HP completes $3.3 bn acquisition of hybrid work solutions provider Poly

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 organization 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 & 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. Polybrings 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 organizations. 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 & Chief Analyst, Moor Insights & Strategy.

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

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 1st. Shull will lead the newly formed organization focused on driving a more expansive growth agenda across HPs commercial services business.