Hewlett-Packard Company

founded: 1939 variant name: hp

Contact Information:

headquarters: 3000 hanover st.palo alto, ca 94304-1185 phone: (650)857-1501 fax: (650)857-5518 toll free: (800) 752-0900 email: [email protected] url: http://www.hp.com

OVERVIEW

Hewlett-Packard Company (HP) primarily designs, manufactures, and services electronic products and systems for computation, analysis, and measurement. HP offers more than 25,000 products and maintains manufacturing plants, research-and-development centers, warehouses, and administration facilities in more than 120 countries. Sales of computers and related products and services account for approximately 70 percent of the company's revenue. With 2001 net sales revenues of $45.2 billion, Hewlett-Packard moved from the nation's third to second-largest computer company, following the 2002 merger with Compaq Computer. Before the merger the company in 2002 was number 19 on the Fortune 500 list of the largest U.S. corporations and a leader in most of the markets in which it competes. It should remain in that position or improve slightly since Compaq before the merger was number 21 on the Fortune 500 rankings in 2002. These markets include servers, workstations, personal computers (including portables), computer peripherals, network equipment, and handheld calculators. Other products include electric test and measurement equipment, analytical instruments, and medical equipment. HP has become one of the largest diversified companies in the world, generating more than 55 percent of its business outside the United States. The merger gives the company additional opportunities for revenues in Africa, Latin America and Singapore thanks to Compaq's solid business foundation in those areas of the globe.

COMPANY FINANCES

Most of Hewlett-Packard's income comes from its broad range of computer products and peripherals, accounting for more than $35 billion of HP's total 1997 revenues. The company is the world's revenue leader for RISC and UNIX-based computers and the second largest supplier of workstations for engineering and business applications. Net revenue from the United States rose 12 percent in 1997, while international revenue grew 11 percent and accounted for 56 percent of total revenues. The company boasted a comfortable 1997 operating profit of 10.1 percent and net profit of 7.3 percent, with a return on assets of 9.8 percent. Strong earnings growth contributed to an increase of $1.6 billion in net cash, enabling the Board of Directors to add $1.0 billion to the authorization for repurchase of the company's common stock. During a 52-week period from 1997 to 1998, HP's stock reached a high of $82.00 (and a low of $50.00). Despite losses in early 1998, Hewlett Packard remained in excellent financial condition enabling it to easily continue investing in future growth. Nonetheless, the new HP in 2002 was far weaker than arch-rival IBM in total net income for HP and Compaq the last four quarters—HP's $1.1 billion to IBM's $8.4 billion.

ANALYSTS' OPINIONS

Second only to IBM among the world's manufacturers of computer equipment and related technologies, Hewlett-Packard's history of consistently strong performance has always appealed to investors and analysts. The company itself remained confident in 1998 that it had the product offerings and resources needed for continuing success, though it warned that future revenue and margin trends could not be safely predicted. Indeed, that unpredictability caused investors to flee HP in the spring of 1998 after the company announced weaker than expected profits in the first quarter. No fewer than six firms and many analysts who had formerly been "bullish" on Hewlett-Packard slashed estimates on HP. HP blamed the drop in earnings on weakness in the Asian market and severe competition in the PC market. Also contributing to the decline was increasing erosion of HP's leading share in the workstation market caused by competitor Dell Computer. Analysts noted that, unlike IBM, Hewlett Packard did not have a major services business to fall back on when times were tough in the hardware market. New HP initiatives in the Internet arena also helped boost confidence in the early 2000s. That confidence seemed for many analysts all too absent following the HP and Compaq merger in 2002. Not only did the "new" HP experience subpar Moody's Investors Service and Standard and Poor's credit ratings in 2002, but Tony Sacconaghi, a computer hardware analyst with Sanford Bernstein investment house expressed doubts about the newly merged giant's ability to go head-to-head against superpowers Dell, IBM, and Sun Microsystems, according to business writer Matt Beer.

HISTORY

Stanford University electrical engineers William Hewlett and David Packard began their joint venture in 1938 out of a Palo Alto garage with $538.00. They began working on their first product, a resistance-capacity audio oscillator, used for testing sound equipment. Their first order for eight oscillators was from Walt Disney Studios, who used them in the making of the film "Fantasia." Today that same garage is officially designated as a State Historical Landmark and recognized both as HP's birthplace and a Silicon Valley milestone.

