Virtual machines having a high amount of identical memory pages are grouped under a common hypervisor to enable greater memory savings as the result of transparent page sharing. One embodiment provides a computer program product including computer usable program code for performing a method that comprises analyzing the software image content of a plurality of virtual machines running on a plurality of hypervisors in a common migration domain, identifying two or more of the virtual machines having greater than a threshold amount of common memory pages, placing the two or more virtual machines under a common hypervisor, and sharing the common memory pages among the two or more virtual machines. Optionally, the identifying of two or more of the virtual machines may include identifying two or more of the virtual machines having the same software image content classifications; thereby, identifying images with a greater affinity for common memory pages.