HP has sold off elements of its customer experience content management business to OpenText, a Canadian firm specialising in enterprise content management, for around $170m (£118m).
The sale includes a variety of products including HP TeamSite, a web content management tool, HP Qfiniti, a workforce optimisation solution for business contact centres, HP Hub, a rich media management and analytics suite, and a number of other units.
According to OpenText, it expects these assets to generation between $85m and $95m in the first year, which means the company could have paid off the purchase within the first two years. The deal with HP certainly looks like a bargain in the context of Sitecore's recent sale of its content management business, which was bought by a private equity firm for over $1bn.
"The divestiture is consistent with our plan to streamline operations and focus on our core, growth, and future strategic framework," said Enrique Lores, president of HP's imaging and printing business. "This set of software assets has limited synergies with the rest of our personal systems and print businesses and is a stronger complement for OpenText."
HP split its operations last year, with HP holding on to the print and personal computing businesses and Hewlett Packard Enterprise (HPE) taking the company’s enterprise technology infrastructure, software and services units. The elements sold to OpenText were more suited to the HPE side of the business, suggesting that plans were already in place last year to sell them off.
Also included in the sale was HP Aurasma, the company's augmented reality business, which doesn't necessarily match with the other software sold. It's not clear if OpenText has plans to embrace the enterprise applications of AR, or if Aurasma will be sold off again or quietly shuttered.