HP Makes Strategic Services Acquisition in New Zealand
AUCKLAND, 7 September, 2005
HP New Zealand today announced that it has signed an agreement to acquire
substantially all of the assets of privately owned CGNZ Ltd and two related
entities - a move that will position HP as a market leader in business
and IT consulting in New Zealand. The purchase price was not disclosed.
In addition to bringing high-end business consulting expertise to the
HP Services' offering in New Zealand, CGNZ also adds a highly regarded
enterprise resource planning practice to HP, as well as strength in a
number of industry sectors, including energy and utilities, health, manufacturing,
and central and local government.
"This acquisition strengthens our ability to translate business
issues into IT solutions for customers and will create a major consulting
group in this market," said Keith Watson, managing director, HP New
Zealand. "CGNZ's business consulting services offer a complementary
set of skills to round out our service offering, thus strengthening our
ability to understand and deliver on the core business issues of our customers."
Alan Sinclair, chief executive officer and director, CGNZ Ltd, said,
"Bringing our two businesses together creates a market leader in
business and IT consulting and delivers a wealth of opportunities for
both customers and staff. With HP, we will have one of the broadest ranges
of skills and experience in New Zealand and the ability to offer customers
the most comprehensive portfolio of service and technology offerings in
the local market."
The transaction is subject to certain closing conditions and is expected
to be completed within approximately 30 days. Following completion, the
business acquired from CGNZ will be fully integrated into HP Services'
Consulting and Integration unit.
CGNZ is an independent consulting company with 180 staff in Auckland
and Wellington. The company provides business strategy and transformation
management services, implementation and support capabilities for all the
major ERPs and technology services including architecture, BI, mobility
and software development.
HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended July 31, 2005, HP revenue totaled $85.2 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.
This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they ever materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to 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 development, performance or rankings of products or services; statements of expectation or belief; and any statement of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the development, performance and market acceptance of products and services and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to HP's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2005, and other reports filed after HP's Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2004. HP assumes no obligation and does not intend to update these forward-looking statements.