Compaq Computer Corporation was a personal computer company, founded in 1982. Once the second largest supplier of personal computing systems in the world, Compaq was acquired for US$25 million by HP in 2002. The company was formed by Rod Canion, Jim Harris and Bill Murto — former Texas Instruments senior managers. Compaq produced some of the first IBM PC compatible computers. Prior to its takeover the company was headquartered in a facility in Northwest unincorporated Harris County, Texas, United States that now serves as HP's United States headquarters. Compaq was founded in February... 1982 by Rod Canion, Jim Harris and Bill Murto, three senior managers from semiconductor manufacturer Texas Instruments. Each invested $1,000 to form the company. Their first venture capital came from Benjamin M. Rosen and Sevin Rosen Funds. The first Compaq PC was sketched out on a table napkin by Ted Papajohn while dining with the founders in a Houston restaurant. The company was founded with the temporary name Gateway Technology. The name "COMPAQ" was said to be derived from "Compatibility and Quality" but this explanation was an afterthought.
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