April 9, 2008 - HP signed a pre-bid agreement with TOWER Software to acquire the Australian Enterprise Content Management (ECM) vendor.
TOWER Software is known for its strength in Document and Records Management (DRM) capabilities.
The acquisition, which is expected to close in the second quarter of 2008, will be conducted via an off-market bid for all the outstanding shares of TOWER Software. The board of directors of TOWER Software unanimously approved the transaction and the three largest shareholders have stated they intend to accept the offer in the absence of a higher third party offer.
TOWER Softwares TRIM Context already forms part of HPs Integrated Archive Platform (IAP), formerly branded as RISS. The acquisition of an ECM vendor will remedy an identified shortfall in HPs portfolio.
TOWER Softwares capabilities would be extended through the addition of HPs discovery and compliance capabilities in information collection and retention with the acquisition.
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