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HP acquires EDS for $13.9 billion
CCT Staff
May 13, 2008
Palo Alto-based Hewlett-Packard today announced a definitive agreement to purchase Texas-based Electronic Data Systems for $13.9 billion, in a deal that could bolster the high-tech giant's efforts to compete with IBM in the fast-growing market for technology consulting services. The acquisition will more than double HP's business providing services to corporate and government clients, according to CEO Mark Hurd, who said it will make HP "a leading force in the global IT industry." The acquisition, which has been approved by the boards of both companies, is HP's biggest since it bought Compaq for nearly $20 billion in 2002 - and the largest such deal since Hurd took the helm at HP in 2006.
Redwood City-based software company Oracle said adminiistration software provider AdminServer. Financial details of the deal was not disclosed, and is expected to close in the first half of this year. The AdminServer will become a unit of Oracle. Shares of Oracle were up two cents to $21.53 in mid-morning trading.
San Ramon-based software outsourcing service provider Achievo has opened two new offices in Frankfurt and Wolfsburg, Germany, that offer increased proximity and customer service capability for Achievo's interests in Europe.
Cupertino-based Apple said programming from HBO is now available for purchase and download on the iTunes Store. New HBO programs on iTunes include "The Sopranos," "Sex and the City," "Deadwood" and "Rome," as well "Flight of the Conchords" and "The Wire." Cost is from $1.99 to $2.99 per episode.
Cremation-service company the Trident Society has opened new business offices in San Mateo and Alameda. The San Mateo office is at 1108 So. El Camino Real, and the Alameda branch is at 1921 Clement Avenue. Other current locations in the Bay Area include San Jose and Walnut Creek.
South San Francisco-investor MPM Capital said it has made a $20 million investment in Sai Advantium Pharma, a leading chemistry-driven drug discovery and development service company headquartered in India.
Compiled from staff and wire report. Got Bay Area business news? Reach Drew Voros at 925-943-8099 or dvoros@bayareanewsgroup.com .
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