Palm acquired by HP

PalmPalm has been saved, purchased by HP for $1.2 billion, which was a premium on the stock price. This is a good deal for both companies. Palm was in serious trouble, with its new Pre and Pixi smartphones not selling very well, and its stock price tanking. HP on the other hand did not have much of a mobile presence, as its last real mobile device, the iPaq has been floundering in the face of iPhones, Android phones, etc.

The other big opportunity for both companies will be the potential for Palm’s new mobile OS, called webOS, to appear on even more devices including ‘slates’ and netbooks.  Perhaps with HP’s much larger market reach and marketing budget, the webOS app market may stand a chance of taking off.

HP Press Release

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