HPE commits $2 bn in financial services to help customers navigate Covid-19 crisis

HPE commits $2 bn in financial services to help customers navigate Covid-19 crisis
Photo Credit: 123RF.com
14 Apr, 2020

HPE Financial Services has earmarked more than $2 billion to help customers with financial challenges such as liquidity and cash-flow issues stemming from the Covid-19 crisis.

HPE Financial Services, the financing solutions wing of San Jose based enterprise information technology (IT) giant Hewlett Packard Enterprise, has introduced a payment relief programme to help customers acquire new technology and alleviate some financial concerns in the current hostile climate.

Read: HPE launches virtual desktop solutions for companies with remote employees

Under the new programme, companies can acquire new technology from HPE at 1% of the contract value each month for the first eight months, deferring over 90% of the cost until 2021.

“This is a challenging time to lead a business. Today more than ever, IT leaders and CFOs play a central role in ensuring financial health while continuing operations,” Irv Rothman, President and CEO of HPE Financial Services said in a statement.

In addition to the payment relief programme, HPE will also introduce a 90-day delayed payment structure to help customers operate under tight budgets. The deferral option will be available on new technology purchases and will cover a range of HPE hardware, software and services, the company said.

Read: Tech giant Microsoft to pledge $20 million for Covid-19 research

HPE will also provide customers with a phased deployment programme that will help them acquire compute and storage according to needs.  “This way customers can continue essential business without the restraints that the current crisis can have on their budget cycles or implementation timelines. The deployment schedule can extend out 12 months,” HPE said.

The technology giant already lets customers convert existing IT assets into capital that can, in turn, be applied to purchase upgraded or new technologies. The company also said that it will buy back excess new generation technology that is no longer needed at the customer’s end.

HPE claimed that it has infused more than $642 million back into clients’ budget this way over the past two years.