HP Advances Printing Strategy with Apogee Transaction
01 August 2018 - 2:00PM
HP Inc. (NYSE:HPQ) today announced a definitive agreement to
acquire Apogee Corporation, a U.K. based office equipment dealer
(OED) and Europe’s largest independent provider of print,
outsourced services, and document and process technology. The
transaction values Apogee as of closing at £380M.
This acquisition furthers HP’s plan to disrupt the $55 billion
A3 copier market and builds on its printing strategy to: enhance
its A3 and A4 product portfolio; build differentiated solutions and
tools to expand its Managed Print Services (MPS); and invest in its
direct and indirect go-to-market (GTM) capabilities. This includes
the selective acquisition of OEDs that provide access to increased
profit pools from higher margin services.
“The Apogee acquisition extends HP’s print leadership by boldly
leveraging the industry shift to contractual sales as we
aggressively pursue the A3 office market,” said Enrique Lores,
President, HP Imaging and Print. “We’re augmenting our go-to-market
and enhancing our ability to deliver the services necessary to win
in the profitable contractual market. This deal complements our
broader channel strategy and HP remains committed to building our
business through our best-in-class partner program.”
HP has been investing in the A3 business with strategic
initiatives including the acquisition of Samsung’s printer business
and the launch of a portfolio of superior A3 and A4 multi-function
printers based on unique IP and value-added services and solutions.
Today’s transaction expands HP’s services portfolio in contractual
office printing and MPS categories, where solutions are
increasingly important for small and medium businesses (SMBs).
Apogee is a profitable and progressive OED with a proven track
record of growth. The company brings strong capabilities in
contractual printing services and solutions, an experienced
leadership team and access to SMB and mid-market
customers.
The deal is expected to close by the end of calendar year 2018,
pending regulatory review and other customary closing
conditions.
Following the close, Apogee will operate as an independent
subsidiary of HP, with a governing board comprised of HP and Apogee
management. Apogee will have the same commercial relationship with
HP as any other premium partner with access to the same tools
and partner programs.
For more information on the transaction, please visit HP’s
investor relations site.
About HP Inc.HP Inc. creates technology that makes life better
for everyone, everywhere. Through our portfolio of printers, PCs,
mobile devices, solutions, and services, we engineer experiences
that amaze. More information about HP (NYSE:HPQ) is available at
www.hp.com.
Forward-Looking StatementsThis document contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
involve risks, uncertainties and assumptions. If such risks or
uncertainties materialize or such assumptions prove incorrect, the
results of HP Inc. (“HP”) and its consolidated subsidiaries could
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