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H-P's Converged Suite for EastWest Bank - Analyst Blog

Posted
7/10/2013 12:31:00 PM
By: Zacks.com
Referenced Stocks:DELL;EMC;HPQ;IBM

Computing giant Hewlett-Packard Co. ( HPQ ) 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. ( EMC ) and IBM Corp. ( IBM ), 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. ( DELL ).

Currently, H-P has a Zacks Rank #2 (Buy).



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