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HP Completes Acquisition of Bluestone Software


Hewlett-Packard Company (NYSE: HWP) today announced the completion of its acquisition of Bluestone Software, Inc., Philadelphia, Pa., in a stock-for-stock merger. The deal was approved Jan. 17 by Bluestone's stockholders who will receive 0.4866 shares of HP common stock for each share of Bluestone common stock.

Bluestone is a leading provider of B2B, B2C and wireless open platform solutions helping customers develop, integrate, deploy and manage open systems applications for services-based computing to support trading communities and mobile transactions and devices. The Bluestone acquisition expands the HP Internet software portfolio by adding J2EE-XML-based application servers and tools to the HP core software mix.

Bluestone software will become the point of integration for HP's current Internet software offerings, which include integrated service management software, security software, Internet service tracking and billing, and e-services integration software, among others. HP Consulting will provide implementation and integration services in support of the Bluestone technologies.

"This is a dynamic new direction for HP software and will change the future for many of our customers," said Bill Russell, vice president and general manager, HP Software Solutions Organization. "The integrated organization will be nimble, limber and quick to respond to marketplace conditions."

"We are eager to move forward implementing new business strategies within the HP Software Solutions Organization in order to deliver our next-generation software infrastructure," said P. Kevin Kilroy, former chairman and CEO of Bluestone Software, who today becomes vice president and general manager, HP Middleware Division. "Together we have developed a number of objectives to integrate Bluestone into the HP family, which we expect to be completed on a timely basis."

About HP

Hewlett-Packard Company -- a leading global provider of computing and imaging solutions and services -- is focused on making technology and its benefits accessible to individuals and businesses through simple appliances, useful e-services and an Internet infrastructure that's always on.

HP has 88,500 employees worldwide and had total revenue from continuing operations of $48.8 billion in its 2000 fiscal year. Information about HP and its products can be found on the World Wide Web at http://www.hp.com.


This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include the ability of HP to retain and motivate key employees; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; the difficulty of keeping expense growth at modest levels while increasing revenues; 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 year ended Oct. 31, 1999, and subsequently filed reports. HP does not intend to update these forward-looking statements.

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