PC maker HP Inc said the deal to buy workplace collaboration solutions provider Poly for $3.3 billion has been completed.
"Poly brings incredibly strong talent, differentiated technology, and a complementary go-to-market system that we believe will further strengthen our position in large and growing markets," Enrique Lores, President and CEO of HP, said.
Footprint in Hybrid Work Solutions
The PC and devices behemoth said the acquisition will accelerate HP's bid to create a more growth-oriented portfolio.
HP's footprint in hybrid work solutions will improve and the combined organisation will be better equipped for long-term value creation, the company added.
"Combining Poly and HP is a win-win for both organisations. More importantly, uniting these two companies will provide end-users with the essential hardware, software, and services required to successfully navigate hybrid work experiences now and into the future," Patrick Moorhead, CEO and chief analyst at Moor Insights & Strategy, said according to IANS.
Poly brings industry-leading video conferencing solutions, cameras, headsets, voice and software to HP, allowing customers to create meeting equity between those in the room and those who aren't.
As part of the deal, Poly CEO Dave Shull will join HP as President, Workforce Services & Solutions.
Why the Deal?
HP's decision to acquire Santa Cruz, California-based Poly is premised on the fact that hybrid word culture is going to be the way forward.
More and more businesses and employees are adopting a hybrid work culture. As much as 75 percent of the office workers are looking at improving their home setups. One of the areas where the merged entity will focus hard is meeting-room solutions. Of the more than 90 million meeting rooms that exist today, many do not have video capability. According to projections the office-meeting-room-solutions segment is predicted to grow three-fold by 2024.
HP said the arrival of Poly to its fold will help it drive innovation its peripherals and workforce solutions businesses.
