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June 4, 2003

 
Palm Acquires Handspring

The boards of directors of Palm, Inc. (Nasdaq: PALM) and Handspring, Inc. (Nasdaq: HAND) today announced that they each have unanimously approved a definitive agreement for Palm to acquire Handspring to form a new, stronger market leader in mobile computing and communications. The Palm board also gave final approval for the spin-off of PalmSource, Inc.

The merged company will be led by Todd Bradley, Palm Solutions Group president and chief executive officer, who will continue as president and chief executive officer, and will be structured around two business units: handheld computing solutions, led by Ken Wirt, currently senior vice president, sales and marketing, for Palm Solutions; and smartphone solutions, to be led by Ed Colligan, current president and chief operating officer for Handspring. Jeff Hawkins, Handspring chairman and chief product officer, will become chief technology officer for the merged company.

"Palm and Handspring share a vision that handheld computers and smartphones have the potential to redefine the landscape of personal computing," said Donna Dubinsky, chief executive officer of Handspring. "This merger brings together the best teams in the industry, and strengthens us to realize this vision." Dubinsky will serve on the board of the merged company.

See the press release for full details.
posted by Kent 8:47 AM | |

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