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Software revenue growth needs a pick-me-up
Following the appointment of new CEO Leo Apotheker and software acquisitions, including ArcSight, Fortify, and
Stratavia, HP Software revenue growth inched along at 0.7% year-to-year, as the company has yet to use
software more strategically to support corporate growth. HP Software reported fourth quarter revenue of $974
million and full-year revenue of $3.59 billion. Full-year revenue growth remained flat year-to-year, as software
was used to attach value to hardware and services. HP’s Business Technology Optimization (BTO) portfolio grew
3.6% year-to-year to $684 million, as enterprise application management and cloud software drove growth;
however, the Other portfolio declined 5.5% year-to-year to $290 million, as HP Software has yet to realize the
value of its communications and business intelligence software. TBR believes HP is aware of the untapped
potential its software division can provide to support growth while still adding value to its other segments,
evidenced by the rapid software acquisitions and the appointment of former SAP CEO Apotheker. HP Software
will likely begin to explore software opportunities across 2011; however, TBR does not expect to see a quick
change in HP Software’s growth trajectory.
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