RealTime IT News

HP Invests in Launchworks

Calgary-based Launchworks, which also has offices in Vancouver-B.C. and Toronto, recently received an equity investment from Hewlett-Packard.

HP apparently is interested in working closely with the VC company to help build globally competitive software technology companies throughout Canada.

As part of the agreement, HP will become a strategic technology provider to Launchworks and its investment companies.

In turn, HP intends to leverage Launchworks' investment qualification program and create a streamlined process for portfolio companies to access the HP Garage Program and other programs designed specifically to assist businesses in early-stage development.

According to HP Canada President & CEO Paul Tsaparis, HP's relationship with Launchworks will afford HP immediate entry into a dynamic and rapidly growing nationwide network of Canadian entrepreneurs.

"By bringing to the table our experience, start-up programs and solutions, we believe we can significantly contribute to the overall growth of Launchworks and its investment companies to our mutual benefit," says Tsaparis.