The big news breaks and it was irresistible for me to keep away from not posting it. HP is set to purchase the smartphone manufacturer, Palm for $1.2 billion. A good news for all its fans after the manufacturer has taken one hit after another over time.
The fight will continue to strive to make the Palm OS survive the challenges put forth by the likes of Apple, Android, Nokia’s Symbian and the Windows Mobile, which have evolved rapidly with time. Palm’s webOS has not quite been able to surface high in the ranks and has continued to take a hit over time. HP on the other hand would add power in terms of its massive presence in the industry and bulk of finances to promote and more importantly improve of what remains of the Palm. Palm on the other hand would provide HP the right ingredients to invest in its mobile strategy, building on Palm’s unique OS.
HP’s Executive Vice President, Todd Bradley stated:
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.
The transaction will close on July 31, 2010 and each of the shareholders of Palm stocks would get $5.70 for each stock they have in Palms. The deal is a merger and most probably Palms existing workforce would now become a part of HP’s. Jon Rubinstein will continue to be Palm’s CEO.
5 Trackbacks / Pingbacks for this entry:
[...] resources say it’s a pure rumor and the HP will definitely be launching the gadget soon and its acquisition of Palm earlier for $1.2 Billion is quite an indication why it would as it gives them hold of the webOS another option for the OS [...]
[...] year HP was creating ripples across the globe with the acquisition of Palm, and Palm earlier hiring an ex Apple employee. Everyone highly anticipated Palm’s WebOS to change [...]
[...] year HP was creating ripples across the globe with the acquisition of Palm, and Palm earlier hiring an ex Apple employee. Everyone highly anticipated Palm’s WebOS to change [...]
[...] year HP was creating ripples across the globe with the acquisition of Palm, and Palm earlier hiring an ex Apple employee. Everyone highly anticipated Palm’s WebOS to change [...]
[...] year HP was creating ripples across the globe with the acquisition of Palm, and Palm earlier hiring an ex Apple employee. Every person highly anticipated Palm’s WebOS to [...]