Hewlett-Packard sets sights on bigger targets in 2010, exec says

Hewlett-Packard (NYSE:HPQ), based in Palo Alto, California, intends to target larger companies this year than in the past, according to James Gonzalez, senior director of strategy and corporate development.

“We still want to look at technologies, but we also want to look at companies that can be self-sustaining. We need a company that has traction and that can be self-sufficient,” Gonzalez said on a panel at America’s Growth Capital 6th Annual Information Security and Emerging Growth Conference in San Francisco today.

Last year, the technology giant acquired 3Com for USD 2.6bn and file storage company IBRIX for an undisclosed amount.

HP is receiving fewer approaches from sellers this year than the same time last year and valuations have crept up, Gonzalez noted. Asked about HP’s international strategy, Gonzalez said it will look at services acquisitions on a regional basis, but geography does not influence its search for software and storage targets. HP will look at acquisitions across the business, which includes networking, storage and software, he said.

Riverbed, Brocade, F5, Avaya and Polycom have previously been listed as targets for HP. HP retained Morgan Stanley and law firms Fangda Partners and Cleary Gottlieb Steen & Hamilton for the acquisition of 3Com.