Software giants HP Inc. has announced their plan to acquire Poly, a global provider of workplace collaboration solutions including videoconferencing, for a staggering US$3.3 billion in a bid to bolster the tech behemoth’s hybrid office working.
“The rise of the hybrid office creates a once-in-a-generation opportunity to redefine the way work gets done. Combining HP and Poly creates a leading portfolio of hybrid work solutions across large and growing markets,” said Enrique Lores, HP’s President and Chief Executive, in a company statement.
HP expects to close the acquisition by the end of this year once they get approval from Poly shareholders and federal regulators.
Poly CEO Dave Shull said, “I am thrilled about the opportunity this represents for Poly, our employees, partners and customers. The combination gives us an opportunity to dramatically scale, reaching new markets and channels, supercharging our innovation with a like-minded partner.”
He also added that this transaction offers compelling and certain value for the company’s shareholders and speaks to the hard work done by their teams to become a recognised leader in helping businesses everywhere meet the challenges of a generational disruption in the way people work.
The latest acquisition will accelerate HP’s strategy to create a more growth-oriented portfolio, further strengthening its hybrid work solutions for the employees and positioning the company for long-term sustainable growth and value creation.
Last year, HP bought gaming peripherals business HyperX for US$425 million, a company that specializes in gaming headsets for both PCs and console systems.
The transaction is expected to close by the end of calendar 2022, subject to Poly stockholder approval, required regulatory clearances, and the satisfaction of other customary closing conditions.
Together, HP and Poly plan to deliver a complete ecosystem of digital solutions to create premium hybrid employee experiences, improve workforce productivity, and provide enterprise customers with better visibility, insights, security, and manageability across their hybrid IT environments.