PALO ALTO, California (

TheStreet

) --

Hewlett-Packard

(HPQ) - Get Report

is buying privately-held

Fortify Software

in an attempt to bolster its application security story.

The computer and server maker, which

reports its third-quarter results later this week

, is acquiring the application security specialist for an undisclosed fee.

In a statement, HP explained that upon the deal's closure, Fortify will initially operate as a standalone business targeting the security space. Over time, however, the company will be integrated into HP's aoftware and solutions business. Fortify's products will eventually become part of HP's applications for business technology optimization.

The likes of

Symantec

(SYMC) - Get Report

and

McAfee

( MFE) have much greater visibility in the security market than HP, although the hardware giant is attempting to ramp up its security story.

Security expertise has already been

cited as a chink in HP's armor

, particularly at a time when tech firms are looking to offer a bundle of systems, security and services.

Websense

(WBSN)

and

SonicWALL

have also been touted as potential acquisition targets.

HP is not the only company on a security tear. Rival

IBM

(IBM) - Get Report

recently opened its wallet,

snapping up

PC security specialist

BigFix

.

Shares of HP, which recently parted company with CEO Mark Hurd, rose 36 cents, or 0.89%, to $40.90 in pre-market trading.

-- Reported by James Rogers in New York

Follow James Rogers on

Twitter.