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NEW YORK (Reuters) – Hewlett-Packard Co had considered buying business code consort Tibco Software Inc until digit weeks ago when talks fizzled, digit sources old with the concern told Reuters.

The talks come as new minted HP honcho executive person Apotheker is expected to resort to acquisitions to beef up a code division that now meet accounts for inferior than 3 percent of revenue.

Tibco, which was spun off from Reuters in 1999 and whose mart capitalization is over $4 billion, had been employed with its daylong time financial authority nihilist Sachs to explore the opportunity, the sources said.

Tibco and nihilist Sachs declined to comment. A spokeswoman for HP was not directly reachable.

It was not country why the talks fell apart or if they module be resumed, though the tech colossus is currently scouring the business for other code targets, the sources said.

Tibco has been the subject of portable rumors for the time several years, still the consort has never disclosed that it has been in talks to delude itself.

Analysts feature the feat that has caused Tibco's have to more than threefold over the time assemblage has been fueled by stronger-than-expected income of its software, which forms the backbone of worldly business machine networks.

"They have been consistent in touch quarters and in delivering earnings growth," said Pacific Crest Securities analyst Nabil Elsheshai.

For HP, the see for code consort acquisitions has been pivotal to Apotheker's organisation to rejuvenate the legendary company.

Apotheker, a past SAP AG CEO, has titled code the "glue" of the posture technology giant's dealings and has said he wants to change HP's estimation for innovation - a estimation stemming from its primeval life as a founding father of Silicon Valley - and equip in investigate to galvanize growth.

HP's share toll has dwindled since past CEO Mark Hurd - a cost-cutter popular with shareholders -- left the company.

Apotheker is also low push to appease investors and fend off a aggregation of rivals ranging from Oracle Corp to IBM.

The centerpiece of his first strategy show in March to investors was a organisation to modify into the highly combative darken technology market, where services are hosted remotely in accumulation centers.

HP has spent $31 1000000000 on acquisitions since 2006, making much high-profile purchases as smartphone concern Palm and networking consort 3Com, and Wall Street analysts wait Apotheker to uphold that tradition while focusing on areas it lacks, including software.

(Additional reporting by Jim Finkle in Beantown and Edwin Chan in Los Angeles; redaction by Kenneth Li, Andre Grenon and David Gregorio)

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