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HP doubles down on hybrid work with Poly acquisition

By Ken Wong - on 29 Mar 2022, 7:07am

HP doubles down on hybrid work with Poly acquisition

We still have no clue as to what will happen to the Poly name and brand following the acquisition.

Poly, the company formerly known as Plantronics, could yet see another name change following its acquisition by HP for US$3.3 billion in cash and debt.

In a press release, HP said that the purchase of Poly strengthens its hybrid work solutions and positions HP for “long-term sustainable growth”.

HP is looking to take advantage of the hybrid work demand that Covid-19 helped kick-off as businesses and staff transitioned to remote work solutions. It will also help HP diversify its workplace solutions beyond laptops, printers, and monitors.

The release did not say if Poly would operate under HP, so we’re still unclear if it will remain a distinct brand on its own under HP, or if it would be folded into the company selling “Poly by HP”.

But HP seems confident moving forward projecting about 15% annual growth for Poly in the first three years after the deal closes.

Enrique Lores, President and CEO of HP, 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.

HP expects to close the takeover by the end of 2022 pending shareholder and regulatory approval.

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