HP has announced it is acquiring Poly, a company that specializes in video and audio equipment, for a purchase price of $1.7 billion, with a total transaction value of $3.3 billion, including debt. The deal is expected to close by the end of 2022.
The acquisition is set to accelerate HP’s foray into the world of hybrid work, coming eight months after the company purchased remote desktop software provider Teradici.
Founded in 1990 and originally named Polycom, the company was acquired by headset maker Plantronics in 2019, after which the two newly merged companies rebranded themselves as Poly. Since then, the company has focused on providing enterprise-grade collaboration products, such as meeting room speakers and cameras, webcams, headsets, and software.
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In a press release announcing the acquisition, HP said the two companies would be coming together to deliver “a complete ecosystem of devices, software and digital services”, all aimed at enhancing the employee experience, increasing workplace productivity and improving hybrid work environments for its enterprise customers.
“The rise of the hybrid office creates a once-in-a-generation opportunity to redefine the way work gets done,” said Enrique Lores, president and CEO of HP. “Combining HP and Poly creates a leading portfolio of hybrid work solutions across large and growing markets. Poly’s strong technology, complementary go-to-market, and talented team will help to drive long-term profitable growth as we continue building a stronger HP.”
As organizations look to cement their hybrid and remote work policies, technology continues to be a key differentiator between employee work experiences both at home and in the office.
It’s not just home workers who are looking to upgrade their equipment. Frost & Sullivan’s State of the Global Video Conferencing Devices Market report found that traditional office spaces are also being reconfigured to support hybrid work and collaboration, with a particular focus being placed on meeting room solutions. As a result, the office meeting room solutions segment is expected to triple by 2024.