Putting a burr under HP's Opsware saddle, BMC Software is buying BladeLogic, the server automation company, for a pricey $800 million less BladeLogic's cash on hand.

It plans to tender for BladeLogic's stock starting next week probably and pay $28 a share, roughly a 19% premium.

BladeLogic indicated that BMC won its hand over rival suitors who appeared at its doorstep after BMC proposed but did not name names.

Rumors had named both BMC and VMware. VMware also lost Opsware.

BMC, which was rebuffed initially, said it's buying the company for its "significant, high-growth revenue stream" and industry projections that $140 billion will be spent worldwide this year running data centers.

BladeLogic, which only went public last summer, did $21.5 million in its last quarter, up from $24.6 million in all of fiscal '06 and is expected to clear $90 million this year. BMC calls it the "fastest growing company in the fastest growing segment of IT management software."

Customers include Wal-Mart, AT&T, the United States Air Force and Merrill Lynch.

BMC figures "automation is the only way IT can bring this spending under control." It claims the merger will make it into the new IT service automation leader and promises clients of a combined BMC-BladeLogic solution a 90% improvement in IT operational efficiency in 90 days.

Needless to say, BMC and BladeLogic's portfolios are already integrated.

Together with BMC's acquisition of RealOps and Emprisa Networks last year, BladeLogic will let BMC compete against HP and its $1.7 billion Opsware acquisition.

BMC expects the acquisition to dilute its fiscal 2009 non-GAAP earnings by about a dime and said it would write down deferred revenues and charge off one-time integration and retention expenses. The acquisition would be accretive in fiscal 2010.

Besides HP, IBM and CA are automation players.