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HP has completed its all-cash $1.7 billion acquisition of Poly, which will be worth $3.3 billion if debt is factored in. Poly manufactures office communication devices such as headsets, as well as audiovisual conference room equipment such as desk phones and software. HP took the move eight months after acquiring Teradici, a remote desktop software supplier, in order to accelerate the company's transition to hybrid work.

The resulting ecosystem will be able to provide full workforce solutions in a hybrid work environment that requires seamless transitions between the office and home settings. HP and Poly will collaborate to establish a "leading portfolio of hybrid work solutions across enormous and increasing areas," according to Lores, with Poly's strong technology, complementary go-to-market, and experienced staff aiding HP in becoming a better company. According to HP, peripherals have a market potential of $110 billion with a 9% annual growth rate, while workforce solutions have a market potential of $120 billion with an 8% annual growth rate.

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