Canberra IT company Tower Software have signed an agreement to become part of Hewlett-Packard.
The document and records management software firm signed a pre-purchase agreement with HP today, and will become part of the global company in the middle of 2008 subject to the final agreement of shareholders.
It's almost certain to be given the nod: the three largest shareholders are founder Brand Hoff, chief executive Martin Harwood and Quadrant Private Equity. The three control more than 90 percent of Tower shares.
They have already formally advised the company they intend to accept HP's offer in the absence of a higher third-party offer.
The deal, which will give HP extended electronic records management capabiilties, has already been approved by the board of directors.
Mr Hoff said the acquisition marked a new era for Tower customers.
“When I founded Tower more than 20 years ago, we set out to develop the world’s best records and document management software," he said.
"By joining forces with HP – one of the world’s largest technology companies – we expect to take TRIM Context to the broader global market.”
“This will mark a new era for Tower’s customers, employees and partners. I am pleased to fully support this transaction."
Tower was started by Brand and Peta Hoff in 1985 and now employs 220 people worldwide.
Its flagship TRIM Context software product is widely used in the ACT Public Service.
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