Struggling mobile software and hardware maker Palm caught a lucky break today.  HP has put in a bid to purchase the company for $1.2 billion in cash.  The news came this afternoon after HP and Palm’s board of directors approved the purchase for $5.70 per share.  $1.10 above today’s closing price.

HP plans to use their global distribution strength to deliver new smartphones and connected mobile devices supporting “true multitasking”.  Whether or not the Palm brand will remain is unknown.  But HP does need their expertise to compete with Apple.

“Palm’s innovative operating system provides an ideal platform to expand HP’s mobility strategy and create a unique HP experience spanning multiple mobile connected devices,” said Todd Bradley, executive vice president, Personal Systems Group, HP.