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Hewlett-Packard (HPQ) made it official Monday: It is buying security software vendor ArcSight for $1.5 billion in its second security acquisition over the last four weeks.

HP will pay $43.50 a share for ArcSight. HP said ArcSight will be “highly complementary to HP’s existing security portfolio of hardware, software and services.” Last month, HP bought Fortify.

ArcSight’s software is designed to monitor networks and view all events in an IT infrastructure. The application also checks for security and regulatory compliance. Word of the ArcSight deal was reported Sunday by The Wall Street Journal.

Like storage companies, independent security firms are hard to come by. As a result, larger players are gobbling up smaller storage and security companies. ArcSight reported net income of $20.9 million on revenue of $181.4 million for the fiscal year ending April 30. For fiscal 2011, ArcSight is expected to report net income of $29.4 million on revenue of $226.2 million, according to analysts.

Meanwhile, HP has been on an acquisition binge. HP outbid Dell for 3Par and acquired Fortify as well as Stratavia.

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Source: HP Beefs Up Security Line-Up With ArcSight Purchase