HP announced the completion of its acquisition of Poly, a leading provider of workplace collaboration solutions, for $3.3 billion, inclusive of Poly’s net debt.
The deal is expected to accelerate HP’s strategy to create a more growth-oriented portfolio, strengthen its industry opportunity in hybrid work solutions, and position the combined organization for long-term sustainable growth.
HP expects the transaction, first announced in March, to be accretive to revenue, operating profit and EPS in FY23 post-merger.
“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,” said Enrique Lores, President and CEO of HP. “Poly brings strong talent, differentiated technology, and a complementary go-to-market system.”
The HP-Poly combined organization will deliver a complete ecosystem of devices, software, and digital services to create premium employee experiences, improve workforce productivity, and provide enterprise customers with better visibility, insights, security, and manageability across their hybrid IT environments.
The addition of Poly will help HP to drive scale in two of its key growth areas: peripherals and workforce solutions. Peripherals represent a $110 billion segment opportunity growing 9 percent annually, driven by the need for more immersive experiences. Workforce solutions represent a $120 billion segment opportunity that is growing 8 percent annually, as companies invest in digital services to set up, manage, and secure more distributed IT ecosystems.
Poly CEO Dave Shull will join HP as President, Workforce Services & Solutions, starting November 1. Shull will lead the newly formed organization 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. Prior to HP, he held a number of senior executive roles at Dell. Andy Rhodes will report to HP Personal Systems President, Alex Cho.