Network Computing is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

HP to Acquire Tower Software

HP has entered into a pre-bid agreement to buy Australian records management specialist Tower Software in an attempt to bulk up its e-discovery business.

"With the acquisition of Tower Software, we will add records management capability to our compliance archiving solutions," said Robin Purohit, vice president of HP's information management software division, on a conference call last night.

The exec explained that HP is offering 3.39 Australian dollars ($3.08) per share, although he did not disclose the total value of the transaction.

"We expect that the shareholders will accept in Q2 and we will close in Q4," he added. "This offer has the unanimous support of the [Tower] board and the three largest Tower shareholders."

Tower, which started life as a paper records management company in the '80s, is now heavily involved in e-discovery software, touting its flagship TRIM Context software as a way for users to meet the demands of Sarbanes Oxley, HIPPA, and the Federal Rules of Civil Procedure (FRCP).

  • 1