DAVOS, Switzerland ( TheStreet) -- Dell ( DELL) CEO Michael Dell believes that rival Hewlett-Packard ( HPQ) overpaid when it spent $2.35 billion to acquire 3Par last year. Speaking in an interview with Bloomberg at the World Economic Forum, Dell explained why his company exited last summer's bidding war with HP over 3Par. ""We showed a good discipline and didn't take an emotional decision," he said. HP paid "way too much" for 3Par, added the CEO, who compared the deal to the $960 million Dell paid for storage firm Compellent ( CML) in December.
Michael Dell believes that HP paid too much for storage specialist 3Par.
Dell also confirmed that his company has more M&A up its sleeve. "We are looking at more acquisition opportunities in software, data centers, cloud computing, storage and virtualization," he said. There has already been speculation that NetApp ( NTAP) could make an attractive target for Dell, although, with a market cap of more than $19 billion, the storage maker would not come cheap. Other storage companies cited as a good fit include publicly traded CommVault ( CVLT) and Falconstor ( FALC), as well as privately-held DataDirect, BlueArc and Xiotech. Data networking company Brocade ( BRCD) has also been cited as a potential target. Technologies such as virtualization, data center gear and cloud computing are all expected to be big winners in 2011, boosted by healthy enterprise IT spending. Dell admitted that certain companies' valuations have risen dramatically recently, according to Bloomberg. "There's a fairly striking disconnect between the valuation of established tech companies and the newly-emerging ones," he said. "The market will figure it out." Dell shares rose 17 cents, or 1.24%, to $13.90 on Wednesday as the Nasdaq gained 0.09%. HP declined to provide comment for this story. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org.