HP has announced a definitive agreement to acquire Apogee Corporation. 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 of 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.”
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 partnerwith access to the same tools and partner programs.