Founded as a test-and-measurement company, HP's products quickly gained acceptance from engineers and scientists. When war broke out at the end of 1941, U.S. government orders poured in and the fledgling company expanded rapidly, building the first of its own buildings in 1942. Hewlett and Packard, still a little dazed by their sudden success, had the 10,000-square foot office/laboratory/factory designed so that it could be converted into a grocery store if the electronics business failed. In 1942 HP developed a line of microwave test signal generators and by the end of the war the company was the acknowledged leader in the field. The company was incorporated in 1947.

The 1950s was a time of growth and maturation for Hewlett-Packard. The company had grown tremendously in the decade since World War II began, from 3 employees in 1941 to 215 in 1951. Revenues had soared from $34,000 in 1941 to $5.5 million in 1951. In 1957 the company made its first public stock offering, and in 1958 it made its first acquisition, purchasing the F.L. Moseley company of Pasadena, California. By this time, HP was earning in excess of $30 million and employed nearly 1,800 people.

In 1959 HP ventured overseas for the first time, establishing a sales office in Geneva, Switzerland, and a manufacturing plant in Boeblingen, West Germany. A few years later, the German plant introduced a non-invasive fetal heart monitor and pioneered flexible working hours, an idea soon adopted at HP manufacturing facilities worldwide. The company continued its expansion overseas in 1963 forming a joint venture company, Yokogawa Hewlett-Packard in Tokyo, Japan. By 1965 the company's revenues had quintupled again, climbing to $165 million, and more than 9,000 people around the world worked for Hewlett-Packard.

For some U.S. companies, the 1970s was an unprofitable time of oil shocks and increasingly agile international competition, but for Hewlett-Packard it was a time of continued innovation and rapid growth. In 1972 HP introduced the world's first scientific hand-held calculator and branched into business computing with the HP 3000 minicomputer. In 1973 the company introduced the industry's first commercial distributed data processing system and, in 1974, it developed the first minicomputer based on dynamic random access semiconductors (DRAMS). This period was also marked by a significant growth in earnings and employment, with revenues cracking the $1-billion mark well before the end of the decade and computer sales accounting for half the company's revenues. The 1970s also saw the long reign of Bill Hewlett and Dave Packard come to an end as they handed over responsibility for management of day-to-day operations to John Young.

As with the economic problems of the 1970s, the bitter recession of the early 1980s left Hewlett-Packard virtually unscathed. Between 1980 and 1985, sales more than doubled from $3.0 to $6.5 billion and the number of employees rose from 57,000 to 85,000. The company launched a dazzling array of new products during this time, including its first personal computer, the HP-85, and its most successful product ever, the HP LaserJet printer. In 1984, HP also pioneered inkjet technology with the introduction of the HP Thinkjet printer. In the late 1990s and 2000s, the company's inkjet and laser printers remained among the most popular and technologically sophisticated in the world, as well as a constant product customers continually needed to purchase.

FAST FACTS: About Hewlett-Packard Company

Ownership: Hewlett-Packard is a publicly held company traded on the New York Stock Exchange.

Ticker symbol: HPQ

Officers: Carleton (Carly) Fiorina, Chmn. and CEO, 47; Michael D. Capellas, Pres., 48, 2001 salary $1.6 million

Employees: 135,000

Principal Subsidiary Companies: Hewlett-Packard (HP) has subsidiary companies and facilities in 162 countries and claims to offer its services to one billion customers. Some of these include: Apollo Systems Div., CSTO Div., Four Pi Systems Corp., Hewlett-Packard Co. International Div., Hewlett-Packard Co. Microwave Technology, Hewlett-Packard Co. Opto-electronics Div., Hewlett-Packard Co. Personal Computer, Hewlett-Packard Co. Scientific Instruments, and Hewlett-Packard Co. Video Communications Div.

Chief Competitors: Hewlett-Packard's principal rival is IBM, the world's number one computer maker. HP's presence in the high-end workstation market also puts it in direct competition with companies such as Sun Microsystems, Inc.; Silicon Graphics. Its PC business pits it against leading PC manufacturers such as Dell Computer, but in 2002 it merged with another competitor, Compaq Computer. HP is also a leading player in the printer market where it competes against companies such as Canon, Epson, Lexmark, and Xerox.

