HP Acquires Retail Photo Solutions Provider Silverwire
HP today announced it has signed a definitive agreement to acquire Silverwire Holding AG, a commercial digital photography solutions and software provider with a strong presence in the retail photo market.
Headquartered in Zug, Switzerland, Silverwire currently has more than 23,000 photo kiosk licenses and has customers in 30 countries.
Financial terms of the transaction were not disclosed.
In the retail photo printing market specifically, Silverwire’s software serves as the “connector” of the photo center, linking a retailer’s photo assets or equipment to allow for a more efficient workflow.
The acquisition furthers HP’s strategy to extend its core printing competencies into new markets such as retail photo printing and services. Furthermore, it will enable HP to offer retailers a more efficient photo center with expanded remote management and networking capabilities and a more seamless experience for their customers.
“We expect that this acquisition will allow HP to compete more vigorously in the retail photo printing market and position us to become a leading provider of digital integration services worldwide,” said Vyomesh Joshi, executive vice president, Imaging and Printing Group, HP. “Silverwire’s established retail photo integration capabilities and existing customer and channel relationships will broaden the scope of digital photography solutions that HP can bring to market.”
The transaction is subject to certain closing conditions and is expected to be completed by the end of September 2006. Following completion, the business will be integrated into the Retail Photo Solutions Group within the Imaging and Printing Group at HP.
HP is a technology solutions provider to consumers, businesses and institutions globally. The company’s offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended April 30, 2006, HP revenue totaled $88.9 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.
This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions. If such risks or uncertainties ever 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 expected benefits of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; 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 from time to time in HP’s Securities and Exchange Commission reports, including but not limited to the risks described in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended Jan. 31, 2006, and other reports filed after HP’s Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2005. HP assumes no obligation and does not intend to update these forward-looking statements.
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