HP Snaps Up iTunes Rival Melodeo

Hewlett-Packard has acquired Seattle-based music streaming company Melodeo, fuelling speculation that the company plans to release a possible iTunes competitor in the future.

Melodeo vice president Dave Dederer confirmed the sale on Wednesday afternoon, along with HP spokesperson Mylene Mangalindan.

Mangalindan said in a statement: "HP confirms that it has acquired Melodeo, a privately-held company that provides cloud-based delivery systems for content across multiple devices."

Neither side has disclosed financial details of the takeover, though technology blog TechCrunch has said an anonymous source has valued the takeover at $30-35 million.

According to Mangalindan, "Melodeo is one of the only companies with technology to aggregate a consumer's digital media, manage it in the cloud and stream it to the user on any device, along with additional streams of content. HP is always on the lookout for interesting innovative technology, especially as it develops its cloud-based offerings."

"Melodeo is one of the only companies with technology to aggregate a consumer's digital media, manage it in the cloud and stream it to the user on any device, along with additional streams of content. HP is always on the lookout for interesting innovative technology, especially as it develops its cloud-based offerings."