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HP to Acquire Plantronics for $1.7 Billion

  • HP Inc. agreed to buy Plantronics Inc. (Poly), a leading global provider of workplace communications products, for $1.7 billion in cash

  • The acquisition would benefit HP Inc. as the hybrid model of work necessitated the deployment of technology that provides a seamless workplace solution

  • In the previous year, Salesforce.com acquired Slack Technologies Inc, a company that provides a collaboration platform for team communication, for $27.7 billion

HP to Acquire Plantronics for $1.7 Billion

Published: April 2022
Source: GlobalData

On March 28, 2022, HP Inc., a computer manufacturing company, agreed to buy Plantronics Inc. (Poly), a leading global provider of workplace communications products, for $1.7 billion in cash. The deal will enable HP to achieve its objective of enhancing its capabilities in providing hybrid work solutions.

HP will pay $40 for each share of Poly, which indicates a 53% premium on the stock's closing price last Friday. Poly's enterprise value is estimated to be around $3.3 billion, including net debt based on the terms of the deal. The acquisition would result in long-term sustainable growth for HP as the hybrid work model has created sustained demand for technology that facilitates seamless work solutions in home and office settings. Poly is one of the market leaders in video conferencing, cameras, headsets, voice, and software solutions. It will contribute to the growth of HP's peripherals and workforce solutions businesses. HP's computing, device management and security, and Poly's strengths in its businesses will help create a broad portfolio of hybrid meeting solutions.

Demand for hybrid work solutions

COVID-19, a global pandemic, has brought about a tectonic shift to the way people work. Many companies such as Apple, Amazon, Microsoft, etc. are moving to a hybrid work model, and the growth in this work model increased the demand for workplace solutions, including devices, software, and hardware. It has created an opportunity for players such as Cisco, ZTE Corp., Zoom, BlueJeans, etc. who are working on virtual meeting platforms, video solutions, audio solutions, support assistance for hybrid work, etc.

Deals related to hybrid work

In recent days, hybrid work-related deals increased based on new requirements for the work model. Starting this year, Tango, a leading provider of integrated workplace management software, acquired AgilQuest, one of the leaders in hybrid workplace scheduling. In the previous year, Salesforce.com, a provider of cloud-based software solutions, acquired Slack Technologies Inc, a company that provides a collaboration platform for team communication, for $27.7 billion. In the same year, ServiceNow, a leading digital workflow company, signed an agreement to acquire Mapwize, an indoor mapping platform to create new digital services inside buildings and events.

Outlook for new work model

In a hybrid work environment, employees can work from home and in an office depending on the company's requirements. A hybrid work model could mitigate some concerns such as employees' health issues both physically and mentally and low work productivity. following increase in hybrid work, more deals will be linked to workplace solutions in the days ahead. The new workstyle could also bring new technologies such as Metaverse into the mainstream.

 



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