The early 1980s also saw HP make its first foray into the world of network computing when its U.K. subsidiary, HP Limited, developed an electronic mail system that was the first of its kind based on minicomputers. At about the same time, HP launched its most massive and expensive R&D effort ever, a five-year program to develop computer systems based on innovative RISC (Reduced Instruction Set Computing) architecture. The new line of computer systems was launched in 1986 and formed the basis for the powerful workstations, which by the end of the decade had transformed the world of computing.

By 1990 HP's revenues had doubled again from 1985's $6.5 to $13.2 billion and the company had moved into the top 50 in the Fortune 500. Though 1992 and 1993 saw growth briefly slow down to a less frantic 10 percent or so a year, by 1994 the company had still managed to double its 1990 earnings, taking in $25 billion. During this time HP concentrated on marrying its technologies of measurement, computing, and communication and developed new applications for its computer technology in analytical and medical instrumentation. New products included: the 11-ounce HP 95LX palmtop PC, weighing 11 ounces, which combined Lotus 1-2-3 software with advanced calculation features and data-communication capabilities; the HP SONOS 1500 echocardiograph system for real-time, non-invasive cardiac analysis using ultrasound waves; and a color scanner that allowed computers to read photographs and other visual images.

By the late 1990s Hewlett-Packard ranked as the second largest supplier of information technology in the world. From printers and scanners to desktop PCs and workstations, Hewlett-Packard was a dominant force in the world computing market and, in 1998 a study conducted by New York-based CMP Media named Hewlett-Packard the most recognized brand in the U.S. technology market, even finishing ahead of the ubiquitous Microsoft. Perhaps the company's only weakness was that its main strength lay in hardware, making it slow to take advantage of the many opportunities presented by the explosive growth of the Internet from the mid-1990s on. By 1997 the company was moving to correct this deficiency, however, acquiring VeriFone, the industry leader in electronic-payment systems and beginning development of its "Web Quality of Service" line of technologies, which were designed to prevent system overloads and allow businesses to prioritize transactions during peak usage periods. HP also began developing its own version of Java, a popular and versatile programming system originally developed by Sun Microsystems and widely used on the Internet. HP's plan was to focus on implementing this technology in printers and other devices, allowing them to link into and use a computer's interface to do such things as notify the systems administrator that the toner cartridge was running out, or even query a database and initiate an order for a replacement cartridge.

CHRONOLOGY: Key Dates for Hewlett-Packard Company

1938:

Stanford University electrical engineers William Hewlett and David Packard begin work on first product in a tiny garage; the first is an electronic instrument used to test sound equipment, the resistance-capacity audio oscillator (HP 200A), and the company said Walt Disney purchased these to use to assist with the sound track of the movie "Fantasia"

1939:

Hewlett and Packard formalize venture as a partnership, deciding which name came first in company name by a coin toss

1942:

Builds first of its own buildings

1947:

Company is incorporated

1957:

Makes first public stock offering

1958:

Purchases F.L. Moseley company

1959:

Establishes offices and plants overseas

1963:

Forms joint venture company, Yokogawa Hewlett-Packard in Tokyo, Japan

1972:

Introduces first scientific hand-held calculator

1973:

Introduces industry's first commercial distributed data processing system

1974:

Develops first minicomputer based on dynamic random access semiconductors (DRAMS)

1986:

Introduces new family of Spectrum computer systems

1989:

Pays $500 million for Apollo Computer

1994:

Doubles 1990 earnings, taking in $25 billion

1998:

CMP Media study names Hewlett-Packard the most recognized brand in the U.S. technology market

2002:

Director Walter Hewlett tries to block the merger of HP with Compaq; before the issue is settled, Hewlett and Carleton (Carly) Fiorina, HP Chairman, engage in an angry mud-slinging duel in the press; Hewlett is unable to halt the Compaq merger, which he claimed would be ruinous for HP; the successful merger brings together two companies with combined revenues the last four quarters of $87.4 billion; Hewlett-Packard merges with Compaq Computer for $19 billion in stock, and Compaq name is absorbed, though for a time at least its products and inventory will be sold with the Compaq name attached

These moves put Hewlett-Packard in a position to play a more important role in the burgeoning Information Age. As CEO Lew Platt explained in his 1997 Letter to Shareholders, "Software has been one of HP's least visible businesses, but it is vitally important to our future." Thus, a second component of HP's new strategy was to form partnerships with electronic commerce software companies to offer what the company referred to in one press release as a "full-production Internet-commerce environment." Some analysts suggested the moves could give HP a leg up on its major competitor, IBM, in the electronic commerce field, a market expected to grow enormously by the end of the decade.

