in what continued to be a tight enterprise IT spending environment, the two companies' sales to financial services companies totaled nearly $1 billion, notes Peter Blackmore, executive vice president, HP Enterprise Systems Group.
Blackmore comments: "HP's and Compaq's strengths in this market were almost perfectly complementary and now they are combined to form an even stronger partner for our financial customers. We'll continue to expand our portfolio of partner company relationships, architectural and integration services, managed services and business-critical technologies we offer this industry."