The combination with Poly is said to expedite HP’s growth strategy and create a portfolio of hybrid work solutions
Poly to be acquired by HP in an all-cash deal. (Credit: LPS.1/Wikipedia.org)
HP has agreed to acquire Poly, a US-based provider of workplace collaboration solutions, for a consideration of $3.3bn, inclusive of the latter’s net debt.
According to the terms of the deal, shareholders of the publicly-listed Poly will be paid $40 per share in cash by HP.
Poly creates audio and video products for hybrid workers, enabling them to have meetings irrespective of their location. The company manufactures headsets, desk phones, and video and audio-conferencing products, apart from providing analytics software and services.
Its offerings include Poly MeetingAI, which is said to give a broadcast quality video conferencing experience. The product leverages Poly DirectorAI technology which employs artificial intelligence and machine learning to provide real-time automatic transitions, framing and tracking.
Poly’s other offerings which include NoiseBlockAI and Acoustic Fence technologies are said to remove unwanted background noise.
Poly CEO and president Dave Shull said: “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 recognised leader in helping businesses everywhere meet the challenges of a generational disruption in the way people work.”
HP said that the acquisition expedites its strategy to build a more growth-oriented portfolio. The company added that the acquisition of Poly further bolsters its industry opportunity in hybrid work solutions, and puts it in a position for value creation and long-term sustainable growth.
The combination of HP and Poly is expected to provide a full ecosystem of devices, digital services, and software to develop premium employee experiences and enhance productivity of the workforce. Besides, the combination will give improved visibility, insights, security, and manageability for enterprise customers across their hybrid IT environments.
HP president and CEO Enrique Lores said: “The rise of the hybrid office creates a once-in-a-generation opportunity to redefine the way work gets done.
“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.”
The deal, which is subject to Poly’s stockholder approval, regulatory clearances, and other customary conditions, is anticipated to close by the end of this year.