HP Inc. has announced the completion of its acquisition of Poly.

The deal is expected to accelerate HP's strategy to create a more growth-oriented portfolio, further strengthen its industry opportunity in hybrid work solutions, and position the combined organization for long-term sustainable growth and value creation. HP expects the transaction, first announced in March, to be accretive to revenue, non-GAAP operating profit and non-GAAP EPS in FY23 post-merger.

"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," said Enrique Lores, president and CEO, HP. "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. Together, we will have vast opportunities to innovate for customers and grow our business as we continue building a stronger HP."

The merger of HP and Poly comes as businesses and their employees are focused on finding better ways to work and collaborate in the hybrid world. Approximately 75% of office workers are investing to improve their home setups. Traditional office spaces are also being reconfigured to support hybrid work and collaboration, with a focus on meeting room solutions. Currently, there are more than 90 million rooms, of which less than 10% have video capability. As a result, the office meeting room solutions segment is expected to triple by 2024.

Poly brings video conferencing solutions, cameras, headsets, voice and software to HP, allowing customers to create meeting equity between those in the room and those who are not. The combined organization will deliver a complete ecosystem of devices, software and digital services to create premium employee experiences, improve workforce productivity and provide enterprise customers with better visibility, insights, security and manageability across their hybrid IT environments.

"As ideas around the role of the traditional office continue to shift, there is a critical need for organizations to enable rich collaboration experiences between in-person and remote workers," said Patrick Moorhead, CEO and chief analyst, Moor Insights & Strategy. "Combining Poly and HP is a win-win for both organizations. More importantly, uniting these two companies will provide end users with the essential hardware, software and services required to successfully navigate hybrid work experiences now and into the future."

The addition of Poly will help HP to drive innovation and scale in two of its key growth areas: peripherals and workforce solutions. Peripherals represent a $110-billion segment opportunity growing 9% annually, driven by the need for more immersive experiences. Workforce solutions represent a $120-billion segment opportunity that is growing 8% annually as companies invest in digital services to set up, manage and secure more distributed IT ecosystems.

With the transaction completed, Poly CEO Dave Shull will join HP as president of workforce services & solutions starting November 1. Shull will lead the newly formed organization focused on driving a more expansive growth agenda across HP's commercial services business. He brings extensive global experience spanning technology, digital media, operational transformation and business development to the role. Shull will join the HP executive leadership team and report to Lores.

Andy Rhodes will run the combined HP-Poly business as general manager of hybrid work solutions & peripherals. Rhodes, who joined HP in 2018, has previously led the company's commercial Personal Systems business and built the global peripherals organization. Prior to HP, he held a number of senior executive roles at Dell. Rhodes will continue to report to HP Personal Systems President Alex Cho.

HP completed the deal as an all-cash transaction of $40 per share, implying a total enterprise value of approximately $3.3 billion, inclusive of Poly's net debt. The transaction was financed through a combination of balance sheet cash and new debt.

In other news, HP has unveiled a number of new partner benefits aimed at driving greater partner collaboration, training opportunities and community engagement. In addition to enhancements to its Amplify Data Insights program, the company announced the global expansion of its Amplify Impact partner sustainability program and introduced a new partner training and engagement platform, HP Curiocity.

Each of the announcements build on the strength of the company's global HP Amplify Partner Program, a first-of-its kind channel partner program optimized to drive dynamic partner growth and deliver consistent end-user experiences. Built on a single, integrated structure, HP Amplify provides the insights, capabilities and collaboration tools needed to drive growth as digital transformation and customer purchasing behaviors continue to evolve.

"HP's success relies heavily on the strength of our channel partners," said Kobi Elbaz, general manager of the global channel organization, HP Inc. "Over the past year alone, our partners helped drive more than $6 billion in revenue growth. Today's news reflects our continued commitment to the channel and ongoing investment in ensuring we deliver the insights, training, connection and engagement our partners need to better serve customers and drive growth."

The Power of Data

Launched nearly one year ago, HP Amplify Data Insights gives partners immediate access to a rich set of data analytics each aimed at influencing the customer buying journey. HP continues to collaborate closely with partners to sharpen their digital skills by equipping them with valuable research throughout the purchasing experience.

Studies show that companies that leverage actionable intelligence experience faster growth versus companies not using this type of intelligence. With 98% of HP's channel partners sharing data, more than 14 billion data points are updated in the platform weekly, ensuring real-time access to insights catered to each partner's business.

Acting on partner feedback, HP has expanded its customer-level insights available through the use of advanced analytics — resulting in customer-ready, targeted opportunities for partners to immediately act upon. New automated tools are designed to integrate directly with partner sales systems, thus simplifying the way data is collected and delivered to participating partners to convert insights more easily into sales-driven actions. Each of these enhancements is designed to create a partner sales force that can be more targeted and effective in winning business.

Expanding Amplify Impact on a Global Scale

Having a clear sustainable impact (or environmental, social and governance) agenda clearly offers a competitive advantage — as evidenced by the more than $3.5 billion in new sales at HP in fiscal year 2021, where sustainability was a deciding factor. Amplify Impact offers partners the opportunity to realize this same competitive advantage.

