HP Sells Palm OS to LG Electronics
Published on: 26th Feb 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
Hewlett Packard (HP) has sold the remaining assets of the Palm webOS operating system technology to LG Electronics who plan to use it to support their Smart TV technology.
As part of the transaction, LG also will receive licenses under HP's intellectual property (IP) for use with its webOS products, including patents acquired from Palm covering fundamental operating system and user interface technologies now in broad use across the industry.
The remaining webOS staff will be integrated into a larger LG R&D facility also based in Silicon Valley.
Under the terms of the agreement, LG will assume stewardship of the open source projects of Open WebOS and Enyo, while HP will retain ownership of all of Palm's cloud computing assets, including source code, talent, infrastructure and contracts.
HP will continue to support Palm users.
HP and LG do not expect this transaction to have a material impact on either company's financial statements and financial terms were not disclosed.
HP had already written off most of its USD1.2 billion investment in Palm.