Hewlett-Packard and Foxconn have teamed up for a joint venture to create cloud-optimized servers targeted at service providers.

With companies like Google, Facebook, and Amazon in their crosshairs, HP and Foxconn are hoping their low total cost of ownership, scale, and service and support will be enough to entice big-name providers.

“Cloud computing is radically changing the entire supply chain for the server market,” Foxconn chairman Terry Gou said in a statement. “In partnership with HP’s server leadership, we are embracing this new opportunity to change the industry, capture growth in this emerging market, and deliver end-to-end value as we expand our global leadership in design and manufacturing.”

The new product line, which aims to help service providers cut costs, will complement HP’s existing ProLiant server portfolio, which includes Moonshot.

“This partnership reflects business model innovation in our server business, where the high-volume design and manufacturing expertise from Foxconn, combined with the computer and service leadership of HP, will enable us to deliver a game-changing offering in infrastructure economics,” HP CEO Meg Whitman said in a statement.

Re/code suggested(Opens in a new window) that the partnership may also look to snag Whitman’s former employer, eBay, as well as financial institutions like Morgan Stanley and JPMorgan.

Financial details of the agreement were not disclosed. Pricing and availability will be announced at a later date.

For more, see What Is Cloud Computing?