HP has completed its acquisition of Poly for $1.7 billion in an all-cash deal worth $3.3 billion when debt is factored in. Poly is a manufacturer of office communication devices such as headsets, AV conference room equipment such as desk phones, and software.
- The decision comes eight months after HP acquired Teradici, a remote desktop software supplier, with the goal of accelerating HP’s entrance into hybrid work. The resulting ecosystem will be able to deliver entire workforce solutions in a hybrid work environment that necessitates seamless transitions between office and home settings.
- HP and Poly, according to Lores, establish a “leading portfolio of hybrid work solutions across big and expanding markets, with Poly’s strong technology, complementary go-to-market, and experienced team helping to drive long-term profitable growth as we continue to build a better HP.”
- While the agreement would help Poly save production and overhead expenses, it will also assist improve sales because of the devices’ compatibility with PCs and laptops. According to this source, HP estimates that the purchase will boost Poly’s annual growth to 15% in the three years following the deal’s closing.
Furthermore, according to HP, peripherals represent a $110 billion market opportunity with a 9% annual growth rate, while workforce solutions represent a $120 billion segment opportunity with an 8% annual growth rate.