"Melodeo is one of the only companies which possess the technology to aggregate a consumers digital media, manage it in the cloud and stream it to the user on any device, along with additional streams of content," said HP spokeswoman Mylene Mangalindan in a statement. "While it is premature for us to unveil specific plans as it relates to Melodeo, we expect to use this technology to deliver digital content across multiple devices and platforms."

Melodeo's Killer App: Effin Genius

"Pandora on steroids" is how Melodeo's Dave Dederer recently described the company's Effin Genius iPhone app.

"It looks at all of the music files and playlists on your iPhone or iPod and then uses our own proprietary collaborative filter to generate new playlists based on the music you already have," said Dederer, a former member of the indie rockers Presidents of the United States of America. Melodeo also has also developed custom mobile apps for bands and music oriented games.