Commercial Integrator October 2022 - 7

HP Inc. Completes Acquisition of Poly
PALO ALTO, Calif.-based HP
Inc. completed its acquisition
of Santa Cruz, Calif-based Poly.
According to HP, the deal will
accelerate its strategy to create
a more growth-oriented portfolio.
Moreover, it will strengthen
its industry opportunity in
hybrid-work solutions and position
the combined organization
for long-term, sustainable
growth.
Word of transaction initially
broke in March 2022. HP
expects it to be accretive to
revenue, non-GAAP operating
profit and non-GAAP EPS in
FY23 post-merger.
On the day of the announcement,
Enrique Lores, president
and CEO of HP, called it " a
historic day for our business. "
He continues, " 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. "
The merger comes as businesses
and employees alike
adjust to a hybrid world.
Creating Meeting Equity
Poly is known for its videoconferencing
solutions, cameras,
headsets, software and more. In
bringing those to HP, customers
will be empowered to create
meeting equity. The combined
organization will deliver a
complete ecosystem of devices,
software and digital services.
It will thus create premium employee
experiences, improve
workforce productivity and
provide enterprise customers
with better visibility, insights,
security and manageability
across their hybrid IT environments.
Poly
will help HP drive
innovation and scale in two
of its key growth areas. First,
peripherals, representing a
$110 billion segment opportunity
and growing 9% annually,
are driven by the need for
more immersive experiences.
Second, workforce solutions,
representing a $120 billion segment
opportunity and growing
8% annually, are driven by
companies' investment in digital
services to set up, manage
and secure more distributed IT
ecosystems.
Management Team
With the transaction completed,
Poly's CEO, Dave Shull,
will join HP as president,
Workforce Services & Solutions,
starting November 1.
Shull will lead and work to
drive a more expansive growth
agenda across HP's commercial
services business. Shull will
join the HP executive leadership
team and report to Lores.
Meanwhile, Andy Rhodes will
run the combined HP-Poly
business as general manager,
Hybrid Work Solutions &
Peripherals. He will continue to
report to HP Personal Systems
president Alex Cho.
HP completed the deal as an
all-cash transaction of $40 per
share. That implies 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.
PEOPLE + PLACES
Lightware Visual Engineering Appoints
Clint Hoffman to Key Executive Role
Lightware Visual Engineering
has announced Clint Hoffman
as vice president of business
development for the Americas.
Hoffman will establish
Hoffman
and build customer relationships, the
Budapest, Hungary-based company says.
Moreover, he will support business development
with global enterprise partners.
Lightware is a manufacturer of connectivity
solutions for the professional integrated
systems market. This latest hire is the next
strategic step as the company expands its
global operations.
Hoffman has more than 35 years' experience
in sales, marketing, operations and
product development in commercial AV.
In that time, he has worked with many
prominent manufacturers. The list includes
commercialintegrator.com
Sony, Panasonic, Mitsubishi and Kramer
Electronics. Most recently, he served as the
president and country manager for Kramer
North America.
During his two decades at Kramer,
Hoffman played an instrumental role in the
channel and brand-development strategy,
as well as in product-development success.
Additionally, Hoffman brings a background
in promoting and championing the
industry through his leadership at AVIXA.
Currently, he is an adjunct faculty member
for the trade association. Previously, he
served as chairman of the AVIXA Membership
Committee and a member of the
steering committee of the AVIXA Exhibitors
Committee. He was also a member of the
AVIXA Foundation Board and vice chairman
of the AVIXA Manufacturers Committee.
" I am delighted to welcome Clint to our
team at Lightware Visual Engineering, "
Jason Tirado, president of Lightware Visual
Engineering, enthuses.
Jetbuilt Hires Bruce MacIntosh
as Director of Vendor Partnership
Jetbuilt, the Newport Beach, Calif.-based
global developer of project sales and management
software, has announced industry
veteran Bruce MacIntosh as director of
vendor partnerships. MacIntosh's diverse
background - from his work with manufacturers,
to systems integration, to being early
developer of AV-iQ - gives him a unique
market perspective, the software
company says.
After several years in radio
and television for the New
York Senate, MacIntosh beMacIntosh
came
director of marketing for Audio-Video
Corp. Both of these experiences served him
well when he was one of four instrumental
collaborators for AV-iQ, which he helped to
advance as a public product-research tool.
" We are thrilled to welcome Bruce to
the team, " Paul Dexter, founder and CEO,
Jetbuilt, states.
OCTOBER 2022 Commercial Integrator
7
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Commercial Integrator October 2022

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