Computing giant Hewlett-Packard Co. (HPQ - Free Report) or H-P recently announced that Philippines-based EastWest Bank opted for its Converged Infrastructure portfolio. Financial details of the deal were kept confidential.
Formed in 1994, EastWest Bank provides full-service commercial as well as investment banking facilities across U.S. and Greater China. The Bank has acquired a leading position in credit card issuance and auto-loan processing. To maintain its leadership, the Bank had no option but to opt for a competitive information technology infrastructure for managing its operations.
With H-P’s Converged Infrastructure portfolio, EastWest Bank expects to expand its banking services and deliver utmost customer satisfaction. After evaluating the cloud solutions offered by tech giants such as EMC Corp. and IBM Corp. (IBM - Free Report) , EastWest Bank chose H-P’s solutions to replace its legacy IT infrastructure and transition swiftly to a private cloud environment.
From the portfolio, the Bank selected 3PAR StoreServ T400 Storage System and ProLiant DL360 Servers. EastWest Bank confirmed that the end-of-day financial closing processing time has been reduced by 40.0%. Also, there has been a remarkable reduction in data recovery time i.e. from 4 hours to merely an hour.
We believe H-P’s success with EastWest will bring in similar deals as growing banking needs and their fulfillment would call for advanced IT infrastructure.
Just a month ago, U.S.-based privately-held online payment processing company, First Data Corp. opted for H-P’s Converged portfolio to boost its capabilities in handling growing demand for e-commerce and online payments as well as remain competitive.
Demand for H-P's Converged suite is growing as it brings together servers, storage and networking products to manage data centers from a common platform. The Converged platform has been designed to make data center handling simpler, more flexible, efficient and cost effective.
Deal wins from different industrial sectors do not come as a surprise but winning deals in the storage, server and software areas is significant. While there may not be a remarkable increase in near-term revenues, it could ultimately offset the challenges in the PC business and competition from Dell Inc. .
Currently, H-P has a Zacks Rank #2 (Buy).