HP to Offer $2 Billion to Finance Cloud Computing Initiatives

By Jennifer Lawinski  |  Print this article Print

Hewlett-Packard is offering $2 billion in financing for companies looking to take advantage of cloud computing.

Hewlett-Packard is lending a hand to companies looking to take advantage of the benefits of cloud computing by offering up to $2 billion to help customers finance cloud computing initiatives.

The funding comes through HP Financial Services, the company's asset management and leasing arm.

"In this hugely competitive global economy, having the financial flexibility to drive new projects is critical," Irv Rothman, president and chief executive officer of HP Financial Services, said in a statement. "We are committed to helping our clients drive innovation and agility by transforming their legacy systems to advanced cloud solutions."

The move is part of HP's initiative to help foster the growth of Instant-On Enterprises that embed technology in their dealings with customers, employees, partners and the general public. Engaging in cloud computing is a step in that direction, the company said.

"While many chief financial and information officers agree on the transformative power of cloud solutions, they are often challenged to align the investment budgets and return on investment goals associated with implementing them. HP Financial Services’ financing solutions offer business enterprise executives the opportunity to build a financial architecture to match their technology roadmaps to the cloud," the company said.

The $2 billion in financing will be available to qualified customers purchasing and deploying products and solutions from the HP Cloud solution portfolio and based on local financing capabilities and practices. Financing is available in the form of leases and other specialized financing solutions, sale and lease-back of existing IT infrastructure, deferred payment plans and low rate and flexible financing options.

The company will announce an expanded Hybrid Delivery cloud portfolio on June 7.