With all the focus on the iPhone, Android phones, BlackBerries, and whatever Microsoft is coming out with, it’s sometimes easy to forget about that other smartphone company—Palm. The struggling company today was acquired by computer giant Hewlett-Packard for $1.2 billion.

Rumors of Palm being on the block had been swirling for weeks. The company was hoping its flagship smartphone—the Palm Pre smartphone—would bring it back to relevance after the whole PDA market it once ruled fell apart. But that proved not to be the case, a sales of the Pre—launched in January of last year—fell well short of expectations.

What’ HP does with Palm will be an interesting story to watch. With the buy, it gains a needed foothold into the smartphone space. Yes, HP offers the iPaq smartphone (in fact one of the first smartphones ever made) but it’s long since faded into obscurity. Of course Palm runs on its own operating system and HP computers run windows, so that could create some problems with offering cross-platform services.

HP isn’t discussing yet whether it will operate its own app store marketplace or whether it’s going to get into content licensing or sales, according to transcripts from today's conference call.