performance, and its revenues passed the $200 million mark for the first time. HP Acquisition Starting in 1998, the Hewlett-Packard company began an evaluation of Indigo's technology and found it to be a superior fit to digital printing in commercial uses. In 2000, Hewlett-Packard made a $100m investment in Indigo, buying 14.8 million of Indigo's common shares, which represented 13.4 percent of the company's outstanding shares. On September 6, 2001, HP announced that it would acquire the remaining outstanding shares of Indigo N.V. (NASDAQ: INDG) for approximately $629 million in HP common stock and a potential future cash payment of up to $253 million contingent upon Indigo's achievement of long-term revenue goals, for an aggregate potential payment of up to $882 million. In the following years, HP continued to invest in Israel-based graphic arts companies, acquiring Scitex Vision in 2005 and Nur Macroprinters in 2007. The combined presence of other employees of HP in Israel (which includes not only employees of the Indigo division, but also of Scitex and Israeli's divisions of HP Labs made HP the second-largest foreign employer after Intel. Key milestones Under the ownership of HP, Indigo developed and grew to become a world leader in the digital print industry. In 2002 they announced the first product developed jointly with staff drawn from HP: the HP Indigo 5000, which was the first model of their second generation of presses (known as "Series 2"). Other products belonging to Series 2 included the roll-fed ws4000 series and the sheetfed 5000 series (which included models such as the Indigo 5500, 5600 and the HP Indigo 5900) as well as the entry-level 3000 series. The last Series 2 press was manufactured in 2018. Launch of Series 3 (third generation presses) At drupa 2008, Indigo announced the Indigo 7000 digital press, which was noted for having a printing speed more than 70% faster than its series 2 predecessor. This product further pushed the break-even point versus offset lithography, thereby enabling more pages to be economically viable on Indigo. Other presses unveiled at drupa included the double-engine Indigo W7200 and the new derivative for labels, the Indigo WS6000. In September 2013, Indigo claimed dominance of the narrow label market, with General Manager Alon Bar-Shany calling the Indigo WS6600 press "the best-selling solution in the narrow web industry, not just in digital printing, (but) narrow overall." In August 2009, HP announced that they had