HP Buys Bitfone

Palo Alto-based HP said today that it has signed a definitive agreement to acquire Laguna Nigel-based Bitfone, a provider of software for mobile updating of wireless phones. Financial terms of the acquisition were not disclosed. HP said that the acquisition is part of its strategy to grow its mobile enterprise business. Bitfone will become part of HP's Handheld Business Unit. Bitfone currently employs 134, and has received more than $66M in venture capital funding from 3i Ventures, CIR Ventures, Flextronics, IncubASIA, KTB Ventures, Motorola, Nexit Ventures, Nokia Venture Partners, Orange Ventures, Prism Venture Partners, and St. Paul Venture Capital. The acquisition is expected to be closed by February 2007.