HP Bolsters Managed Print Services Offering with Acquisition of Printelligent
PALO ALTO, Calif., May 24, 2011 (BUSINESS WIRE) --
HP (NYSE:HPQ) today announced that it has signed a definitive agreement to acquire substantially all of the assets of Printelligent, a closely held provider of managed print services (MPS). Financial terms of the deal were not disclosed.
The infrastructure, software and trained workforce of Printelligent, combined with HP's channel relationships, experience and broad base of services and solutions will strengthen HP's leadership in MPS. This acquisition, combined with HP's current assets, also will help HP's channel partners extend their customer relationships while recognizing new revenue streams.
The greatest opportunity for MPS worldwide will be in midsize companies, with five-year projected compound annual growth rates of 14 to 23 percent (100 - 499 and 500 - 999 employee companies) according to Angele Boyd, vice president and general manager, Imaging/Printing Document Solutions and SMB Group, IDC.(1)
HP's acquisition of Printelligent is part of the company's effort to optimize the traditional technology environments that its customers depend on and deliver a connected world - from the customer to the enterprise.
"As a market leader in Managed Print Services, this acquisition puts us even further ahead by strengthening our ability to deliver services and solutions through our channel partners to SMB customers," said Vyomesh Joshi, executive vice president, Imaging and Printing Group, HP. "We're reinforcing our commitment to our channel partners by bringing them a level of technology and experience that is unprecedented in the industry."
"Printelligent built an industry-leading managed print offering over the past 23 years," said Rob Wellman, chief executive officer, Printelligent. "With HP's strength, this offering will continue to grow, and channel partners will deliver an unparalleled solution to help customers better manage their print environments."
Upon completion of the acquisition, Printelligent's assets will be integrated into the LaserJet and Enterprise Solutions unit within the Imaging and Printing Group of HP. The acquisition is subject to customary closing conditions and is expected to close in the company's fiscal third quarter.
Printelligent is a national managed print provider with regional offices and badged employees across the United States. Headquartered in Salt Lake City, Utah, and in business since 1988, Printelligent was a pioneer in the managed print industry and the first provider to offer a total Managed Print Solution in early 1993.
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world's largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure at the convergence of the cloud and connectivity, creating seamless, secure, context-aware experiences for a connected world. More information about HP is available at http:// www.hp.com .
(1) "Worldwide U.S. and Outsourced Print and Document Services, 2010-2014 Forecast and Analysis," Angele Boyd and Michael Orasin, IDC, September 2010.
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including the expected benefits and costs of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; risks related to the timing or ultimate completion of the transaction; and other risks that are described in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2011 and HP's other filings with the Securities and Exchange Commission, including but not limited to HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2010. HP assumes no obligation and does not intend to update these forward-looking statements.
© 2011 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. HP shall not be liable for technical or editorial errors or omissions contained herein.
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