HP acquires Poly for $3.3bn to strengthen hybrid work portfolio

HP said the combination will boost its long-term sustainable growth and strengthen its hybrid work options for its customers.

HP announced today (28 March) that it has entered a “definitive agreement” to acquire communications software and hardware provider Poly in an all-cash transaction.

HP said the cash amount agreed was $40 per share, which implies a total enterprise value of $3.3bn, inclusive Poly’s net debts.

Computer hardware company HP said in a statement that the acquisition will accelerate its growth-oriented portfolio and strengthen its industry opportunity in providing hybrid work options.

HP said that according to one of its surveys, around 75pc of office workers are investing to improve their home setups to support new ways of working. It added that office spaces are being reconfigured to support hybrid work and collaboration.

“The rise of the hybrid office creates a once-in-a-generation opportunity to redefine the way work gets done,” HP CEO and president Enrique Lores said. “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,” Lores added.
As a company, Poly was formed when Plantronics acquired Polycom for $2bn in 2018. The new name for the combined companies emerged in 2019, with Poly providing unified communications equipment, software and managed services.

Last September, Poly announced plans for a new EMEA centre of excellence in Galway, which is expected to create more than 200 jobs. Earlier this month, the company told SiliconRepublic.com that its current plans for Ireland are “hiring, hiring, hiring”.

Poly CEO and president Dave Shull said he is “thrilled” about the opportunity the acquisition represents for the company and its customers.

“The combination gives us an opportunity to dramatically scale, reaching new markets and channels, supercharging our innovation with a like-minded partner,” Shull said.

“This transaction offers compelling and certain value for our shareholders and speaks to the hard work done by our teams to become a recognized leader in helping businesses everywhere meet the challenges of a generational disruption in the way people work,” Shull added.

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