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HP Completes $1.2 Billion Palm Purchase

Computer giant Hewlett-Packard has completed the $1.2 billion acquisition of smartphone maker Palm.

HP has also confirmed that it will be using Palm's WebOS in future tablet devices.

In a statement on its website , HP said: "Palm will be responsible for WebOS software development and WebOS-based hardware products, from a robust smartphone roadmap to future slate PCs and netbooks."

HP plans to enrich Palm's existing product portfolio by integrating it with new technology., such as Melodeo, the online music streaming service recently acquired by HP, that can be used to stream music to any internet enabled mobile device.

Jon Rubinstein, the CEO of Palm, will be heading the development of Palm's smartphone division and new products based on webOS, such as netbooks and tablet devices.

He said: "With HP’s full backing and global strengths, I’m confident that webOS will be able to reach its full potential. This agreement will accelerate the development of this incredible platform with new resources, scale and support from a world-respected brand.”