STRATEGY

Hewlett-Packard's growth has been generated by a strong commitment to research and development in electronics and computer technology combined with a decentralized organization that gives business units considerable decision-making authority. That growth has been accomplished by providing a continuous flow of new products and services to markets they currently serve, and by expanding into new areas. Reflecting the company's continued investments in new technologies, expenditures for research and development accounted for 7.2 percent of total expenditures in 1997, increasing by 14 percent to $3.1 billion, compared with $2.8 billion in 1996. Future increases in research and development expenditures are anticipated in order to maintain the company's competitive position and ensure a steady flow of innovative, high-quality products. In 2002, the new HP will have total r and d dollars comparable to the moneys both intended to spend separately in 2002—roughly $4 billion.

Hewlett-Packard strives to promote industry standards that recognize customer preferences for open systems in which different vendors' products can work together. Collaboration with other companies and technology alliances allow HP to expand into markets it might otherwise be unable to penetrate. For example, HP and Sybase, Inc. teamed up in a joint venture to develop Intel's up-coming 64-bit processor, the IA-64 (Intel Architecture-64-bit). HP and Intel jointly developed the original architecture, but in 2002, HP admitted again and again that it needed serious improvements in its Intel-related products. The company often bases its product innovations on such standards and seeks to make technology innovations into industry standards through licensing to other companies.

Like other large companies, HP flexes its financial muscle when necessary to strengthen its dominant position within the market. In acquiring Compaq in 2002, company executives belie they have accomplished a shrewd move by capturing a significant share of the electronic commerce market formerly held by Compaq. As Zona Research senior analyst, Vernon Keenan, told Wired News about an earlier merger with another competitor, such strategy is typical of HP's approach of "going after a competitor that's plowed the market initially." In fact, capitalizing on the innovations of others has always been a key part of HP's strategy. The company built its dominance of the printer market on a printer engine developed by the Japanese company, Canon, and was later sued—first by Apple Computer for copyright infringement and then by Xerox for patent infringement. Similarly, HP's decision to develop its own version of the Java programming system standardized by Sun Microsystems enabled it to gain a foothold in previously inaccessible markets.

INFLUENCES

In 1981 HP's computer peripherals group manager Richard Hackborn learned that Japan's Canon was working on a prototype of a small, cheap desktop printer that produced letter-quality type and could be sold for $3,000 retail. HP's only printer at that time was a $100,000 model sold with the company's minicomputers. HP started developing a new line of printers for consumers, using Canon's new engine. HP was confident that they could develop a cheaper, better product than the Japanese, exploiting HP's brand name and making up on volume whatever profits it had to share with Canon. HP had no experience selling to a broad consumer market. However, Richard Hackborn built up, over 15 years, a printer division that in the late 1990s brought in one-third of HP's revenues and 40 percent of its profits. In 2002 the company's printer revenues continued to be the mainstay of company profits.

Similarly, HP's purchase of Apollo Computer in 1989 leapfrogged it into the number two spot in the market for computer workstations, a field experiencing significant growth in the early 1990s. The company entered the PC field even later, but once again its immense resources allowed it to quickly catch up. In 1992 HP was the sixth leading supplier of personal computers, by 1996 it was the third largest. But while HP was gaining ground in the PC field, it was slow to make its products relevant to the Internet. Competitors like IBM and Sun Microsystems had gotten in on the ground floor and by 1997 had a significant lead in this area. HP responded by forming a partnership with Cisco Systems to develop new Internet business tools and by developing its own variant of the Java programming system originally developed by Sun. Likewise, in 2002, its $18.69-billion stock purchase of Compaq was designed to again leapfrog the company into competitive areas where heretofore it was lagging such as Compaq's handheld iPAQ, Armada laptop and ProLiant IA-32 server, according to business writer Nathan Cochrane.

