July 28, 2021
The company announced a definitive agreement to acquire Teradici Corporation, a global innovator in remote computing software that enables users to securely access high-performance computing from any PC, Chromebook, or tablet.
HP said that the acquisition will enhance its capabilities in the Personal Systems category by delivering new computer models and services tailored for hybrid work.
Core remote desktop software is a large and expanding segment, projected to grow at a 17% compound annual growth rate through 2028. As hybrid work becomes the norm, 67% of the workforce is expected to work remotely at least three days a week.
“Teradici’s cutting-edge technology has long been at the forefront of secure, high-performance virtual computing,” said Alex Cho, President, Personal Systems, HP Inc. “Their world-class talent, industry-leading IP, and strong integrations with all major public cloud providers will expand our addressable market, and meet growing customer needs for more mobile, flexible, and secure computing solutions. We look forward to welcoming the Teradici team to HP.”
“We have long admired HP as one of the world’s most innovative technology companies and we are thrilled to be joining the team,” said David Smith, CEO, Teradici. “HP’s strong culture of innovation, customer-centricity, and corporate values aligns extremely well with our mission at Teradici and this deal will significantly expand our global reach and drive new sources of innovation.”
Through its ZCentral Remote Boost software, which is focused on providing remote access to physical workstations, HP is enabling remote and hybrid work for professionals such as engineers, animators, editors, and other users of high-performance computing.
Teradici brings a complementary set of capabilities that are focused on cloud PCs and virtual workstations. HP added that combining the two remote access solutions will enable the company to offer a broader remote compute platform that spans on-premise and cloud solutions from any type of device, including macOS, public clouds, and iPad and Android tablets.
The transaction is expected to close in Q4 2021, pending regulatory review and other customary closing conditions.
Financial terms of the transaction were not disclosed.
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