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HP to Expand Services Portfolio with Acquisition of Triaton

Purchase to accelerate services growth strategy and expand Adaptive Enterprise delivery capability in Europe
BOEBLINGEN, Germany, Feb. 23, 2004

HP today announced it has signed an agreement to acquire Triaton GmbH (with subsidiaries in Singapore, China and Brazil), Triaton France SAS and Triaton N.A, Inc (USA). The Triaton companies provide information technology services and are wholly owned subsidiaries of the ThyssenKrupp Group. The acquisition, once completed, will extend HP's offering in the services market in Germany and globally, and will strengthen its overall market presence in services.

Triaton is one of Germany's largest independent IT services providers, originally created as a spinoff of ThyssenKrupp Group. Triaton provides applications services, hosting services and onsite services with revenues of approximately €370 million. Its acquisition by HP is subject to regulatory clearance.

The addition of Triaton's competencies will give HP additional capacity to deliver its Adaptive Enterprise offerings, designed to help customers utilize information technology to drive business agility. Customers will benefit from added managed services, customer support and consulting and integration capabilities. The agreement extends HP's reach into specific vertical industries, including the manufacturing (steel/metals, chemicals/ pharmaceuticals/healthcare) and automotive sectors. Triaton also has strong capabilities in SAP hosting services.

"Triaton and ThyssenKrupp will benefit from HP's broad portfolio of products and services as a technology leader and a global IT solutions provider," said Professor Dr. Ekkehard Schulz, chairman of the executive board, ThyssenKrupp AG.

"This acquisition will allow us to accelerate our growth strategy in the German market and beyond. Together we will help customers realize measurable business value from their IT investments," said Francesco Serafini, senior vice president and general manager, HP Services in Europe, Middle East and Africa. "In addition, we are pleased to reinforce our strategic relationship with ThyssenKrupp as a preferred IT services provider."

About HP

HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. For the last four fiscal quarters, HP revenue totaled $74.7 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, that, if they were to materialize or prove incorrect, could cause the results or HP and its consolidated subsidiaries to 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 but not limited to statements related to the closing of the proposed acquisitions; statements of the plans, strategies and objectives of management for future availability or functionality of services; and statements relating to the execution of integration plans. The risks, uncertainties and assumptions referred to above include the possibility that the proposed acquisitions may not be completed on the terms, or within the timeframe, currently contemplated or at all; that the intended application of, and market for, these services may not develop as expected; employee management issues; the challenges of integrating these companies into HP; the challenges of maintaining customers following the acquisitions; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2003, and reports filed after the Form 10-K. HP assumes no obligation and does not intend to update these forward-looking statements.

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