Both companies have been aggressively building their cloud portfolios over the past several years. Earlier this year, IBM pledged $1.2 billion to building out its cloud middleware portfolio.
The brand and architecture unification is a good move for HP, said Forrester principal analyst Bill Martorelli.
"The idea of a unifying brand is a step forward," he said. HP has been seriously invested in serving the cloud market for well over two years now, he noted. The company has expertise in serving the private and enterprise cloud markets, which could give it an advantage in that space over commodity services such as Amazon's.
"There's still opportunities in the private cloud," Martorelli said.