HP describes the completion of its $3.3 billion Poly acquisition as “a historic day”, which will deliver new value and growth.
The company believes the acquisition will benefit its revenue, non-GAAP operating profit and non-GAAP EPS in 2023, and create new opportunities in the hybrid working solutions industry.
HP announced it would acquire Poly in March this year. The deal was expected to complete by the end of 2022, subject to crossing various hurdles like receiving Poly’s shareholder approval, which it achieved in June.
Enrique Lores, President and CEO of HP, said:
“This is a historic day for our business as we mark the union of two iconic companies that are innovating at the heart of hybrid work.
“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.
“Together, we will have vast opportunities to innovate for customers and grow our business as we continue building a stronger HP.”
Poly brings a number of hybrid working solutions to strengthen HP’s position, including software, video conferencing, cameras, voice, and headsets.
HP says Poly’s devices will improve its workforce productivity solutions and enable its customers to gain greater visibility, security, insights, and manageability.
Two areas of growth that the acquisition will help are peripherals and workforce solutions. To demonstrate the potential of these segments, HP referenced a report by Frost and Sullivan, which found peripherals are a $110 billion segment growing at 9% annually and workforce solutions are a $120 billion segment growing at 8% annually.
Poly’s CEO Dave Shull is set to join HP as President of Workforce Services and Solutions from November 1st. He will be joining the HP executive leadership team and reporting to Lores. HP believes Shull has extensive experience in technology and business development.
And Rhodes will head the combined HP-Poly business as General Manager of Hybrid Work Solutions and Peripherals. Rhodes previously ran the company’s commercial Personal Systems business and established the global peripherals organisation.
Patrick Moorhead, CEO and chief analyst, Moor Insights & Strategy, said: “As ideas around the role of the traditional office continue to shift, there is a critical need for organisations to enable rich collaboration experiences between in-person and remote workers.
“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.”
HP referenced its proprietary survey to show how lucrative the hybrid working sector has become. It says roughly 75% of office workers are spending money to improve their home working setups.
According to the survey, office spaces are also being transformed to facilitate hybrid working and collaboration needs. The solutions segment in this space is expected to triple by 2024.
HP released its Q2 earnings report, which showed the company was performing well in spite of supply shortages.
Poly recently launched a Microsoft Teams bundle alongside Ribbon and TD Synnex.
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