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| PALO ALTO, Calif.--HP (NYSE:HPQ) today announced that it has signed a definitive agreement to acquire SPI Dynamics, Inc., a leading provider of web application security assessment software and services, to further strengthen its leadership in the IT application quality management market.
Application quality management ensures that business systems, such as e-commerce websites or financial and supply chain applications, function well without any performance issues. SPI Dynamics technology, which is already integrated with HP Quality Center software, enables customers to assess and identify security vulnerabilities along the entire lifecycle of web applications – from development, quality assurance and deployment. Customers can also use SPI Dynamics software to validate application security and quality after deployment and to meet auditing and compliance requirements, such as Sarbanes-Oxley. Failure to test and remediate security defects or vulnerabilities before a business application goes into production leaves confidential information within a business-critical application at risk for security attacks and misuse. “The number of vulnerabilities to business-critical applications has gone up exponentially with the rise of web-based applications,” said Jonathan Rende, vice president of products, Quality Management Software, Software, HP. “Today, HP Software provides solutions that ensure that business applications run well. Now with the addition of SPI Dynamics, we can make sure it is also secure.” Headquartered in Atlanta, privately-held SPI Dynamics has 140 employees and serves more than 1,000 customers in the federal government, financial services and healthcare industries, including HP. “The combination of HP and SPI Dynamics will allow us to scale and provide our customers with the industry’s most comprehensive application quality, performance and security assessment solutions,” said Brian Cohen, chief executive officer, SPI Dynamics. “For more than five years we have partnered with HP, so I am very pleased to be joining forces to better serve our customers and partners.” Financial terms of the transaction were not disclosed. The acquisition is subject to certain closing conditions and is expected to close in the third quarter of calendar year 2007. Following completion, the business will be integrated into the Software unit within HP’s Technology Solutions Group. About S.P.I. Dynamics, Inc. SPI Dynamics' comprehensive suite of products and services identify and remediate web application and web services security vulnerabilities throughout the application development lifecycle. These award-winning solutions enable security professionals, QA testers and developers to work together to verify compliance with 22 security policies such as SOX, HIPAA and PCI. SPI Dynamics has more than 1,000 application security testing customers worldwide. More information is available at www.spidynamics.com or +1 866 774 2700. About HP HP focuses on simplifying technology experiences for all of its customers – from individual consumers to the largest businesses. With a portfolio that spans printing, personal computing, software, services and IT infrastructure, HP is among the world’s largest IT companies, with revenue totaling $97.1 billion for the four fiscal quarters ended April 30, 2007. More information about HP is available at www.hp.com. Note to editors: More news from HP, including links to RSS feeds, is available at www.hp.com/hpinfo/newsroom/. This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could 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 benefits and costs of the transaction; management plans relating to the transaction; the expected timing of the completion of the transaction; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; risks related to the timing or ultimate completion of the transaction; and other risks that are described in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2007 and HP’s other filings with the Securities and Exchange Commission, including but not limited to HP’s Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2006. HP assumes no obligation and does not intend to update these forward-looking statements. © 2007 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.
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