Burnaby’s Teradici to be acquired by HP Inc.
“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 Inc. is set to acquire BC-based Teradici, which provides remote computing software that enables users to securely access high-performance computing from any PC, Chromebook or tablet.
Backdrop: Core remote desktop software is a large and expanding segment, projected to grow at a 17% compound annual growth rate through 2028 according to Fortune Business Insights. As hybrid work becomes the norm, 67% of the workforce is expected to work remotely at least three days a week, per HP’s internal research.
The acquisition is meant to enhance HP’s capabilities in the Personal Systems category by delivering new compute models and services tailored for hybrid work.
“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.”
Winners and boosters: According to Crunchbase, Teradici has raised $82.8 million in total funding from an investor base that includes Alloy Ventures, Alta Berkley, BDC Venture Capital, Cisco, In-Q-Tel, Vancouver’s PenderFund Capital and Skypoint Capital.
“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.”
1+1=3: HP enables remote and hybrid work through its ZCentral Remote Boost software, which focuses on providing remote access to physical workstations. Teradici will give the tech giant a complementary set of capabilities that are focused on cloud PCs and virtual workstations. Combining the two remote access solutions will enable HP 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.
Next steps: The transaction is expected to close in calendar Q4 2021, pending regulatory review and other customary closing conditions. Financial terms of the transaction were not disclosed.
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