HP has signed an all-cash deal worth $3.3 billion to acquire workplace collaboration solutions provider Poly.
Formerly Plantronics and Polycom, Poly’s DirectorAI technology enhances audio and video conferencing by automating transitions, framing and tracking in real-time, while the company's NoiseBlockAI and Acoustic Fence technologies suppress unwanted background noise.
In combination with HP's expertise in computing, device management, and security, Poly's devices, software, and services offer an extensive range of hybrid meeting solutions.
According to HP, its acquisition of Poly will help the firm to broaden its peripherals and workforce solutions portfolio while pursuing long-term sustainable goals.
“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.”
HP's acquisition of Poly is expected to close by the end of 2022, pending Poly stockholder approval, regulatory clearances, and fulfillment of other customary closing conditions. Per reports, HP intends to finance the transaction through a combination of cash and new debt.
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Poly CEO and president Dave Shull commented: “I am thrilled about the opportunity this represents for Poly, our employees, partners and customers. The combination gives us an opportunity to dramatically scale, reaching new markets and channels, supercharging our innovation with a like-minded partner.”
“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.”
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