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Hewlett Packard Enterprise Inc (NYSE:HPE) announced Monday it's buying Silver Peak, an SD-WAN (Software-Defined Wide Area Networking) company, for $925 million.
What To Know: Silver Peak will be merged with HPE’s Aruba unit, which manufactures Wi-Fi networking equipment, Reuters reported.
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The deal will strengthen HPE in the SD-WAN segment and comes at a time when the demand for such services is rising, triggered by employees working on jobs remotely due to the COVID-19 pandemic.
“The need for edge-to-cloud architectures has never been more relevant as enterprises look to extend connectivity to branch locations and enable secure work-from-home experiences," Keerti Melkote, president of Intelligent Edge for HPE, said in a statement.
Silver Peak has a revenue of $100 million and has raised $210 million in funding so far. The company was valued at $465 million in June 2018, Reuters reported citing Pitchbook data.
Why It Matters: The two companies had begun exploring a deal last year, Melkote told Reuters.
HPE will offer Silver Peak’s SD-WAN services to its customer base and expects the market to grow to $5 billion from the current $2 billion in the coming years.
Silver Peak says it's a leader in the SD-WAN market with more than 1,500 production SD-WAN customers globally.
Wells Fargo analyst Aaron Rakers said, while noting the existing synergies between the two companies, termed the acquisition “net neutral” with “a net-neutral non GAAP EPS expectation through [FY] 2022.”
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.