CURRENT TRENDS

Hewlett-Packard is currently spending millions to develop new products such as printers that can produce photo-quality images from screens, and palm-size sensors that can transmit soil content data from the ground to farmers' PCs. On October 14, 1997, HP and Intel revealed the first details of their jointly defined Explicitly Parallel Instruction Computing (EPIC) technology and IA-64 (Intel Architecture 64-bit). The new technology was expected to offer breakthrough performance for the next-generation of 64-bit high-end workstation and servers. The company also announced a joint strategy with Microsoft to increase the productivity and simplify integration of enterprise computing technology while reducing costs. In another move, HP expanded its share of the computer printer market with new products such as the mopier (makes multiple original prints) and the HP Network ScanJet 5. The company estimated that even a gain as small as 1 percent could significantly increase its printer sales.

But it was in the Internet arena that the company hoped to make its biggest gains. By 1998 the Internet had become the fastest growing segment of the information technology market and all the major companies were scrambling to stake out a piece of the action. The emerging global network and a host of new specialized "information appliances" were revolutionizing the way people gathered and share information. HP believed it had the expertise to help create and manage these data highways, pointing to its expertise in both instrumentation and computing as a key advantage. The company's biggest step in this direction came with its alliance with Cisco Systems, Inc. early in 1997. The two companies agreed to a broad technology-development, Internet solutions, and customer-support alliance that would integrate computing, networking, and network management to supply complete, fully secure Internet-ready networked computing solutions.

Although the company continued to maintain its growth in 1998, earnings for the second quarter of fiscal 1998 were down slightly from the previous year, provoking many investors to sell their shares and pushing down the value of HP's stock. The company blamed the decrease in profitability on lower prices for computers and printers and on economic weakness in Asia.

In 2002, the company's merger with Compaq was regarded as well masterminded by HP, but nonetheless many retailers expressed strong fears that their inventory might contain a number of products headed toward the discontinued scrap pile, according to Business Wire magazine.

PRODUCTS

HP's first products were electronic measuring instruments used primarily by engineers and scientists. Later the company extended its range of measurement instruments to serve the areas of medicine and chemical analysis. The eventual move into the computer field was a logical progression based on the need to help its customers collect and manipulate large quantities of measurement data. By the late 1990s, though still a leader in instrumentation, HP was best known for its broad line of computer and computer-based products, including associated software, peripherals, support, and services. In 1998 HP was the world's leading supplier of RISC systems and UNIX system-based computers and the world's second largest supplier of powerful workstations for engineering and business applications. It was also one of the fastest-growing personal computer companies in the world. HP's merger with Compaq more than doubled its available inventory of PC, laptop and handheld equipment, but as of May 2002 it was unclear which products would be showcased and which discontinued.

HP is also the world's leading supplier of printers. Products such as the HP LaserJet 4000 printers deliver high-resolution 1,200 dots-per-inch print performance at full engine speed and incorporate new technology that allows them to exchange information with printers, scanners, and other devices directly without a PC. The company also has a popular DeskJet inkjet printer, the 722C that features exclusive new color and photo enhancement technologies that enable it to produce photo-quality images more quickly. Other HP "hardcopy" products include DesignJet large-format printers, ScanJet scanners, OfficeJet all-in-ones, and CopyJet color printer-copiers.

The 2002 merger with Compaq not so coincidentally allows Hewlett Packard to strongly position itself in areas where it was formally weak such as handheld devices, server infrastructure softwarvoice control and voice-recognition software. While some analysts were skeptical and predicted a corporate disaster ahead similar to the yoking of AOL and Time Warner, other observers expressed belief that the merger might help the so-called "new" HP aggressively fight IBM for market share in the information technology (IT) industry.

CORPORATE CITIZENSHIP

In 1939, the year the company was founded with $538 and no revenues or profits, its ledger showed a $5 gift to the community. Co-founders Bill Hewlett and Dave Packard began a tradition of community involvement with a modest gift to a local charity in Palo Alto, California. Today HP is recognized as a leading giver among corporations in the United States. HP donates HP equipment, mostly for educational programs. In 1996 the company donated $72 million towards its philanthropy efforts and about 80 percent or $57 million of this amount went to education.

