A PYMNTS Company

US: Hewlett Packard to acquire Cray in US$1.3B deal

 |  May 19, 2019

Hewlett Packard Enterprise (HPE) on Friday, May 17, announced it has agreed to purchase supercomputer manufacturer Cray Inc.

The transaction is valued at approximately US$1.3 billion, according to a press release from Cray.

The acquisition aims to accelerate HPE’s strategy to tackle customers’ most data-intensive challenges by combining deep supercomputing talent and cutting-edge technologies, the release stated.

The group expects growth in the high performance computing segment of the market and storage services to grow from US$28 billion in 2018, to US$35 billion in 2021.

Cray was founded in Chippewa Falls, Wisconsin, with business headquarters in Minneapolis, according to the company’s website. The company also moved one of its offices to Bloomington across from Mall of America in 2017.

Full Content: Google News

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.