Technology leader Hewlett Packard (HP) has officially announced the acquisition of Samsung’s printer business.
Though news reports had hinted HP’s take over last week, it was uncertain till today when HP announced the deal valued at $1.05 billion. This provides an opportunity for HP to disrupt and innovate the 55 billion copier industry.
HP finds copiers in the market outdated and even complicated with dozens of replaceable parts. The world leader in printing aims to disrupt this category by replacing copiers with superior multifunction printer (MFP) technology.
“The acquisition of Samsung’s printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers,” said Dion Weisler, president and CEO of HP.
With the acquisition of Samsung’s printer business, HP will now get access to an incredible property portfolio of more than 6,500 printing patents.
Bringing the top-notch workforce that includes Samsung’s 1,300 researchers and engineers to its fold, HP is looking to bring sweeping innovations to laser printer technology and imaging electronics.
Samsung’s portfolio includes A3 MFPs that deliver the performance of copiers with as few as seven replaceable parts. HP will integrate Samsung’s printer products with its next-generation PageWide technologies that deliver fast, efficient and low-cost enterprise printers.
The transaction is expected to close within 12 months pending regulatory review.