HP (Hewlett Packard) has announced that it has signed a pre-bid agreement with TOWER Software to acquire the Australian Enterprise Content Management (ECM) vendor. TOWER Software’s strength lies in its Document and Records Management (DRM) capabilities, although with the addition of Web Content Management (WCM) it has moved further into the ECM space, despite lacking some functions that the larger ECM vendors have added to their portfolios. The acquisition, which is expected to close in the second quarter of 2008, will be conducted via an off-market bid for all the outstanding shares of TOWER Software. The board of directors of TOWER Software have unanimously approved the transaction and the three largest shareholders have stated they intend to accept the offer in the absence of a higher third party offer. Between them, these three shareholders own more than 90% of the shares.

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