HP has agreed to buy Poly, a global provider of workplace collaboration solutions, in an all-cash transaction valued at $3.3 billion, including debt.
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The acquisition would accelerate HP’s strategy to create a more growth-oriented portfolio, and further strengthen its industry opportunity in hybrid work solutions, it said in a statement.
Poly, formerly known as Plantronics, offers headsets, video and audio-conferencing products, desk phones, analytics software and services. Together, the firms will deliver a complete ecosystem of devices, software, and digital services, HP said, adding, Poly’s acquisition will help drive the growth and scale of its peripherals and workforce solutions businesses.
Peripherals represent a $110 billion segment opportunity growing 9% annually, and workforce solutions represent a $120 billion segment opportunity that is growing 8% annually, HP noted.
The rise of hybrid work is creating a sustained demand for technology that enables seamless collaboration across home and office environments.
Last year, HP acquired Teradici, a remote computing software firm, to enhance its capabilities in the personal systems category for hybrid work. The company also bought HyperX, a developer of gaming peripherals and console accessories, to drive growth in its personal systems business.
About 75% of office workers are investing to improve their home setups to support new ways of working, according to an HP survey. Besides, traditional office spaces are also being reconfigured to support hybrid work and collaboration, with a focus on meeting room solutions. Consequently, the office meeting room solutions segment is expected to triple by 2024, as per a report by Frost & Sullivan.
The deal is expected to close by the end of calendar 2022, HP said, adding it will finance the transaction through a combination of balance sheet cash and new debt.