The company, recognized in the past for its philanthropy by the National Society of Fund Raising Executives who awarded it the Outstanding Corporation Award, contributed more than $54 million in resources worldwide to philanthropies in 2001. It also launched the Diversity in Education Initiative, a program aimed at encouraging females and minorities to consider technical careers, and to help improve the teaching of math and science in schools and colleges. During the 2000s, HP was widely praised for its innovative Digital Village Program, an attempt to introduce underserved populations to "social and economic opportunities of the digital age," according to an HP spokeperson in 2002.

Hewlett-Packard's environmental philanthropy focuses on many areas of concern, and the company continues to support environmental efforts throughout the world. In Europe HP contributes to a coalition of educational institutions, and government and environmental researchers working to improve the quality of water in several European rivers. This includes the Rhine Basin Program, to which HP Europe has donated more than $5 million. But HP does more than just donate money to environmental programs. It is a leading supplier of measurement and computation systems used for environmental monitoring and strives to develop products that minimize impact on the environment and on human health and safety. Most HP products are designed so that they can be taken apart and recycled. The company also offers customers in several countries a no-cost recycling program for HP LaserJet toner cartridges. Each month, HP recycles or reuses approximately 3 million pounds of material from old products at its product-recovery centers in Grenoble, France, and Roseville, California.

By the 2000s HP's products was able to announce that its products are made without the use of many toxic chemicals or ozone-threatening compounds, including carbon tetrachloride, HBFCs, chlorofluorocarbons, halons, trichloroethane, and methyl bromide. The company also has instituted steps to use fire extinguishers and air conditioning units that are less threatening to the ozone layer.

In 2001, the U.S. branch of Green Cross International, an environmental awareness group, awarded HP CEO Carly Fiorina its top environmental leadership award.

GLOBAL PRESENCE

Sales outside the United States make up more than half the company's revenue. Approximately two-thirds of HP's international orders prior to the Compaq merger were derived from Europe, with most of the balance coming from Japan, other countries in Asia Pacific, Latin America, and Canada. In addition, part of the company's product and components manufacturing, along with key suppliers, are outside the United States. HP is one of the top 10 U.S. exporters. The 2002 merger with Compaq tremendously strengthened HP's presence in Latin America and Singapore, among other international bases.

HP continues to keep an aggressive corporate presence in China. Space TV Systems, Inc. chose HP's MediaStream Broadcast Server as its on-air remedy for the world's first global direct-to-home satellite service that will feature Chinese programming. In 2002 HP established a Shanghai software research and development outpost with plans to expand to a 2,000-employee center by 2007.

HP's heavy dependence on international markets hurt the company in early 1998 as the Asian economy struggled in the wake of a region-wide economic collapse. Sales of medical instrumentation and test measurement systems fell and the company found itself posting earnings well short of expectations. After HP merged with Compaq in 2002, the expanded company boasted four main Asian business sectors: the Enterprise Systems Group, HP Services, the Imaging & Printing Group, and the Personal Systems Group.

EMPLOYMENT

Hewlett-Packard believes strongly in the principles of equal opportunity and affirmative action for all employees and promotes an informal, non-authoritarian working atmosphere. In fact, HP won the prestigious Catalyst Award, an annual national prize that recognizes organizations for their programs to advance the careers of female professionals. The company also adheres to the belief that it is the employees who make the company's success possible and rewards them for their efforts with regular cash profit sharing and stock-purchase programs. Employees are eligible for profit sharing as soon as they have worked for the company for six months. In May 1998, HP distributed $210 million to more than 118,000 employees throughout the world. In 2000, as profits stalled worldwide and Hewlett Packard began serious negotiations with Compaq, no bonuses were paid rank-and-file employees. Although second quarter 2002 performance was still iffy, particularly in Europe and other international markets, the company nonetheless paid employees a substantial bonus in May 2002.

SOURCES OF INFORMATION

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For an annual report:

on the internet at: http://www.hp.comor write: hewlett-packard company, 3000 hanover st., palo alto, ca 94304

For additional industry research:

investigate companies by their standard industrial classification codes, also known as sics. hewlett-packard's primary sics are:

3571 electronic computers

3572 computer storage devices

3575 computer terminals

3577 computer peripheral equipment, nec

3578 calculating & accounting equipment

7378 computer maintenance & repair

also investigate companies by their north american industry classification system codes, also known as naics codes. hewlett-packard's primary naics codes are:

334111 electronic computer manufacturing

334119 other computer peripheral equipment manufacturing

454110 electronic shopping and mail-order houses

511210 software publishers