NetApp (NTAP) and Cisco (CSCO) OK, CEO Remarks -DJ
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According to Dow Jones, NetApp Inc.'s (NASDAQ: NTAP) collaboration with Cisco Systems Inc. (NASDAQ: CSCO) will remain strong despite the networking giant's latest tie-up with NetApp rival EMC Corp. (NYSE: EMC), NetApp Chief Executive Tom Georgens said.
"We will partner with them just as often," Georgens said in an interview Friday. He conceded that EMC has a loyal base of customers but said NetApp can grow by finding new opportunities outside of that base.
NetApp has fared better than many of its peers amid the recession, even as corporate spending has fallen as companies conserve cash. On Thursday, NetApp reported that its fiscal second-quarter revenue remained flat from last year, but profit doubled on sharply higher margins.
NetApp is often mentioned as a potential acquisition target amid the increasing consolidation in the IT industry. Georgens, who took the reins of the Sunnyvale, Calif., storage-product maker in August from veteran chief executive Dan Warmenhoven, said he was open to an acquisition at the right price, but he stressed that his focus is to continue to grow.
"If you look at market penetration, market share, there are still substantial opportunities to grow in this market," he said. "There is ample evidence that we can continue to gain share."
"At some price, it's a shareholder matter, no matter what our preference is," he added.
EMC and Cisco, along with virtualization software maker VMWare Inc. (NYSE: VMW), have unveiled a partnership to design all-in-one products, leaving many in the industry to speculate that NetApp could be the next target for companies such as Dell and H-P that may want to boost their storage offerings.
Georgens said NetApp would continue to pursue acquisitions as well after losing a bid for storage-maker Data Domain to EMC and said he would be willing to spend more than the $1.9 billion offered for Data Domain in June if the right opportunity emerged.
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