"Historically, [Oracle] has been a major partner for HP, given HP's lack of a large software business," wrote Toni Sacconaghi, an analyst with Sanford C. Bernstein & Co. "Going forward, we believe that HP is likely to push alternatives to [Oracle] when possible, given that they are now direct competitors in the hardware space."

If hardware divisions at Oracle partner companies feel threatened by the deal, it could be bad news for Oracle's software business, according to Miko Matsumura, a former Sun executive who is now deputy chief technology officer at Software AG. "The hardware business is king, and anything that threatens that becomes your mortal enemy," he said.

Matsumura believes the deal could drive HP into a tighter relationship with Microsoft as Oracle tries to work through the massive acquisition. "In the midterm, I think it [will be] a big bloody mess," he said of the deal. "I think HP is going to steer clear of Oracle."