HP describes the completion of its $3.3 billion Poly acquisition as "a historic day", which will deliver value and growth.
The company believes the acquisition will benefit its revenue and operating profit in 2023. HP added it will create new opportunities in hybrid working solutions as a result.
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.
"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. As a result, HP says Poly's devices will improve its workforce productivity solutions and enable customers to gain greater visibility, security, insights, and manageability.
Two areas of growth that the deal will help are peripherals and workforce solutions. So, to show the potential of these segments, HP referenced a report by Frost and Sullivan. The report found peripherals are a $110 billion segment growing at 9% annually and workplace solutions are a $120 billion segment growing at 8% annually.
Revamped team
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 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, establishing the global peripherals unit.