Launched in early 2021, HP Amplify Impact represents a first-of-its-kind partner assessment, resource and training program, leveraging HP's own extensive investments and initiatives. Today, the program provides more than 10,000 partners across 43 countries with the opportunity to join HP in its efforts to generate meaningful impact across climate action, human rights and digital equity. Thus far, the program has been enthusiastically embraced by partners with more than 80% of enrolled partners having completed the self-assessment.

HP announced the global expansion of this program — across all markets — via a phased approach over the next two years. Ultimately, partners of all types (resellers, retail and distribution partners), regardless of location, will have the opportunity to participate in this program.

Celebrating Partner Sustainability Efforts

HP also invited partners to enter its new annual HP Amplify Impact Awards, celebrating partners across five categories, including the Amplify Impact Global Leader Award, Sustainability Business Award, Climate Action Award, Diversity, Equity & Inclusion Strategy Award and HP LIFE Award.

Winners will be announced at an awards ceremony in December 2022 and will have the opportunity to promote their award externally with badges and promotional material. Partners can learn more on the HP Partner Portal and track their performance via the Awards Leaderboard.

Introducing HP Curiocity

Recent studies emphasize the benefits of training and collaborative selling to the bottom line. Companies that offer comprehensive training programs have a 24% profit margin on average while 60% of sales professionals say that collaborative selling has increased productivity by more than 25%.

In response to these trends and based on partner feedback, HP developed a new platform offering enhanced training, community engagement and rewards — all in a single program. Inspired by the open world concept and rewards system of renowned games, HP Curiocity will roll out via a phased approach starting later this year, providing partner sales representatives with access to this unique, collaborative community.

Platform highlights include:

• HP University Virtual Campus — A one-stop shop for soft skills, product and solutions training
• HP Community — A centralized platform to connect one on one, or participate in community discussions
• Rewards and recognition opportunities including promotions and contests

Partners can learn more about HP Curiocity on the HP Partner Portal.

In other news, HP has released HP Instant Ink for small business and the new LaserJet Pro with HP+ designed to simplify technology management for small business owners. With a single Instant Ink account, small businesses automatically receive device-specific supplies (ink or toner) for multiple devices in multiple locations. Combined with advanced features on the new LaserJet Pro with HP+, an Instant Ink subscription can help small businesses save time and money, makes recycling cartridges easy, and protects and restores forests around the world.

"No one listens to the needs of small business and responds like HP," said Xavier Garcia, global head of print hardware systems, HP. "Entrepreneurs need printing to be effortless — from the setup process to ordering supplies to monitoring security. HP Instant Ink for small business and the new LaserJet Pro with HP+ is an intuitive printing system requiring minimal management so that small business owners can dedicate their time and energy to growing their businesses."  

Responding to the Needs of Small Businesses

To navigate an increasingly challenging economy and position themselves for long-term growth, small business owners need new processes, ways of working and technologies to boost their productivity. More than 80% of small businesses rely on printing to run their businesses, according to a survey of small business owners conducted with Morning Consult. Yet, 55% say they do not have time to manage the technology.

One small business owner surveyed said, "Managing printers is not a very efficient use of time or energy." With a second business decision maker surveyed saying, "Everything is becoming more and more automated. Perhaps this could also be applied to printers. It would be nice if the machines could order ink and toner on their own."

Survey respondents say they need a multifunctional printer that is simple to set up and effortless to manage, with automatic ink and toner cartridge reminders and the ability to pair seamlessly across multiple devices.

Key features and benefits of the HP Instant Ink for small business and the new LaserJet Pro with HP+ are:

Enhanced Productivity

• Never run out of toner with HP Instant Ink subscription service for supplies.
• HP LaserJet Pro detects when its low on toner and automatically delivers more directly to the right location, at the right time, and with consolidated billing.
• Built for speed, the HP LaserJet Pro 4000 series delivers high-quality prints at 42 pages per minute (ppm), the HP LaserJet Pro 3000 series delivers high-quality prints at 35 ppm.
• HP Smart App and cloud integration enables printing from anywhere, high-volume scanning and simplified document workflow for greater business print productivity, reliability and security.
• LaserJet Pro with HP+ is ENERGY STAR-certified, uses HP Auto On/Off Technology.

Effortless Management

• Save time with the HP+ Smart Admin Dashboard designed for small businesses.  
• Guided, cloud-based setup to remotely and easily configure and onboard printers
• Remote security with automated monitoring for multiple HP printers and locations.
• Seamlessly connect to printers from any device, anywhere, on any network.
• Dedicated tech support backed by a two-year extended warranty.

Advanced Security

• Peace of mind with 24/7 security monitoring with HP Wolf Pro Security, instantly embedded and preconfigured out of the box, including instant Smart Security alerts for potential security risks.

Sustainable Impact

• In the United States and Canada, HP ink and toner cartridges can be recycled through HP's Planet Partners program where available, supporting HP's reuse and recycling process for reducing plastic waste and contributing to a circular economy.
• In the United States, easily recycle ink and toner cartridges with return shipping and packaging included with every Instant Ink order. 
• HP's LaserJet Pro with HP+ delivers Forest First printing, which means that for every page printed for the life of the printer, HP will contribute to the restoration, protection and responsible management of forests working with NGO partners like World Wildlife Fund.
• HP also helps businesses advance their climate initiatives through certified carbon-neutral printing. 

HP Instant Ink for small business and the LaserJet Pro 3000 and 4000 series with HP+ are available now in the United States and Canada, and will be available later this year in Europe.