HP is to acquire IT asset management software supplier Peregrine Systems for $425m (£250m) to extend the capability of its HP OpenView systems management suite.
The acquisition is subject to Peregrine shareholder approval, with HP saying it expected to close the deal by the first quarter of next year.
Peregrine employs around 700 staff worldwide and its customers include Cingular Wireless in the US and Credit Suisse Group.
HP has also agreed to acquire AppIQ, a provider of storage area network management software.
The value of the deal has not been disclosed. HP plans to fold the AppIQ business into its StorageWorks division.