Business | Technology
HP expands tech portfolio with $13.9 billion acquisition of EDS
HP announced that it has completed its acquisition of Electronic Data Systems Corporation (EDS), creating a leading force in technology services.
- Staff Report
- Published: 14:13 August 31, 2008
Dubai: HP announced that it has completed its acquisition of Electronic Data Systems Corporation (EDS), creating a leading force in technology services.
With this acquisition, initially announced on May 13 and valued at an enterprise value of approximately $13.9 billion, HP has one of the technology industry's broadest portfolios of products, services and end-to-end solutions. The combined offerings are focused on helping clients accelerate growth, mitigate risks and lower costs.
The acquisition is, by value, the largest in the IT services sector and the second largest in the technology industry, following HP's acquisition of Compaq, which closed in 2002. The companies' collective services businesses, as of the end of each company's 2007 fiscal year, had annual revenues of more than $38 billion and 210,000 employees, operating in more than 80 countries.
"This is a historic day for HP and EDS and for the clients we serve," said Mark Hurd, HP chairman and chief executive officer. "Independently, each company is a respected industry leader. Together, we are a global leader, with the capability to serve our clients – whatever their size, location or sector – with one of the most comprehensive and competitive portfolios in the industry."
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