Palm, once one of the biggest players in the mobile industry, is ending its run. Hewlett-Packard announced that it will purchase Palm for $1.2 billion, a 23% premium over its closing price. This acquisition places HP back into the smartphone market, where its iPaq hasn't been able to compete with more popular phones. Along with its product line, HP also gains several patents ranging across software and hardware. Palm hoped to get back on top with its Pre and Pixi phones, but couldn't stand up to the iPhone, Blackberry, and vast number of Android phones.