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Hewlett-Packard announced on Monday that the company has agreed to acquire privately owned PolyServe, a provider of storage virtualization software for application and file serving utilities.

According to HP officials, the transaction is expected to close within 60 days. Following the close, PolyServe’s 117 employees are expected to be integrated into HP’s StorageWorks division in their Technology Solutions Group. The terms of the deal were not disclosed.

The acquisition will allow HP to extend its network-attached storage (NAS) technology to blades, which is quickly becoming one of the fastest-growing segments of the storage market.

PolyServe works with industry standard hardware such as HP’s servers and storage arrays. Using their software, information from file or database servers can be consolidated into a single, shared pool of storage that is highly available and scalable.

HP said their two-year relationship with PolyServe convinced them that PolyServe’s technology will help accelerate HP’s growth and complement HP’s StorageWorks, ProLiant and BladeSystem businesses. The combination of PolyServe software and industry-standard HP hardware can help customers consolidate individual silos of storage, reduce complexity in their IT infrastructures, increase agility and lower IT costs.