Printer giant HP Inc has agreed terms to acquire headsets specialist Poly for an enterprise value of $3.3bn.

Poly is a leader player in video conferencing solutions, cameras, headsets, voice and software.

HP said the acquisition accelerates its strategy to create a more growth-oriented portfolio and strengthen its hand in hybrid work solutions.

HP estimates that three out of four office workers and their employers are investing to improve their home setups to support new ways of working.

Traditional office spaces are also being reconfigured to support hybrid work and collaboration, with a focus on meeting room solutions.

In Association with

According to HP, under 10% of company meeting rooms have video capability. HP believes that the office meeting room solutions segment will triple by 2024.

HP CEO Enrique Lores commented: “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.”

Dave Shull, Poly CEO and president, added: “The combination gives us an opportunity to dramatically scale, reaching new markets and channels, supercharging our innovation with a like-minded partner. This transaction offers compelling value for our shareholders and speaks to the hard work done by our teams.”

Eric Yuan, founder and CEO of Zoom, chimed in: “Highest quality audio and video has become an essential component of work across every industry, whether in an office, at home, or on the go.

“Bringing the Poly and HP offerings together will unlock new opportunities to partner with Zoom and turn any space into a hub for dynamic video collaboration.”

Trade experts estimate that the global peripherals market has a value of $110bn and is growing at 9% annually.

Workforce solutions represent a $120bn segment opportunity that is growing 8% annually, as companies invest in digital services to set up, manage, and secure more distributed IT ecosystems.

HP expects the transaction to close by the end of 2022, subject to Poly shareholder approval and regulatory clearances.