While EDS will lower HP's operating expenses as a percentage of revenue, the acquisition will also have a negative impact on gross margin, Lesjak says. There is also no guarantee that customers will react positively to the integration of the two companies.

"We are concerned about HP's plan to use EDS to 'sell and deliver more integrated (i.e. HP) solutions,'" Pund-IT analyst Charles King writes. "This strategy should work pretty well with HP's existing enterprise clients but is likely to be considerably less welcome among existing EDS clients."

HP's strategy appears to run counter to services approach, which King says allows customers to use whatever hardware and software they need regardless of vendor.

HP also risks alienating partners if the vendor does not take a neutral approach to third-party products, King writes.

"Using EDS to promote integrated HP solutions whenever and wherever possible will flatly not play well with EDS's other IT vendor partners, who have been used to evenhanded treatment," King writes. "Be certain those partners are closely watching what HP is planning for EDS."