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HP Agrees to Buy Remote Access Software Provider TeradiciHP Agrees to Buy Remote Access Software Provider Teradici Savitz, Eric J.Barron's (Online); New York HP Inc. has announced a deal to acquire Teradici, a venture-backed startup that provides software to remotely access high performance cloud-based computing capability from any PC, Mac, Chromebook or tablet. It's an interesting move by a company better known for producing PCs and printers than selling cloud-based enterprise software. Teradici , which is based in Burnaby, B.C., has raised $83 million in venture capital, according to Crunchbase . Investors include Skypoint Capital, In-Q-Tel, Alloy Ventures and Cisco Systems (ticker: CSCO), among others. Terms of the deal were not disclosed. HP (HPQ) said the deal will allow the PC and printer company to deliver "new compute models and services tailored for hybrid work." HP said remote desktop software is a "large and expanding segment," which is projected to grow at a 17% compound annual rate through 2028. HP expects two-thirds of the global workforce to work remotely at least three days a week. Alex Cho , president of HP's Personal Systems group, said in a statement that Teradici has "long been at the forefront of secure, high-performance virtual computing, adding that the acquisition will "meet growing customer needs for more mobile, flexible, and secure computing solutions." In an interview with Barron's, Cho said that the focus on remote computing environments will become a third pillar of the HP computing business, along with PCs and peripherals. Teradici has a particular focus on customers with a need to collaboratively and securely access files remotely, in sectors like film production, video game development and government. (It's no accident that In-Q-Tel, with close ties to U.S. securities agencies, invested in Teradici.) The company won an Emmy Award last year for making it easier for content creators to work remotely. HP notes that the software was used on the productions of the ViacomCBS (VIAC) series Star Trek: Picard and on the ESPN series The Last Dance, about Michael Jordan and the Chicago Bulls. The deal is expected to close in the 2021 fourth quarter. |
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