HP Inc has acquired Poly, a leading global provider of workplace collaboration solutions, in an all-cash transaction of $3.3 billion, inclusive of Poly’s net debt.

Poly (formerly Plantronics) is a leader in video conferencing solutions, cameras, headsets, voice and software. The acquisition will help drive the growth and scale of HP’s peripherals and workforce solutions businesses, HP said in a statement late on Monday.

“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 as we continue building a stronger HP,” said Enrique Lores, President and CEO of HP.

Peripherals represent a $110 billion segment opportunity growing 9 percent annually, driven by the need for more immersive experiences.

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

Poly’s devices, software and services, combined with HP’s strengths across compute, device management, and security, creates a robust portfolio of hybrid meeting solutions, said the company.

“This transaction offers compelling and certain value for our shareholders and speaks of the hard work done by our teams to become a recognized leader in helping businesses everywhere meet the challenges of a generational disruption in the way people work,” said Dave Shull, Poly CEO and President.

The transaction is expected to close by the end of the calendar year 2022.

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“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,” said Eric Yuan, Founder and CEO of Zoom.