HP completes $3.3 billion acquisition of Poly

SAN FRANCISCO: PC and printer major HP Inc on Monday announced the completion of its $3.3 billion acquisition of Poly, a leading global provider of workplace collaboration solutions.

The deal is expected to accelerate HP's strategy to create a more growth-oriented portfolio, further strengthen its industry opportunity in hybrid work solutions, and position the combined organisation for long-term sustainable growth and value creation.

"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," said Enrique Lores, President and CEO of HP.

The merger of HP and Poly comes as businesses and their employees are focused on finding better ways to work and collaborate in the hybrid world.

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.

"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," said Patrick Moorhead, CEO and chief analyst, Moor Insights & Strategy.

The addition of Poly will help HP to drive innovation and scale in two of its key growth areas: peripherals and workforce solutions.

Poly CEO Dave Shull will join HP as President, Workforce Services & Solutions, starting November 1.

Shull will lead the newly formed organisation focused on driving a more expansive growth agenda across HP's commercial services business.

Andy Rhodes will run the combined HP-Poly business as General Manager, Hybrid Work Solutions & Peripherals, said the company.