HP buys Palm for $1.2 Billion

HP said on Wednesday that it had entered into an agreement to purchase Palm for $1.2 Billion.

In a press release issued by HP, the company said the acquisition would allow HP to "participate more aggressively in the fast-growing, highly profitable smartphone and connected mobile device markets." HP plans to take advantage of WebOS by using the multitasking features and always up-to-date information sharing across applications.

“Palm’s innovative operating system provides an ideal platform to expand HP’s mobility strategy and create a unique HP experience spanning multiple mobile connected devices,” said Todd Bradley, executive vice president, Personal Systems Group, HP. “And, Palm possesses significant IP assets and has a highly skilled team. The smartphone market is large, profitable and rapidly growing, and companies that can provide an integrated device and experience command a higher share. Advances in mobility are offering significant opportunities, and HP intends to be a leader in this market.”

Palm’s current chairman and CEO, Jon Rubinstein, is expected to remain with the company. More details about the acquisition will be revealed during a conference call .

 

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