HP makes Australian buy
- 30 March, 2008 23:00
Hewlett-Packard is to acquire Tower Software, an Australian document and records management software vendor which has clients in New Zealand. HP is offering $A3.39 (NZ$4.29) per share for Tower, whose local customers include Hutt City Council and Wanganui District Council. Tower’s three major shareholders, which include private equity firm Quadrant, have agreed to sell.
Quadrant bought a 63% stake in Tower in February 2007 and became embroiled in a controversy, with Tower’s original investors — senior management and Pendant Properties — going to Federal Court in Australia in a dispute over ownership of the company.
In a statement today, HP said “the acquisition of Tower will add electronic records management to HP Software’s existing e-discovery and compliance capabilities in information collection and retention.
“This includes both records management and identification, which have become increasingly important for organisations, due to rules and regulations such as the Federal Rules of Civil Procedure, the Sarbanes-Oxley Act and the Data Protection and Freedom of Information Acts.”
HP was a Tower partner before the buy, with Tower’s Tower TRIM Context integrated with HP’s Integrated Archive Platform.