HP to snap up meeting hardware company Poly for $1.7 billion
Acquisition aims to capitalize on the growing need for hybrid work solutions
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
The transition tohybrid workis leading businesses to purchase new equipment for both their remote workers and offices which is whyHPhas announced that it has entered a definitive agreement to acquirePoly.
If approved, the all-cash transaction at $40 per share would seeHPacquire Poly for $1.7bn though the deal itself is valued at $3.3bn as it also includes Poly’s net debt.
While employers and employees alike upgraded their devices and peripherals whenworking from homeduring the pandemic, the rise of hybrid work is creating sustained demand for technology that enables seamlesscollaborationacross home and office environments. At the same time, traditional office spaces are being upgraded to better support hybrid work and collaboration with a focus on meeting room solutions.
According to arecent studyfrom Frost & Sullivan, of the more than 90m meeting rooms today, less than ten percent have video capability and HP aims to capitalize on this through its acquisition of Poly.
President and CEO of HP, Enrique Lores provided further insight in apress releaseon why HP wants to add Poly’s products and solutions to its portfolio ofprintersandbusiness laptops, saying:
“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. 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.”
The perfect match?
In a more hybrid world, cloud-based platforms likeZoomandMicrosoft Teamswill play an important role in the future of work as they enable workers across industries to collaborate from anywhere.
Are you a pro? Subscribe to our newsletter
Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed!
Zoom CEO Eric Yuan praised the deal saying that high quality audio and video has become an “essential component of work across every industry”. He also noted that the combination of Poly and HP’s offerings will unlock new opportunities for HP to partner with Zoom to “turn any space into a hub for dynamic video collaboration”.
The office as you know it is ancient history - the workforce has ‘moved on’
HP has launched a Microsoft 365 and more subscription management service for SMBs
HP reveals new rugged devices for learning anywhere
Through its acquisition of Poly, HP aims to drive growth and scale its peripherals and workforce solutions businesses which represent a $110bn and $120bn segment opportunity respectively. With Poly’s devices, software and services combined with HP’s strengths across compute,device managementand security, the deal will create a robust portfolio of hybrid meeting solutions.
HP expects the transaction to close by the end of this year once it receives Poly stockholder and regulatory approval.
We’ll likely hear more on HP’s plans to enter thevideo conferencinghardware market once its acquisition of Poly is complete.
After working with the TechRadar Pro team for the last several years, Anthony is now the security and networking editor at Tom’s Guide where he covers everything from data breaches and ransomware gangs to the best way to cover your whole home or business with Wi-Fi. When not writing, you can find him tinkering with PCs and game consoles, managing cables and upgrading his smart home.
Best secure file transfer solution of 2024
Best lightweight Linux distro of 2024
Apple iMac 24-inch M4 (2024) review: the best, and most colorful, all-in-one computer levels up
