April 24, 2007 04:01 PM, EST
HP to Acquire Logoworks, a Web-based Design Service Company for Small Businesses
PALO ALTO, Calif.--(BUSINESS WIRE)--HP (NYSE:HPQ) today announced it has signed a definitive agreement to acquire Arteis, a privately held company that operates Logoworks, a leading distributed web-based graphic design service provider.
HP plans to leverage Logoworks' technologies and services to provide small businesses with access to professional design solutions at a fraction of market cost. Supported by hundreds of graphic designers worldwide, Logoworks' affordable packages range from simple logo design to the development of a full suite of marketing collateral.
"Today's small businesses are increasingly turning to the web for marketing tools and services that strike a balance between affordability and quality," said Vyomesh Joshi, executive vice president, Imaging and Printing Group, HP. "By adding Logoworks' web-based graphic design service to our portfolio, HP can now provide the right mix of cost savings, flexibility and professional quality to help make a small business look big."
Arteis, based in American Fork, Utah, also owns LogoMaker, a do-it-yourself design application for customers with a more limited budget. HP plans to greatly expand and enhance both Logoworks (www.logoworks.com) and LogoMaker's (www.logomaker.com) simple-to-use web-based design services and use independent print service providers to help deliver a great value to customers.
The acquisition is subject to customary closing conditions and is expected to be completed in HP's third fiscal quarter. Financial terms of the transaction were not disclosed.
About HP
HP focuses on simplifying technology experiences for all of its customers – from individual consumers to the largest businesses. With a portfolio that spans printing, personal computing, software, services and IT infrastructure, HP is among the world's largest IT companies, with revenue totaling $94.1 billion for the four fiscal quarters ended Jan. 31, 2007. More information about HP is available at www.hp.com.
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This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including the expected benefits and costs of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; risks related to the timing or ultimate completion of the transaction; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to the risks described in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended Jan. 31, 2007. HP assumes no obligation and does not intend to update these forward-looking statements.
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