What you need to know
- HP has committed to buy Poly for $3.3 billion.
- Poly focuses on communications solutions and tech, making the company a particularly valuable asset in the modern-day work world.
- HP cites this emphasis on hybrid-friendly technology as a reason for the acquisition.
The triangle of consumer computing giants known as Dell, Lenovo, and HP just experienced another jolt of activity thanks to HP's $3.3 billion acquisition of Poly. The company will acquire Poly at $40 per share with the deal's total value including the acquiree's net debt.
Poly, known for its various communications solutions and conferencing tools, will be an asset to HP in the company's pursuit of developing tech that can withstand the demands of the current work landscape, wherein more communication options are needed than ever before in order to keep up with an increasingly hybrid userbase.
In the company's press release on the news, Enrique Lores, CEO of HP, gave remarks. "The rise of the hybrid office creates a once-in-a-generation opportunity to redefine the way work gets done," he said. "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."
Zoom and Microsoft Teams are both namedropped in the announcement as they're prime examples of where hybrid work is taking place. Teams especially has seen dramatic spikes in growth due to the pandemic, cementing it as a fixture of the current work landscape whether you operate out of a traditional office or at home in the comfort of your pajamas.
It's been a busy 2020 so far for Dell and Lenovo, so it shouldn't come as a surprise that HP's investing in long-term competitive plays.
